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 Loan, Credit, Lien, Liability & debt

 

What Can You Do About Your Upside-Down Car  Loan, Credit, Lien, Liability & debt?

An upside-down car  Loan, Credit, Lien, Liability & debt is the less onerous euphemism for saying that you owe more on your car than you could get if you sold it or traded it in. Is this a bad thing? And what, if anything, can you do about it?

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If you put ten people who have bought a new car in the last couple years in a room, chances are that four of them are upside-down on their car  Loan, Credit, Lien, Liability & debts.

An upside-down car  Loan, Credit, Lien, Liability & debt is the less onerous euphemism for saying that they owe more on their car than they could ever get if they sold it or traded it in. Is this a bad thing? And if you are one of the four upside-downers what, if anything, can you do about it?

Owing more on your car that it is worth is not necessarily a bad thing if you intend to keep the car until it’s paid off, and you have the auto insurance coverage to satisfy the  Loan, Credit, Lien, Liability & debt if the car gets totaled in an accident. Doing nothing is always an option.

If you are looking to replace the car then you have to do something to close the gap in the unpaid balance of your current  Loan, Credit, Lien, Liability & debt and the car’s resale value, or be prepared to eat the difference and go even deeper upside-down on your next car purchase.

Some new car lenders will add the amount of the unpaid principal on your old  Loan, Credit, Lien, Liability & debt to the principal amount on your new car  Loan, Credit, Lien, Liability & debt. In effect you would be paying that much more for your new car, or still paying for the old car you no longer own, which ever way you want to look at it. Do that a couple times and you’ve paid for somebody else’s Hawaii vacation.

If your current car  Loan, Credit, Lien, Liability & debt contract doesn’t have a prepayment penalty, you can refinance your current car  Loan, Credit, Lien, Liability & debt. Refinancing home mortgages to get a better APR is a national pastime but not nearly as many people have done the same with the second most expensive thing they own. Interest rates change all the time and it may be worthwhile to investigate this route. Even if you refinanced at the same rate for a shorter term, your monthly payment would be higher, but you would get out of the negative equity situation faster too.

Pay your current lender extra every month. This can close the gap in a hurry but only if your lender has agreed ahead of time that all the extra money you send will go to paying down the principal balance on the  Loan, Credit, Lien, Liability & debt. If you just add something extra to your  Loan, Credit, Lien, Liability & debt payment without working it out first, the lender will most likely just credit the extra toward a future payment. There is no advantage to you paying extra unless the principal portion of your car  Loan, Credit, Lien, Liability & debt is being reduced proportionately.

Pay off the car  Loan, Credit, Lien, Liability & debt with a real estate equity  Loan, Credit, Lien, Liability & debt or a  Loan, Credit, Lien, Liability & debt from another source. The main advantage to this approach is that you go instantly from upside-down on the car to 100% ownership. You can now sell the car yourself to raise cash for a substantial down payment, or you can trade it in toward the new car.

Car  Loan, Credit, Lien, Liability & debt amortizations are set up so that the money from most of your early payments goes almost entirely to the interest portion of the  Loan, Credit, Lien, Liability & debt. During the first two years of the  Loan, Credit, Lien, Liability & debt, the resale value of the car plummets while the principal portion of the  Loan, Credit, Lien, Liability & debt barely budges. The sooner in the  Loan, Credit, Lien, Liability & debt cycle you address your upside-down  Loan, Credit, Lien, Liability & debt the better off you will be.

 

The Low-Down on Bank Car  Loan, Credit, Lien, Liability & debts

Bank car  Loan, Credit, Lien, Liability & debts are regulated. This is the most important fact that you will ever take from this article. This is to say that the interest rate charged for the vehicle  Loan, Credit, Lien, Liability & debt can only be so much annually and no more

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Bank car  Loan, Credit, Lien, Liability & debts are regulated. This is the most important fact that you will ever take from this article. This is to say that the interest rate charged for the vehicle  Loan, Credit, Lien, Liability & debt can only be so much annually and no more. This is not to say that banks will give you 100% on the value of the  Loan, Credit, Lien, Liability & debt on a new or used car. Banks maintain extremely fair and precise actuarial tables and books listing the fair value of both brand new and used vehicles. They obtain the best market value and provide you financing for approximately 66% of the automobile's cost to you, the buyer in the best cases. Their  Loan, Credit, Lien, Liability & debt operations are excellent because they have the best information in the automobile industry. They have the certified blue books, which show the appraised value of every model of car made in the world. They also keep a close association with all the automobile dealers in town, throughout the state and sometimes out-of-state whenever Interstate commerce laws allow it.

Therefore your local bank has the best information on all the best bargains in used and new cars. It is certain that you won't have to worry about getting a good deal if you have a good credit report. This insures your rating in the eyes of your bank bringing such benefits as lower interest rates and longer  Loan, Credit, Lien, Liability & debts. Now this is the bright side of the coin, what I have to tell you next is the dark side of the car  Loan, Credit, Lien, Liability & debt fable.

Throughout the city and state there are numerous used car sales lots. Many streets here in town are elbow to elbow with used car lots. They look attractive and their price tags seem just right. The prospective buyer should exercise extreme caution before financing a used car from any unknown automobile car lot. First, there are many used car dealers who charge outrageous interest rates on the cars they sell. They can do this because in our state, the state legislature has voted that used car dealers bear an extreme risk when financing any car from their inventory to a person with questionable credit. This is the "usury allowance" laws which have allowed bad car deals and legalized  Loan, Credit, Lien, Liability & debt shark businesses to thrive throughout America. Our state isn't the only one, where greed and avarice dwell you find similar programs. You see a car that really is the one for you.

Maybe your credit isn't in such good shape so the bank can't help as much as you wanted. The "Triple Nasty Car Dealership" offers you financing, free tags and sales tax on the car of your dreams. Only it becomes a nightmare quickly when you decide on a car you really can't afford. The interest rates on your car payment far exceed what your license tag or sales tax. In fact you can be making payments of over a thousand dollars a month for a five year old vehicle. A young friend of mine, desperate for an automobile, bought a used car that she had to pay a weekly car  Loan, Credit, Lien, Liability & debt payment. Her credit risk according to the car dealership, warranted a  Loan, Credit, Lien, Liability & debt rate of 258%. The closing statement is this, make your car  Loan, Credit, Lien, Liability & debt from a recognized bank and get a manageable rate. If you cannot finance from a bank, or a lending association carefully look into the repayment terms offered by the dealership. If they are exorbitant or too costly then don't sign the  Loan, Credit, Lien, Liability & debt papers, just walk away!

 

Used Car  Loan, Credit, Lien, Liability & debt Value And How It Can Impact Your Bottom Line

New cars are an expensive investment. Come to think of it, all cars are an expensive investment. But new cars are even more expensive compared to used cars. And with today’s present economy, lots of nervous folks have come to see the better sense in buying used cars as opposed to buying a new one.

A new set of wheels could cost you around $21,000 plus. Already, this is a big financial commitment even in the best of times. But what about when times are tight? Can you still ...

New cars are an expensive investment. Come to think of it, all cars are an expensive investment. But new cars are even more expensive compared to used cars. And with today’s present economy, lots of nervous folks have come to see the better sense in buying used cars as opposed to buying a new one.

A new set of wheels could cost you around $21,000 plus. Already, this is a big financial commitment even in the best of times. But what about when times are tight? Can you still afford to spend that much on a car? And is it worth it?

It takes 19.9 weeks of median family income before taxes to buy a new car. The Auto Affordability Index compiled by Detroit-based Comerica Bank stated this in their report during the third quarter of 2003. If you calculate it right, 19.9 is roughly five month’s worth of salary spent on a car alone. Is this a wise way of spending our hard-earned money? A lot of people disagree. It’s simply foolhardy to spend $21,000 on a car when the economy is slowing and the headlines are filled with job layoffs.

Fortunately, many car buyers like yourself are afforded many  Loan, Credit, Lien, Liability & debt value options which you can take.  Loan, Credit, Lien, Liability & debt value for used cars in the market is flourishing in these hard times strangely enough. In fact, millions of cars come off lease each year and that leaves you with tons of 2 to 4-year-old vehicles to choose from. Not really a bad scene when you think about it. With all these options, you can certainly take your sweet time when considering getting  Loan, Credit, Lien, Liability & debt value for a used car.

Lenders pay attention to Used Car  Loan, Credit, Lien, Liability & debt Value

When financing a used car, most lenders you’ll find will only offer finance for its  Loan, Credit, Lien, Liability & debt value, instead of the vehicle itself. Cars are important investments as many of you may have realized already. So never mind if it’s a used car or a new car, cars are assets which you can make use of when money is tight.

The  Loan, Credit, Lien, Liability & debt value of a used car is generally lower than the purchase price of the car. But if you know what the  Loan, Credit, Lien, Liability & debt value of your used car is, you can compare that to the purchase price. The result of your comparison should give you a rough estimate of the amount of money you would have to put down for your car. As previously stated, lenders pay more attention to the  Loan, Credit, Lien, Liability & debt value of your used car than on the vehicle itself.

Used Car  Loan, Credit, Lien, Liability & debt Value: Knowing what your  Loan, Credit, Lien, Liability & debt value is saves you time and trouble

Knowing what the  Loan, Credit, Lien, Liability & debt value of your used car is gives you an estimate of what you need to come up with when you apply for car  Loan, Credit, Lien, Liability & debts. Let’s say your dealer sells you a used car for $5,000. The  Loan, Credit, Lien, Liability & debt value for that car should be around $4,000. That leaves you with $1000 if you compare the purchase price with the  Loan, Credit, Lien, Liability & debt value. This should be the amount you would have to play with when negotiating for down payments. By knowing this, you save yourself from the trouble of applying for auto  Loan, Credit, Lien, Liability & debts for a car that is well above your means or not within your price range. Aside from that, the  Loan, Credit, Lien, Liability & debt value of your used car can also keep you from getting short-changed on a car that is less than what you can really afford.

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