I'm looking to apply for a loan to pay the rest of my car off. I bought if from a tiny, local dealer, and am making my monthly payments. I'm wondering what kind of loan I'd be looking for. Would I still apply for an auto loan, a personal, or something else? It doesn't have much left on it, and it would help even my budget out if the car was paid off and I could make smaller payments on the loan. Thanks for everyone's help.
2007-07-09
03:46:07
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7 answers
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asked by
dreamincitrus
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in
Cars & Transportation
➔ Buying & Selling
If this loan doesn't have much left on it, then why not just pay the payments and it will be paid off sooner than if you refinanced it.
If you find it necessary to get another loan, then you will be looking for a used car loan.
If you own your home, then you could get a loan against your house and it would most likely be tax deductible for the interest that you would pay.
Go to a financial institution and speak with them and they will guide you in the right direction, hopefully.
2007-07-09 03:55:12
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answer #1
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answered by Fordman 7
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There is some good thinking within your question. I like that. It displays responsibility, and looking out for ones good.
More than likely a loan from a bank will be cheaper than the dealership, and if its not by interest rate. You can always get a longer loan meaning 3-4 years.
Everyone wants a vehicle to be paid off, but keep in mind you want to keep extra funds to yourself as well.
Get a long distant loan. nothing exaggerated, but a good length of time, something to give you a nice cheap payment. Other than that, you really shouldn't care. Each month that goes by, you are only required to make a small payment that will not break you. On the other hand if you want to pay more money to principal, you can at your own will.
Do not get a signature loan, you just want to get a loan against the car itself. Check around for rates, before you have anyone of them pull your credit score. Your score will drop 3-5 points every time so use your credit pull wisely and never exceed 6 in a 6 month period.
Any questions I'm here
Ridingoncloudz@yahoo.com
2007-07-09 03:54:25
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answer #2
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answered by Belkin 3
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2016-09-27 18:57:17
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answer #3
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answered by Priscilla 3
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Depends on the amount of the loan. Some banks and some finance companies won't even consider a car loan under $8,000, so if it's less you may have to take out a "signature," or unsecured loan, at a MUCH higher interest rate, perhaps as high as 27% or higher.
Check the limits and rates on your credit card, you might be able to pay off the car loan with it, at a lower interest rate than you now pay.
Keep in mind, every credit check, every credit application goes on your credit history, and too many inquiries can damage your credit score. And no, banks and credit companies won't tell you this, if it is disclosed it's buried in that tiny, microscopic print no one ever reads.
It could be that paying the tiny car lot is the best deal. If it reports to a credit agency it could help your credit score, assuming your payments are current and you've always paid on time.
2007-07-09 04:01:22
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answer #4
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answered by Beaugrand 3
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Don't overlook the hidden costs of an auto loan--I am referring to the fact that you will be required to have full collision and comprehensive (as well as uninsured motorist) insurance on the vehicle to secure an auto loan.
2007-07-09 03:56:34
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answer #5
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answered by williamh772 5
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Go to your bank or credit union and tell them you wish to take out a loan to pay off your car. They will explain the different avenues which are available to you.
2007-07-09 03:49:51
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answer #6
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answered by tandkalexander 6
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I recommend you to check this site that can solve your doubts http://WWW.FINANCE-SOLUTIONS.INFO
2014-05-29 22:17:32
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answer #7
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answered by Anonymous
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Here you can get rates: CREDIT-AND-FINANCE.COM
2014-05-08 03:36:47
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answer #8
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answered by Anonymous
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