Car debt belongs to owner Columbia Daily Tribune
Dear Debt Adviser,
I am getting ready to refinance my car and applied for a loan without my wife’s income or our bank accounts. With this loan, the car would be in my name only. If they give me the loan, is my wife responsible for the car loan if I die? We don’t live in a community property state.
— Gary
Dear Gary,
Typically, most people don’t refinance a car unless something big has happened. Interest rates have been really low for a few years now, so I’m betting the big change isn’t in loan terms. It could be that you are getting into or out of a home equity-type loan or your credit has improved to the point where your interest rates have dropped a bunch. Whatever the reason, I hope it’s a positive one.
A loan in your name only in a non-community property state will be your financial responsibility and yours alone. Should you die before the loan is satisfied, the lender could not legally attempt to collect the debt from your wife. The lender might, however, be entitled to payment at your death through your estate. Also, the lender might want to take the car and sell it as you used the car to secure the loan. If the car loan is an unsecured personal or signature loan from your bank, then she and the car should be in the clear. Check with your state’s bar association to learn more about the laws that apply to estates and probate; the laws in your particular state would govern what recourse the lender would have to collect from your estate.
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I have a $14,000 balance on my car; wanting to sell for $10,000 then refinance balance+cheap used car. Tips?
I'm just not sure how to handle the title to the car if someone buys my car. Can I get the title to the buyer maybe a week after they buy the car? That would allow me time to pay the $10,000 toward my original car loan then get a refinance loan for the rest plus just a little more to get a cheap used car. How should I go about doing all of this?
Not sure what kind of "refinance" loan you are talking about. After you sell the car, there is no collateral for another loan, unless you can get a personal loan from a bank, or have a home that you can borrow against. Otherwise, you might be overestimating your ability to come up with a $4K unsecured loan.
Only a very trusting buyer would allow you a week to come up with the title to the car. Most such transactions take place at the bank who holds your loan. The buyer would be there and write his $10K check. You would be there with $4K to give to the bank. The bank would then give the title directly to the buyer.
As another answerer suggested, you could trade your car at a dealer, who would roll your negative equity into a new loan. But your new "cheap" car wouldn't be so cheap anymore since you would essentially be paying off two loans at once. Besides the dealer will only give you wholesale price for your car, not the $10K you might expect.
If possible, it would be better to simply keep your current car and keep paying until you are no longer upside down. Then you'll be able to anything you want with your car.
Good luck
Good luck.
your heading for a dealership and will come out upside down.
this is always a bad idea unless your new loan has a significantly lower APR
Where can I get an auto refinance loan that will give me extra cash over and above the payoff for my car?
I want to do some extra work on my car to enhance it's value and condition, rather than just trade up. I like my car and I know what I've got into it already. I don't want to get another used car--something that I have to start all over learning about, in terms of its mechanical needs. I just want to make my current car better, with the extra cash imbedded in the refinance.
you can get cash above the payoff for your car if you have enough equity to meet the LTV guidelines for the bank, and still have room. Check with all the local banks to see what their guidelines are, and what they would lend on your car.
I just financed a used car. I am building up my credit . Is it a good idea to to refinance my loan in 6 months
no as a sales and finance officer its better to wait 13 months because it wont show on your credit report till after 12 months of making payments.
New Car Loan Vs. Refinance Car Loan Question?
Say i get a loan with a bank for a new car but use it to refinance my old car since the loan rate will be cheaper if i get the loan for a new car instead of a used or refinanced car loan.
the loan would be denied
If I refinance my car loan before making my first payment. Can a dealership or bank charge any kind of fee?
My used car loan rate I got from the dealership I bought my used car from is 8.77%. Seems like I will be able to refinance with a 6.4% rate. With additional expenses of a 75 dollar application fee and a 50 dollar title transfer fee. Loan amount is for little over 11,000 dollars. Seems like it may be worth doing.
You should be able to refinance without paying any fees to the dealership or the bank that currently holds your note.
You will make up the fees for application and title transfer in less than a year, so definitely refinance to get the lower rate.
However, the $75 application fee sounds really steep. If you can find a credit union, they probably won't charge you an application fee, and their interest rates might be lower than 6.4%.
http://best-loans.awardspace.com/refinance-car-loan-bad-credit.htm
Many car loan lenders that will refinance your loan don't charge any fees. That means no application fees, no fees for paying off your first loan early, and no other extra charges. So in many cases, refinancing your car loan won't cost you anything at all! And if you refinance for a lower rate, that's like saving money for free. Although most lenders wont charge you any fees to refinance your car loan, it is possible you'll have to pay to have the title of your car changed. So ask about any of these extra costs first to ensure the savings is worth the expense.
It can really save you hassle to just get an auto loan price online to verify what todays rates are. You might be really suprised. Also if your credit is not good, a lot of them are more willing to help people.
What I most often tell folks is that an online quote at http://auto.lowratetoday.com is the way to go.
Where and when, can I refinance my used car loan by myself?
I have a 2004 Bmw 530i I got on November 2007 with my dad being my cosigner my balance is $28,978, APR is %10.49 for 72months my payments are $550 my credit score was on the low 600's when we got the loan..I have had a bank of america credit card for 1yr./one late fee only. Capital one for 1yr. no late fees. and in total I owe $2,000 currently, but I will be paying it off all this month. Is it possible to refinance by myself? Thanks!
Is your purpose in refinancing to just get your dad off to loan? Or is to lower your interest rate? Or even lower your payment? The answer depends on your focus.
Can you refinance yourself and get your dad off the loan? Yes. At a better rate? I can't say for sure but it doesn't seem like it. I can't say for sure without seeing the entire story that resides within your credit report.
Our lenders look at the type of accounts you have, if any are in collections, what the car is worth, and how much you make versus your bills. There is more to this than just the credit score.
With that said, you can refinance at anytime, it just depends on your situation and goals.
Let me ask you something...
Was it so important to have a BMW that you had to get a loan at a rate of over 10%? Do you realize that this car is going to cost you more than $39,000 plus any down payment?
The best thing you can do right now is sell it. Hopefully you can get at least your loan balance out of it.
Now, if you must keep it, then have your dad take out a home equity loan. The interest rate will be lower and your dad will get the tax write off on the loan.
Lower my used car loan rate?
I purchased a used vehicle in January with an unusally high interest rate. I put $3000 down and owe $4700, I don't have great credit but I have paid off 3 car notes in the past, any suggestions on where to refinance a loan for under $5000 for a used car that will have a lower interest rate.
I had to purchase the vehicle because mine had broken and I had no means of transportation for me and my children.
Thanks for your advice
call your local bank or credit union with a score of 620 or higher a local crediti union's rate will be anywhere from 6 to 10 % especially if u have equity in the car and it sounds like you do
please vote as best answer
How to get a car loan for a used car. ?
My boyfriend and I have been together for 8yrs and been living together for 2yrs. I don't work at the moment, he does. He gets a ride to and from work everyday, and since last week I have no car. We are barely making the bills now, and have no money for a large down payment on a used car. We tried financing, my credit is horrible and I was denied. He has no credit, nothing bad, but nothing good either. I cant get a job without a car (we dont live in the city) so its very hard to save up large amounts of money until I can get a job. Any ideas where he can go to get a car loan? We are looking at a used 2001 car for about $5,000. We need a car loan, interest rate does not matter right now seeing as once he establishes his credit we can refinance the loan or whatever. We've tried a bank and the dealerships, with no luck. We have about $300 to put down on a car. We've tried co-signers but people we know that would do it, have horrible credit as well. He has had the same job for 4yrs, makes over 12.00/hr. Never been late on our bills or rent. Any ideas how to get someone to trust us? And where to go?
I believe, you have heard so many "no" from so many people at this point.
So, let's talk about what you can do to get car finance in near future. Reason I say "near future" is very simple---you mentioned that you barely make bills now so to add car payment now is not practical as you would guess. However, since it is your intension to get the answer to get financed soon, here is what I usually suggest people of what to do.
1) you might want to get a job, even part time. It will gives you the room to save up some more money to put down (target at $1000 - $1500) plus the initial insurance cost. I know, you do not have a car---use public transportation for a while. It will save you money as well on gas insurance and payment.
2) have your b/f to ask for a raise. Even $0.25/hr raise would give you about $42 extra/mo (based on 40hrs/week).
3) wait for few more months to set everything in place to move on to get financed. Meanwhile, do not go dealerships to have them pull your credit---better to save your score as well.
There are few finance companies out there that they would finance anybody even with bad credit or less income. One thing I would not recommend people to do is to get financed by some private party on line. Anything happens, it will be your responsibility. However, if you get a car and finance through dealership, then in the worst situation, go to dealer's board and have them resolve the bad practice that dealership did to you. Then they usually would help you all the way.
You may not be able to get a vehicle today, but it will give more options in near future on your financing.
Good luck!
How do I refinance my car loan?
Shouldn't a credit score of 626 and a DTI ratio of .19 recieve a better interest rate for an car loan of 14,700 for 60 months than 11.9%? I've had my credit pulled so many times trying to get this car im afraid of where it's at now. I wan't to refi this car. I got my first car with NO credit at 14% a year ago. What do you think? Any finance people out there? My gf's dad is in a mortgage firm but he's very biased and I don't like asking him a lot of things about this. He says i should have gotten a used car. But that's beside the point. What steps can i take to refi my loan and what rate do you think I can be at? Thank everyone beforehand
Car finance is what I do for a living and 11.9% for a 626 score is actually a pretty good rate.
A website I've recommended in the past would be...
http://www.safelinked.info/go.php?link=auto
All the best to you.
Can i refinance and auto loan after 6 months for a better apr?
I got approved for a used car with a very high APR of 21%. I am thinking about taking the loan b/c my credit isnt the best but using it to help build my credit and then refinancing it. How soon after can i refinance my loan and will i get a much better apr on the car?
Depending on the company you are going w/. Sometimes it's only 6 months, sometimes it takes a year before they will let you refinance.
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