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Michael Smith


Articles Posted By Michael


Do I Need to Have References When Applying for an Auto Loan? Do I Need to Have References When Applying for an Auto Loan?

If you're searching for a car, you probably want to be as prepared as possible when you find the dealership that can approve you for an auto loan. For bad credit car buyers, one of those steps is having a list of references ready to present to your potential lender. When you are working with a dealership that specializes in alternative auto financing, they look at factors outside of your credit to determine your reliability as a borrower.

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What If I Am Upside Down on My Car Loan? What If I Am Upside Down on My Car Loan?

Being upside down - or underwater - on a car loan is a situation in which you owe more money on a vehicle than what it is currently worth. This means that if you attempt to sell it, you still owe your lender money. In Travis' case, he had bought his car with no down payment and a payment plan of 60 months, and was about halfway through his loan. He owed thousands more than it was now worth.

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Can I Trade In a Car I Still Owe Money On? Can I Trade In a Car I Still Owe Money On?

The car you have runs well. In fact, it's a great car with plenty of nice features and it is perfect for all of your needs. But your financial situation has changed, and you need to trade it in. But there is a problem: You still owe money on it. The good news is that yes, you can trade in that vehicle. The bad news, however, is that there will be some drawbacks, especially if the reason you need to replace it is because you can no longer afford the payments. This is a factor you will need to thoroughly consider when determining what kind of car you can get to take its place.

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