Expert Advice for Car Loan

All Articles on Car Loan

Victims of Bad Faith Auto Loans in Massachusetts Drivers Could Be in for a Payout
One major U.S. auto lender has to pay back millions to customers after settling a lawsuit carried out by the Massachusetts State Government. How do you avoid getting had by loan sharks?
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Andrew Koole
Sep 18, 2021
Here’s How to Save Money on Your Car Expenses
From keeping your car for the long haul to finding lower rates from your insurer, here are some helpful tips for how to save on car expenses.
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Matt Stalcup
Aug 30, 2021
Trading in a Car While Still Paying off a Loan
You can trade in a car while still paying off a loan, but it will be easier if you have positive equity in the vehicle.
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Jason Tushinski
Aug 31, 2021
Can I Get a Car Loan After Bankruptcy?
Getting approved for a car loan after declaring bankruptcy is possible if you build your credit, save for a down payment, and comparison shop.
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Nick Kunze
Jul 22, 2021
Can I Keep My Car if I Declare Bankruptcy?
If you can continue making payments or work out a new payment plan with your lender, you’ll be able to keep your car in bankruptcy.
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Nick Kunze
Aug 20, 2021
The 5 Most Expensive States for Car Ownership
Certain areas of the country are more expensive for car ownership than others. Are you living in one of these areas?
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Lisa Steuer McArdle
Jul 16, 2021
Can You Pay Off a Car Loan Early?
You can pay off a car loan early, but although you might save some interest, it could also mean extra cash or surprise fees.
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Bonnie Stinson
Aug 20, 2021
What is a Prepayment Penalty on Your Car Loan?
If you pay off your car loan ahead of schedule, you might get hit with a prepayment penalty. Learn how to avoid them before you sign.
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Michelle Ballestrasse
Jul 05, 2021
Consumers Are Borrowing More Money to Drive Expensive Vehicles
A study on the auto credit market shows that consumers are financing vehicles longer and borrowing more to drive larger vehicles like SUVs and trucks. But, this probably isn’t something to worry about since on average, credit scores are also improving.
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Nelly Bellamy
Sep 20, 2021
Know Your Rights When It Comes to Auto Loans
In Massachusetts, auto loan companies are only allowed to make two collection calls. Credit Acceptance has allegedly called borrowers up to eight times. Be sure to understand the terms of your loan and your rights to avoid predatory practices.
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Nelly Bellamy
Sep 20, 2021
How to Get Right Side Up (And Out) of an Upside Down Car Loan
Making a lump sum payment is the easiest way to get out of an upside down loan. You can also talk to your lender to adjust the loan terms and get out faster.
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Jason Tushinski
Aug 20, 2021

All Questions on Car Loan

What are some basic tips to get a good deal on a used car?
I want to buy a used car, but I know that dealers are notoriously dishonest. What are some basic tips that I can use to get a good deal on a used car?
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Eric Schad
Aug 23, 2021
What is the 1/10th rule of car buying?
I'm looking to buy a car, but I've heard I shouldn't spend too much. I've also read about the 1/10th rule. What is the 1/10th rule of car buying?
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Eric Schad
Aug 23, 2021
Are there any outdated car buying tips?
I was going to buy a car and after talking with my father about it, I'm more confused than ever. Are there any outdated car buying tips I should avoid?
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Eric Schad
Aug 23, 2021
How do you get your name off a loan?
I’ve given my car to my ex-boyfriend because I couldn’t afford it. I'm the primary holder of the car and he is my signer. I paid for all the months when we were together and when we weren’t. When I handed it over, he took over the payments. How can I get my name off of the loan? He said he would work with me to get me off the loan.
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Shannon Martin
Aug 23, 2021
Can anyone buy a car in the United States?
I'm an international student and need a car. Am I allowed to buy a vehicle here?
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Emily Maracle
Aug 20, 2021
How does someone buy a car?
I want to buy a car, but I don't really know where to begin. What do I need to do?
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Emily Maracle
Aug 20, 2021
What do I need to know before purchasing a vehicle?
I'm purchasing a vehicle for the first time. Is there anything I need to know before I buy one? I want to make sure I don't get ripped off.
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Emily Maracle
Aug 19, 2021
Can gap insurance help me if I'm upside down on my loan?
I have bad credit and had to get a loan with a longer term and higher interest rate. I currently owe more on my loan than my car is worth. Would gap insurance help if something happens to my car?
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Emily Maracle
Aug 16, 2021
Does gap insurance pay for negative equity?
I owe more on my car than it's worth currently. It was just totaled and I have gap insurance. Am I covered? I can't afford to carry the negative equity with me in a new loan.
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Emily Maracle
Aug 16, 2021
How do you know if you need gap insurance?
Is there a calculation that you can use to determine whether you need it? How do lenders decide the cost of it?
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Emily Maracle
Aug 16, 2021
What do dealerships charge for gap insurance?
I'm looking into getting a new car. I want to add gap insurance to my car loan. How much does gap insurance normally cost at a dealership?
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Emily Maracle
Aug 16, 2021
What can happen if I don't have gap insurance on my financed car?
I declined gap insurance through my lender. What would happen if I get into an accident without it?
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Emily Maracle
Aug 16, 2021
What company has the best gap insurance?
I am getting a car loan and I want to add gap insurance. What company has the best coverage?
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Emily Maracle
Aug 16, 2021
Can I use my gap insurance on a rental car?
My vehicle was totaled and I need to rent a car to get to work. I have gap insurance on my car. Will it also cover a rental car until I can get a new car?
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Emily Maracle
Aug 16, 2021
Does gap insurance pay off your car?
My lender offers gap insurance with my loan. What's the purpose of it? Will it pay off my car?
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Emily Maracle
Aug 16, 2021
Can GAP insurance replace my vehicle after an accident?
My car was totaled in an accident and I have gap insurance. Will it pay for a new car?
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Emily Maracle
Aug 16, 2021
Should I go for low financing or a discounted price on a Honda Accord?
I'm buying a Honda Accord from a dealership. I can choose either 0.9% financing for 60 months or a discounted price by $2,500. If I choose the discount, my interest rate from my credit union will be 3.25%. The normal price of the Accord is $26,970. Should I choose low financing rates or a discounted price?
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Eric Schad
Aug 10, 2021
Can you finance a car if you don't have a driver's license?
I'm a late bloomer when it comes to getting my driver's license. I'm finally getting it in a few months at the ripe old age of 27. I want to buy a car, or at least start shopping before I get my license. Can you finance a car if you don't have a driver's license?
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Eric Schad
Aug 10, 2021
What are the main differences between bank financing and dealer financing for a car loan?
I keep hearing conflicting stories about whether bank financing or dealership financing is better for the car loan. In actuality, I don't even know the difference. What are the differences between dealership and bank financing?
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Eric Schad
Aug 10, 2021
Will a car dealer always verify your employment?
I've been unemployed for about a year due to COVID, but I should be starting a new job making $95,000 per year soon. I need a car to get to my job. I'm worried that the dealer will want to verify my employment because I haven't started yet and I lied on my loan application that I had started. Will a car dealer verify my employment?
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Eric Schad
Aug 20, 2021
Can car dealers force loan insurance on a car loan?
I went to a dealer to shop for a car and planned on financing through them. When I looked through the paperwork, I noticed a $900 charge for loan insurance. The salesman told me that this was a requirement to get the promo APR. Can car dealers force this loan insurance on you?
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Eric Schad
Aug 10, 2021
Can a car dealership refuse outside financing?
I went to a car dealership and found a car I liked. The salesman told me that they don't accept outside financing. Can a car dealership do this?
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Eric Schad
Aug 10, 2021
Is financing a car through a bank always cheaper than through a dealer?
My father told me that I should never finance through the dealer, as they add fees and charges that banks don't. However, I've heard conflicting stories. Is financing through a bank always cheaper than the dealer?
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Eric Schad
Aug 10, 2021
Do car dealers get kickbacks from lenders on car loans?
Every time I've purchased a car, the salesperson is always pushy about financing. Do car dealers get kickbacks from lenders?
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Eric Schad
Aug 10, 2021
What is a dealer financing fee?
I'm going to buy a car at a local dealer. When I looked at the paperwork, I noticed a dealer financing fee for $850. The dealer said that the fee was industry standard. What is a dealer financing fee?
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Eric Schad
Aug 10, 2021
Is 7% APR on a car loan too high for a car that's over 10 years old?
I'm shopping for an older used car. My credit union pre-approved me for a loan, but the interest rate is over 7%. I'm not sure if getting a loan is the best idea. Is 7% APR too high on a car loan for an older car?
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Eric Schad
Aug 10, 2021
Should I pay cash or take out a car loan for a commuter car?
I have cash for a new car up to $7,000, but I was thinking of maybe taking out a loan and using the $7,000 simply as a down payment. I don't really want a car payment, but I need a reliable car for commuting. Should I pay cash or should I take out a car loan?
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Eric Schad
Aug 10, 2021
Do all credit unions have stipulations on the age and mileage of vehicles?
I want to get a diesel truck for work. I've been looking at full-sized diesel trucks that are 10 to 15 years old with 100,000 miles. My bank said they wouldn't finance these trucks because of age and mileage. Do credit unions have the same stipulations?
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Eric Schad
Aug 10, 2021
Why is car insurance necessary?
Why do I need auto insurance? I already have medical insurance for if I get hurt.
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Savannah Grabek
Aug 09, 2021
How can a lender verify alimony or child support income?
I want to be able to use my alimony payments and child support to verify my income for a car loan. What documentation do I need to provide to the lender?
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Sophie Newman
Aug 04, 2021

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