Depending on your credit score, you could be required to put down a down payment. But do you know how much you should expect to put forward, or why? We look into the process of putting money down when you purchase a vehicle.
Despite the fact that a lender can approve a car loan even if the applicant has an expired license, the loan cannot be funded and the title to the vehicle cannot be transferred without a valid insurance policy in the borrower’s name – something that will not happen if the borrower has an expired driver’s license.
Credit-challenged buyers usually can’t buy a vehicle from a private party because subprime lenders only loan indirectly through dealerships. Auto Credit Express is not a lender, so we can’t tell borrowers what their interest rate will be – only the dealer will know that.
Income requirements for an auto loan can feel like a black box. Lenders are happy to take your data and plug it in, but aren’t always clear what matters to be approved. Today we look at how you make your money matters.
While new car leasing and lease to own car financing may sound very similar, there are major differences between them including potential vehicle ownership, credit checks, down payments, the types of vehicles involved as well as maintenance costs.
The latest credit union report from TransUnion has some good news and some bad news for consumers with less than perfect credit. The good news is that they plan on increasing the number of car loans they offer. The bad news is that they also plan on keeping their risk levels low. But despite the mixed results, we still believe even buyers with credit problems should first explore the possibility of a car loan with their credit union before checking out other lenders.