Expert Advice for Car Loans

All Articles on Car Loans

What is a Car Lien?
A lien on a car title is legal protection given to lenders in the event you default on your loan.
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Sierra Saunders
Jun 21, 2021
What Is Buy Here Pay Here?
Buy here, pay here is a way for people with poor credit to get a car loan at a dealership.
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Bonnie Stinson
Jun 16, 2021
Everything You Need to Know About Credit Karma
Credit Karma can monitor your credit without impacting your credit score.
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Jacoba Bood
Jun 17, 2021
How to Get Someone to Take Over Your Car Payments
If you can no longer afford to pay for your car, here's what you need to know about transferring the payments to someone else.
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Cheryl Knight
Feb 12, 2021
How to Redeem Your Repossessed Car
If your car is repossessed, here's what to do.
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Cheryl Knight
Feb 05, 2021
How to get a Car Loan from a Credit Union
Credit unions offer competitive loan prices.
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Marisol Pereira
Jan 27, 2021
How to Get Pre Approved for a Car Loan
When you arm yourself with a pre-approval from a lender, you're much more likely to get a good deal on both your car purchase and your auto loan.
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Brady Klopfer
Jan 12, 2021
What Is the Average Interest Rate on a Car Loan?
Knowing the average interest rate for a car loan will help you understand if you're getting a good or bad deal from your lender.
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Brady Klopfer
Jan 12, 2021
Does Refinancing a Car Hurt Your Credit Score?
There are a lot of reasons to refinance, but many people fear that refinancing their car will hurt their credit. Is that a real risk? Here's what you should know.
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Brady Klopfer
Jan 11, 2021
What Are the Pros and Cons of Refinancing Your Car?
While you can almost certainly save money in the short term, refinancing your car loan does have some potential downsides, too.
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Brady Klopfer
Jan 11, 2021
When Should You Refinance Your Car Loan?
Refinancing is a great way to save money on your car payments, but make sure you do it when it makes the most sense.
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Brady Klopfer
Jan 11, 2021
How to Score a Good Car Loan
It can take some time to find a good car loan, but it’s worth the time and effort that you put into it. Your finances will thank you.
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Valerie Mellema
Dec 23, 2020
What Is a Good Interest Rate on a Car?
When buying a car, it’s not just the sticker price that should get your attention. You also need to make sure you have a good interest rate on your loan.
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Valerie Mellema
Dec 23, 2020
Should You Get a 72 Month Car Loan?
It’s best to avoid a 72 month car loan if you can. Saving money on your car insurance can help you afford better loan terms.
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Jacoba Bood
Jun 16, 2021
How to Refinance a Car
Refinancing a car is as simple as contacting your original lender, finding a new financier, and selecting a refinance plan that works for you.
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Brady Klopfer
Dec 09, 2020
How to Sell a Car with a Loan to a Dealership
There are a lot of factors in selling a car with a loan to a dealership, but it is possible to strike a deal that makes all parties happy.
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Elan Mcafee
Dec 09, 2020
Is It Better to Get an Auto Loan from a Bank or a Dealership?
The answer depends on your credit and the car you want.
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Elan Mcafee
Dec 09, 2020
How Car Dealerships Make Money from Financing
Car dealerships often offer financing, which simplifies the car buying process for you. But it also nets the dealership a nice little profit. Here's why that matters.
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Elan Mcafee
Dec 09, 2020
How Long Does it Take to Get Approved for a Car Loan from a Dealership?
Going to the dealership might not be a one day trip, especially if you're planning on applying for a loan. But there are things you can do to speed it up.
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Marisol Pereira
Dec 09, 2020
How to Reduce Car Payments Without Refinancing Your Car Loan
Knowing how to reduce your car payments without getting a refinancing loan can help if you need to clean up your finances.
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Rochelle Miller-Hernandez
Oct 08, 2020
How to Calculate Auto Loan Payments
Calculating your auto loan payments involves knowing the principal balance and amortization to understand the amortization formula.
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Cheryl Knight
Oct 18, 2020
How to Pay Off a Car Loan Faster
Paying off a car loan faster than scheduled can take a financial burden off you.
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Rochelle Miller-Hernandez
Oct 22, 2020
How to Get a Cosigner for a Bad Credit Car Loan
Your credit score has a direct impact on your approval for a car loan. Here's how to navigate if you have bad credit.
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Elaine Sulpy
Oct 23, 2020
How to Get a Same Day Car Loan
Same day car loans are handy when you need a vehicle right away. Here's how to get one.
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Mary Kurz
Oct 27, 2020
How to Buy a Car That Money Is Owed On
Yes, you can buy a car that money is owed on, as long as you're careful. Here's how.
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Rochelle Miller-Hernandez
Nov 02, 2020
How to Get a Lower Car Loan APR
If you get a loan, the price you initially pay for a car isn’t what it will ultimately cost. Get a low-APR car loan to reduce costs.
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Mary Kurz
Nov 10, 2020
How to Get a Quote for a Car Loan
Getting a quote for a car loan is straightforward as long as you have all the proper information. Here's what you need to know to get the right quote for your needs and budget.
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Logan Utsman
Dec 10, 2020
How to Compare Car Loan Rates
Comparing car loan rates involves understanding the terminology, looking for several loan options, and calculating your payments and interest.
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Nicholas Wilson
May 04, 2021
How to Calculate Total Interest Paid on a Car Loan
Calculate the total interest on a car loan by using a simple formula that includes how much you owe and the loan term.
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Cheryl Knight
May 04, 2021

All Questions on Car Loans

Should I apply with a different lender if I was already denied a loan for $20,000?
"I want to buy a car for $20,000. I don't have money for a down payment, but if I had to, I could probably get a cash advance from my credit card to put down $2,000. My credit score is 658, but many of the derogatory marks are from my parents opening up credit cards in my name and using them without my consent. I was already denied at one lender. Should I apply with a different one?"
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Eric Schad
Jun 02, 2021
How does a loan rework function?
"My lender got a hold of me for a ""loan rework"" on my auto loan. To do this, I have to put down a lump sum of $5,000, which only reduced my monthly car note from $320 to $307. How does a loan rework function? The math doesn't add up."
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Eric Schad
May 28, 2021
Can you get rid of force-placed insurance charges after they've already been charged to the balance of your loan?
I accidentally let my insurance lapse on my financed vehicle. My lender put force-placed insurance on my car. This nearly doubled my monthly payments and added to the total balance of the loan. Can these charges be removed now that I can show proof of my own insurance?
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Eric Schad
May 05, 2021
"Is it possible to get a car loan with low income of $800 to $1,000 a month? "
"I am 19 and I have an excellent credit score. I make money by doing odd jobs for my neighbors. The work has been consistent for the last two years and I usually make $800 to $1,000 per month. Could I get a car loan? "
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Johnny Puckett
Apr 26, 2021
Should I refinance my Nissan 370Z to cut my interest rate and pay off the balance sooner?
"My annual salary is about $80,000, and I have a $20,000 car loan with a 6.74% interest rate. Refinancing this loan will cut my rate down to 3.99%. I plan to pay off the loan within eight months. Is refinancing my Nissan 370Z worth it?"
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Eric Schad
Jun 07, 2021
Can I convert a personal car loan to a commercial one?
More and more often, I'm using my personal car to run errands for my business. This car was bought with a loan. Can I change this loan to a commerical loan?
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Johnny Puckett
Apr 08, 2021
Can I have a cosigner who doesn't have a valid driver's license?
I want to buy a new car, but need it financed. However, my only cosigner doesn't have a valid driver's license. Will this pose a problem?
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Eric Schad
Apr 27, 2021
What do I do after I get approval for a car loan for $20,000?
"I went to my bank and got approved for a car loan up to $20,000. What's the next step in the loan or car-buying process?"
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Eric Schad
Jun 07, 2021
What happens to the remaining balance of your car loan if you sell the car but you're upside-down?
"I'm upside-down on my current car loan, but I want to sell the vehicle to buy a new one. I know that I need to take the sales proceeds and apply it to the loan, but what happens to the remaining balance on the loan?"
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Eric Schad
Jun 16, 2021
Can I take out a car loan for another person?
My friend needs a car loan, but he has awful credit. Can I get a loan for him? My credit and financials are more stable.
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Johnny Puckett
Mar 12, 2021
How does leasing a car differ from getting a car loan?
I want to get my first car soon. Can you explain the difference between borrowing and leasing to get a car?
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Jim Donaher
Mar 12, 2021
"What kind of car loan is best for a classic truck like a C-10 Chevy? "
"I have always loved the C-10 Chevy trucks of the 1970s. However, they’ve gone way up in value lately and I would have to get a car loan to buy one. Another issue is finding one worth buying and getting the loan in a timely manner. How is this usually handled, and what is the best way to go about financing a classic truck? "
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Johnny Puckett
May 11, 2021
How do I get a bogus unpaid auto loan wiped from my credit history?
My credit history shows an unpaid auto loan for a truck. I did buy this truck in 2016, but I only kept it for a week before returning it as a lemon. For some reason, I guess the dealership didn't notify the credit bureau that I'd returned the truck. How do I remove this loan from my credit history?
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Eric Schad
Mar 12, 2021
Can you be a cosigner for someone else's car loan if you have a cosigner on your own car loan?
"I needed a cosigner when I first bought my car because I didn't have much credit history. Fast-forward a few years, and I finally have a credit score of 770. My friend also needs a car, but she doesn't have the best credit. She's asked me to cosign on her loan. Can I cosign for a loan if I already have a cosigner on my own loan?"
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Eric Schad
Jun 16, 2021
How much money could I save if I pay off my $25,000 car loan early?
I owe $20,000 on my $25,000 loan. The current interest rate is five percent, and I still need to pay for 48 months. How much can I save if I pay my loan off early?
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Eric Schad
Apr 27, 2021
Can I apply for a car loan if I don't know what car I want?
I'm shopping for a car, but I don't know which one I want. Can I still get approved for a car loan without knowing the model?
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Eric Schad
Jun 16, 2021
Can I or my dad take over a car loan from a family friend?
A family friend wants me or my dad to take over a car loan for a 2016 Toyota Camry. There's $7,400 left on the loan. I'm only 17, and my dad doesn't have great credit since he was unemployed for 16 months and fell behind on some bills. Would either of us be able to take over the loan?
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Eric Schad
Mar 12, 2021
How long does it take for a car loan to be approved?
I need a car loan in a hurry since I need a car to commute to my new job. How long will it take to get approved?
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Jim Donaher
Mar 12, 2021
"Why did I get a letter from an auto lender saying my counteroffer was not accepted? "
"I bought a new car from the dealership. After putting a lot of money down, trusting the dealer to source the financing for the rest, signing on the loan, and driving the car for over a month, I got a letter from a lender saying my counteroffer was not accepted. I don’t remember making a counteroffer to anyone and the lender that sent me the letter is not who I was told to send my payments to. What does this mean? "
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Johnny Puckett
May 11, 2021
What does it mean to be pre-approved for a car loan?
My friend is recommending that I get pre-approved for a car loan. What does pre-approval mean here?
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Jim Donaher
Mar 12, 2021
How can I get out of an upside-down car loan?
I owe way more money on my car than it's worth and I really need to get out of my loan. What are my options?
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Eric Schad
Apr 07, 2021
Is USAA or Bank of America better for an auto loan?
I currently have accounts with both USAA and Bank of America. Now I want to get an auto loan. Which lender should I go with?
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Eric Schad
Jun 02, 2021
Should I pay off my credit cards or my auto loan first?
I recently inherited $30,000. I want to get completely out of debt, but I'm not sure what to pay off first.
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Eric Schad
Apr 27, 2021
Will making a car loan payment four days late affect my credit?
"I had an unforeseen expense and as a result, I'm going to be four days late on my car loan. Will this affect my credit score?"
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Eric Schad
May 21, 2021
What do P.O.I and P.O.R. mean regarding a car loan?
"I want to get a car, but my credit score is 475. A local dealer says they can finance people with bad credit, as long as they present P.O.I. and P.O.R. What do P.O.I and P.O.R. mean for a car loan?"
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Eric Schad
May 28, 2021
Can I get a car loan and use the money to pay off my credit cards?
"I need some cash to pay off my credit card debt, so I applied for a personal loan at my bank. They offered me a loan with a 12% interest rate, but their car loans have a 3% interest rate. Can I just apply for a car loan and use the cash to pay off my credit cards? "
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Johnny Puckett
May 25, 2021
Should I get a car loan for an expensive car or buy a used $7,000 Honda in cash?
"I want to get a reliable used $7,000 Honda, and I have the cash to buy it. But I was thinking about getting a loan for a more expensive car instead. Which is the better option?"
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Eric Schad
Jun 10, 2021
How can I get out of an upside-down car loan on a Mazda CX-5?
"I bought a Mazda CX-5 about 20 months ago. I currently pay $407 a month, which seems excessively high, but my credit is in the 500s. Right now I'm upside-down on the car loan. Is there any way to get out of it?"
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Eric Schad
Jun 07, 2021
Will a small drop in credit score affect your APR when applying for a car loan?
Typically, my credit score hovers around 770, but due to higher credit card utilization, it fell to 755. Will this small drop in credit affect my APR on a potential car loan?
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Eric Schad
Apr 27, 2021
How can I get a car loan if I'm paid under the table?
"I work for my family business. However, my dad pays me all cash. Now that I want a car loan, I don't have any pay stubs to show proof of income. Can I still get a car loan if I'm paid under the table?"
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Eric Schad
May 26, 2021

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