Auto lenders require verifiable proof of income for a loan approval. Therefore, no-income-verification car loans do not exist. Since you’re financing, you are required to repay the loan and need to prove to the lender you’re able to do just that. Verifiable income is required by auto lenders, though...

Negative equity occurs when you owe more on your auto loan than your car is worth. If it's time to get a new vehicle, but you have no equity to use toward a trade-in, you may be able to roll over your negative equity into your next vehicle. Lenders typically cap loan-to-value (LTV) ratios around 125%,...

An 18-year-old can get a car loan with no credit history if they prepare beforehand. While it can be challenging if you have no credit or a short credit history, it's not impossible. Proof of steady income, saving for a down payment, and working with lenders who offer first-time buyer programs improve...

As a borrower, you have three key repossession rights, and it's important to know what they are when you're in this situation. If your vehicle is repossessed by your lender, you can try to reinstate the loan, redeem the car, or buy back your vehicle. Here's what else to know about the process. 3 Things...

It can take between two and six weeks for your car’s title to arrive in the mail after you complete your loan. In most states, the title goes to the lienholder during your loan, but a handful of states send the title to the driver right away. Depending on where you live, you may not get your title...

Missing even one auto loan payment can bring the repo man knocking at your door. While lenders commonly wait until a payment is 60 or 90 days late, once you default on an auto loan, you risk having your car repossessed. No set amount of time dictates how long the repossession process takes. Repossession...

Returning your car to a lender before paying off your loan is commonly known as a voluntary repossession or voluntary surrender. Often, borrowers make this decision because they are struggling to keep up with monthly payments and want to avoid involuntary repossession, which can be stressful. What...

If you are unable to afford your car payment, calling your lender immediately is imperative. From deferment to refinancing, options exist to help you get back on track, and taking action as soon as possible is key. Lender-Based Options If You Can't Afford Your Car Loan Payments You can work with your...

Average down payments for new-car purchases have fluctuated over the last four years. In the first quarter of 2026, the average down payment for new-car purchases was $6,206 and for used cars was $3,993, according to Edmunds. Still, the amount you're required to use as a down payment can vary. Your down...

Debt in any form is scary enough, but a menacing financial monster is being spawned lately: phantom debt. The rapid rise of Buy Now Pay Later (BNPL) practices is spurring this one. While phantom debt isn't a new concept, economists are redefining the term in the age of BNPL. Here we'll explore the implications...