Archive for 'Financing'
Taking Over Car Finance Payments
Posted on 05. Jan, 2009 by admin.
While reading the classifieds, you may run across a car that you like and the seller is asking you to take over payments. There is a right way to do this and a wrong way. The proper way to take over car finance payments is to go to the lender and assume the loan. This will require a credit check and the normal application process that banks usually require.
If the seller tries to tell you that he will allow you to pay him and he will make the loan payment beware! The lender holds the title to the vehicle and when the loan is paid off, the lender will send the title to the person they made the loan to. If that person is unethical, they could simply keep the title to the car you have paid off for them and retrieve it from you. Not only would you have just bought them a car but you would have also done them the service of improving their credit score. Any time you intend to take over the finance payments on a car, go check with the bank that originated the loan and find out what their policy is for it.
Continue Reading
Financing A Car You Can’t Afford
Posted on 30. Nov, 2008 by admin.
It is generally not a good idea to finance a car you can’t afford. There are a few tricks you can use to get yourself into one of these beautiful rigs. If the car you want to drive has a payment way out of reach then consider this. There are fleet vehicles available for very reduced prices. Fleet vehicles come in any number of make and model. You can find anything from a rugged pickup truck to an elegant Cadillac. All you really need to do is find the place selling the fleet vehicle, and go from there.
Many companies that use fleets of vehicles will buy new cars on a regular basis. This means that a lot of these vehicles are still drive perfectly. If the company used their cars to drive VIP’s around the big city, they are likely to be very clean and well kept as well. To find these cars you can look at local auctions and auction websites. Some of these sales will also be announced in your local paper. To get financing for these cars, you may need to go to a private lender, some banks won’t lend to you unless you are purchasing from a car lot.
By taking your time to find a good company selling off their fleet, you will be able to finance a car you normally wouldn’t be able to afford.