How do you finance a used car?
** LiSS ** <3 asked:
Me and my friend are going to finance a $5000 car. What do we need to bring? And how do you do financing? With a credit card? I am clueless lol.
Me and my friend are going to finance a $5000 car. What do we need to bring? And how do you do financing? With a credit card? I am clueless lol.
Tags: Credit Card, Finance Car, Lol
November 30th, 2008 at 1:28 am
either the dealer will walk you through it, or go to the bank.
You’ll need 2 forms of ID, drivers license and 2 forms of proof of address.
November 30th, 2008 at 12:45 pm
The easiest way to get information is to phone the creditor and ask for the loan arranger or car loan department. The loan officer will ask a few basic questions:
How much money is to be borrowed?
How long?
What year is the car?
What is the selling price?
Potential borrowers may be asked questions about employment, income, credit cards and debts. After you have answered the questions, request the following information from the loan officer:
APR
Monthly payment
Restrictions on the loan
Additional fees
Finance charge
The total credit costs depend primarily on three factors: the APR, the amount borrowed and the length of the repayment period. So if you are considering financing through a dealer, make sure you get separate quotes for the car and for the financing. Otherwise, you will not be able to compare the credit costs and terms accurately with other credit sources.
December 3rd, 2008 at 6:13 pm
Go to your bank or credit union and tell them that you want to get a car loan. They will run a credit check on you and your friend (if you will both be on the loan) and determine whether you qualify. They will want to see proof of employment (pay stubs) and deposit history from any bank accounts. Your interest rate will depend on your credit rating.
Be careful financing with a friend. Will you both be on the title and insurance? Will you both be making payments? If one of you should stop making payments, the other will be responsible for covering the loan so just be aware going in with a friend that it can affect your credit if one of you doesn’t hold up their end of the deal.
Good luck!
December 6th, 2008 at 11:11 am
If you’re going to a “buy here, pay here” place, you shouldn’t finance with them. Actually, you shouldn’t buy from them at all (they tend to have the worst cars you can find).
You should go to your bank, or preferably, credit union and secure financing there.
It might be simpler to use your credit card, but unless you have a really low rate on your card, and you intend to pay it off quickly, it’s a bad idea. My mom had done it a couple times. She’s in debt that she should have been out of a decade ago.
I’ve done it, too, but I paid it off in full that month.
December 9th, 2008 at 2:22 pm
Well, if this is your first loan, you will probably want to bring a recent paycheck stub, copy of full coverage insurance, and proof of residency . If you going to finance with a lender, then you will fill out a credit application as well as a buyers order for the agreed vehicle figures.
You will not want to buy a car with a credit card unless you have the cash to pay it off that month. .
You will also want to give the car a good evaluation before you purchase it. Good luck and you can email me if you have any questions.
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