Common Questions - Page 316

Check out our list of most asked questions about insurance and vehicles and find the best solution to your issue now!

What is the highest APR a lender can charge on a new car loan?

There is no set limit on the maximum APR that a lender can charge on a new car loan. However, the Consumer Financial Protection Bureau (CFPB) has stated that a lender cannot charge an APR that is "unreasonably high." Ultimately, the APR that a lender charges will be determined by a number of factors

Sep 08, 2023
What is the minimum car loan amount allowed by lenders?

There is no set minimum car loan amount, as each lender sets its own limits. However, most lenders will not offer loans for less than $5,000. This is because the loan amount is typically used as a down payment on the vehicle, and most vehicles cost more than $5,000.If you are looking for a car loan,

Sep 08, 2023
What do I need to do after I pay off a car loan?

Once you have paid off your car loan, your work is not done. You will need to continue to make payments on the car until the lien is released. This is typically done after the car has been paid off in full and the title has been sent to the lender. Be sure to keep up with your payments, as you could

Sep 08, 2023
Can I get a car loan if I'm a student at a community college?

There are a few things you'll need to consider before applying for a car loan as a student. First, community college students may not have the same credit history as students at four-year universities, so you'll want to make sure you have a solid credit score. You'll also need to provide proof of in

Sep 08, 2023
Can I use a car loan to buy something else?

Yes, you can use a car loan to buy something else. In fact, a car loan can be used for a variety of purposes, such as buying a home or investing in a business. A car loan can provide you with the funds you need to make a major purchase. Just be sure to carefully read the terms and conditions of your

Sep 08, 2023
What happens to your credit score after you get a new car loan?

Your credit score can be affected by a new car loan in a few ways. First, if you take out a new loan to buy a car, your debt-to-income ratio will increase, which could lower your credit score. Additionally, your utilization rate will go up, which is also a factor that is taken into account when calc

Sep 08, 2023
How often is the interest on car loans compounded?

1. The interest on car loans is usually compounded monthly.2. This means that the interest is added to the loan balance each month, and then the new balance is used to calculate the interest for the next month.3. This can result in a lot of interest being paid over the life of the loan.4. It's impor

Sep 08, 2023
What happens to your car loan if you die?

The short answer is that your car loan typically becomes the responsibility of your estate. This can be a bit tricky, however, as the specifics of what happens to a car loan after someone dies can vary depending on the lender and the terms of the loan.In most cases, the lender will want to be repaid

Sep 08, 2023
What are the best ways to get positive equity on your car?

There are a few things you can do to get positive equity on your car. One is to keep up with the maintenance and repairs on your car so that it's in good condition and worth more. Another is to trade in your car for a newer model when it's time for a new one. This will give you some equity in your o

Sep 08, 2023
What credit score do I need to qualify for a car loan?

There is no one definitive answer to this question. Some lenders may require a credit score of 700 or higher in order to qualify for a car loan, while others may be willing to work with borrowers who have a credit score of 600 or lower. It's important to shop around for a loan that meets your needs,

Sep 08, 2023
What's a decent interest rate on a used car loan?

A decent interest rate on a used car loan can vary depending on the lender. However, you can typically expect to pay around 5-8% interest on a used car loan. It's important to shop around for the best rate, and be sure to read the terms and conditions of the loan before signing anything.

Sep 08, 2023
What documents do I need to close on a car loan?

There are a few documents you will need to close on a car loan. Most lenders will require a copy of your driver's license, proof of insurance, and a recent pay stub. Some lenders may also require a copy of your vehicle registration and proof of down payment. Be sure to check with your lender to see

Sep 08, 2023