Personal Finance and Money Stack Exchange
Personal Finance and Money Stack Exchange

Questions tagged [auto-loan]

to be used for questions on loans taken to buy a vehicle / automobile [generally cars]. Country specific is recommended to be used as appropriate.

to be used for questions on loans taken to buy a vehicle / automobile [generally cars]. Country specific is recommended to be used as appropriate.

232 questions
17
votes
3 answers

Why Does My Car Loan Interest Fluctuate Despite Having a Fixed Interest Rate?

I'm finding the interest amount I'm paying a bit confusing as it doesn't seem to follow a consistent pattern. For instance, I expected the interest I pay to decrease gradually after purchasing my car at a fixed 3.5% interest rate. However, upon…
Parvez
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8
votes
2 answers

Question about car loan payment

Say I bought a car for $20,000 and made a down payment of $5,000 Now, at 0.99% APR, I need to pay around $450/month for 36months to pay off my $15,000 debt. Now, which is a wiser option: I make $1,000 payments every month so that I will payoff my…
zengr
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6
votes
5 answers

I'm upside down on my car loan and need a different car, what can I do?

I purchased a used 2009 Camry back in 2012 after financing with Toyota Financial Services. The terms of the deal were 16k financed at 6% for 72 months. When I signed the paperwork however, I noticed that the amount financed changed to 18k something…
Craig
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4
votes
4 answers

Can I save money on my auto loan by paying on it every 10 days?

I have an auto loan for $14414.00 at 12.5% for 72 months. If I pay $96 every 10 days, how fast will I pay it off? Does this strategy make any difference?
miss
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4
votes
4 answers

Is paying double on a car loan the same as choosing half the term?

If I get a $13000 car loan and have 3% interest and a 60 month term but pay double each month is that the same as getting a 30 month term?
Kev
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3
votes
3 answers

How to compute for losses in an upside down trade-in of a financed car?

First let's have a given to keep answers based purely on numbers, and away from opinions and advice on practicality: I am financially irresponsible I will get approved financing Most importantly, my financially responsible spouse will approve…
Silver Dollar
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3
votes
3 answers

Will moving shortly before applying for an auto loan have an adverse effect?

I am planning to apply for an auto loan to purchase a car in the next couple months, but checking out the process for prequalification, I noticed that a common question asked is length of time at my current residence. I will be moving in two weeks…
Justin Lara
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3
votes
3 answers

Dollar Down Car Payment

I'm in a really tough situation with continually using Uber as transportation for work. I am basically working to pay for uber. Someone had mentioned to me the other day about a car dealership that does a Dollar Down payment. I would really like for…
KayJai
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2
votes
4 answers

Car Possession being threatened by Signer

I wanted a car and the sales representative advised me that it was best to put the car in my significant other's name. So I did. I put $10k down and put the car in his name which he didn't mind as long as I would be making the payments. I have…
Del1013
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1
vote
1 answer

Auto loan: must make X payments before payoff

I recently purchased a new car at a dealership. I had enough cash to pay in full, but the dealer gave me a discount in exchange for financing. I was told that would I need to make a minimum of 6 or 12 payments (over the course of 6-12 months) before…
Bist
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1
vote
3 answers

Splitting a Car Payment / Ownership

I've simplified values for discussion purposes. I moved from overseas back to the United States where I needed a car. Before buying one, a dear friend had bought a car for his daughter in 2017 that she no longer could use (DUIs, long story). In…
Mikey
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0
votes
1 answer

Effective annual interest using excel

I am stuck on this problem and have only basic knowledge of accounting. Can you help me? Trying to find the effective annual interest rate of a car lease situation. The cost of the car originally is $24,995. A lease is set up with an initial $1594…
user3042929
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0
votes
1 answer

Private car sale

I want to sell my car to my son and retain title until he pays it off in four years. This would keep the 1st owner 100,000 drive train warranty remain in effect. But, I want him to register the car with the DMV and carry the insurance. Is this…
Omaha Mom
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0
votes
2 answers

What options do I have as the primary owner of a vehicle someone else drove daily?

Back story and its a long one! I live in NH and my sister lives in MA. My sister bought a car with my dad as cosigner but he passed away not long after. Because of this my sister needed a new cosigner on the vehicle. I eventually agreed to one year…
Amanda
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