Comments on: Q & A http://blog.myautoloan.com myAutoloan.com Home Page Mon, 23 Jan 2012 13:01:13 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Dale http://blog.myautoloan.com/q-a/comment-page-1/#comment-4569 Dale Fri, 22 Jul 2011 16:51:22 +0000 http://blog.myautoloan.com/q-a/#comment-4569 It's is really a personal choice - If you plan on owning and keeping for sometime, I'd say no, keep the 20% and try to earn a return. At some point you can take the savings, payoff the auto and come out ahead. You know how it is in this litigious society, I have to say that is not financial advise, just my opinion, LOL. It’s is really a personal choice – If you plan on owning and keeping for sometime, I’d say no, keep the 20% and try to earn a return. At some point you can take the savings, payoff the auto and come out ahead. You know how it is in this litigious society, I have to say that is not financial advise, just my opinion, LOL.

]]> By: Don Lindbergh http://blog.myautoloan.com/q-a/comment-page-1/#comment-4422 Don Lindbergh Wed, 13 Jul 2011 15:13:42 +0000 http://blog.myautoloan.com/q-a/#comment-4422 I had planned to take advantage of a low interest rate from the manufacturer for a short term for a new car purchase and put a 20% down payment. 30k car cost @ 20% = 6k down rate = 1.9% for a 3 year term cost of the loan / interest paid = ~$750 Now the rate is 0% for the same term length so the good news is I’ll save the $750 cost of the loan / interest paid. The question is should I still put 20% cash down? It seems there is no advantage to doing this *except* the notion that I’d be ‘upside down’ on the loan given the depreciation. But should I really care about that? IE the 6k could be earning something over the next 3 years…… I'm single so there won't be a need to take out a loan for another car during the term for this one. I had planned to take advantage of a low interest rate from the manufacturer for a short term for a new car purchase and put a 20% down payment.

30k car cost @ 20% = 6k down
rate = 1.9% for a 3 year term
cost of the loan / interest paid = ~$750

Now the rate is 0% for the same term length so the good news is I’ll save the $750 cost of the loan / interest paid.

The question is should I still put 20% cash down?

It seems there is no advantage to doing this *except* the notion that I’d be ‘upside down’ on the loan given the depreciation. But should I really care about that? IE the 6k could be earning something over the next 3 years……

I’m single so there won’t be a need to take out a loan for another car during the term for this one.

]]> By: Dale http://blog.myautoloan.com/q-a/comment-page-1/#comment-4063 Dale Fri, 10 Jun 2011 01:35:51 +0000 http://blog.myautoloan.com/q-a/#comment-4063 Wow, talk about timming - just a few days ago we posted this on Credit Inquiries - no, it is not "bad" and will not have an effect on your score within any 14 day period. But this should answer your questions in greater detail. http://bit.ly/julvyr Wow, talk about timming – just a few days ago we posted this on Credit Inquiries – no, it is not “bad” and will not have an effect on your score within any 14 day period. But this should answer your questions in greater detail. http://bit.ly/julvyr

]]> By: Elois http://blog.myautoloan.com/q-a/comment-page-1/#comment-4062 Elois Fri, 10 Jun 2011 00:37:46 +0000 http://blog.myautoloan.com/q-a/#comment-4062 I submitted an application for an auto refinance today. I received 4 offers. Does that means that my credit was accessed 4 times? If so isn't this bad for my credit score? Thanks! I submitted an application for an auto refinance today. I received 4 offers. Does that means that my credit was accessed 4 times? If so isn’t this bad for my credit score? Thanks!

]]> By: Dale http://blog.myautoloan.com/q-a/comment-page-1/#comment-2526 Dale Wed, 16 Feb 2011 13:15:55 +0000 http://blog.myautoloan.com/q-a/#comment-2526 You’ve got a good handle on the process but the steps need to be taken in sequence. 1. Sell the car for $13k 2. Pay off balance of $8000 with your bank. 3. Do some shopping online to check out availability of financing – give myAutoloan.com a shot and any others that you find. When you are shopping for rates and availability, the credit bureaus count all inquiries as ONE in any 13 day period. It will not hurt or damage your already bruised credit. 4. You have $5000 cash as a down payment. Go to dealer, to purchase car and inform them you have $5000 to put down – what rates can they get you. 5. Armed with your online quote info and what the dealer can offer, select which one provides you with the best offer to fit your circumstances. Note: No bank will switch or swap paperwork on a car loan - You’ve got a good handle on the process but the steps need to be taken in sequence. 1. Sell the car for $13k 2. Pay off balance of $8000 with your bank. 3. Do some shopping online to check out availability of financing – give myAutoloan.com a shot and any others that you find. When you are shopping for rates and availability, the credit bureaus count all inquiries as ONE in any 13 day period. It will not hurt or damage your already bruised credit. 4. You have $5000 cash as a down payment. Go to dealer, to purchase car and inform them you have $5000 to put down – what rates can they get you. 5. Armed with your online quote info and what the dealer can offer, select which one provides you with the best offer to fit your circumstances.
Note: No bank will switch or swap paperwork on a car loan -

]]> By: abbas http://blog.myautoloan.com/q-a/comment-page-1/#comment-2516 abbas Tue, 15 Feb 2011 21:43:50 +0000 http://blog.myautoloan.com/q-a/#comment-2516 I am currently financing a car with my local bank. I owe $8000. I can sell the car to a buyer for $13k cash. There is a car from a dealership that costs $13k. I would like to purchase it but my credit sucks so I doubt I can get a loan from the bank. However, is it possible to basically switch the vehicles or do a swap on the books? That way I could just pay the loan for the new vehicle. Is this possible and are there any ways around it? I am currently financing a car with my local bank. I owe $8000. I can sell the car to a buyer for $13k cash. There is a car from a dealership that costs $13k.
I would like to purchase it but my credit sucks so I doubt I can get a loan from the bank. However, is it possible to basically switch the vehicles or do a swap on the books? That way I could just pay the loan for the new vehicle. Is this possible and are there any ways around it?

]]> By: Dale http://blog.myautoloan.com/q-a/comment-page-1/#comment-2451 Dale Thu, 10 Feb 2011 21:04:52 +0000 http://blog.myautoloan.com/q-a/#comment-2451 No and No - no obligation or fees. You have total control of what you want to do. No and No – no obligation or fees. You have total control of what you want to do.

]]> By: Natress Kelley http://blog.myautoloan.com/q-a/comment-page-1/#comment-2344 Natress Kelley Fri, 04 Feb 2011 03:24:11 +0000 http://blog.myautoloan.com/q-a/#comment-2344 I was approved for a loan. If I decide I do not want the loan am I still liable for the loan? I have 3 different cars I am considering at this time. If a choose the car that I do not need financing for and I am able to buy up front, will I still be obligated to take the loan? I was approved for a loan. If I decide I do not want the loan am I still liable for the loan?

I have 3 different cars I am considering at this time. If a choose the car that I do not need financing for and I am able to buy up front, will I still be obligated to take the loan?

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