Since a borrower’s income and bills as well as the lender and lending tier all have to be taken into consideration, there is no way we can know, ahead of time, what a borrower’s approval amount might be.
How can you get the most out of your tax refund? It may work to your advantage to put it towards your current auto loan. If you have other debt to consider, you could pay off your remaining balance, or, if applicable, you could eliminate negative equity.
For any number of reasons, you may be thinking about buying a second car for your family. And while this may be a sound decision, it is one that you should make only after really thinking about the cost and real necessity of such a purchase.
If you are relatively new to this country, there is a very good chance that you don’t have much of a credit history yet. And, unfortunately, this can make it difficult to get financing for an automobile. However, there are options available that will allow you to both get an auto loan and build your credit.
Since a borrower’s credit background, income, bills and vehicle all determine what their monthly payment will be, there is no way of knowing what their monthly payment will be.
Seven year car loans are on the rise, and it makes sense as to why this is happening. With the average new car price being around $30,000, car buyers have to extend the loan term in order to reasonably afford the most current vehicles the auto industry has to offer. Everyone needs a car, and for those who have a low income or bad credit, the 84 month car loan term seems like the best way to go about achieving that goal. With a lower monthly payment, car ownership becomes a possibility, and makes daily life easier. But does the longer payment term really make things easier? Or are you just paving the way for disappointment in your financial future?
Negative equity, or being “upside-down” in a loan, can cause quite a predicament if you decide that you want to sell a car that has a lower value than what you still owe on the loan. The best way to deal with negative equity is to take preventive measures right in the beginning. However, if you find that you are upside-down in your loan, there are still actions that you can take.