Common Questions - Page 316

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

James Alton

Sep 08, 2023

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,

David Griffin

Sep 08, 2023

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

Daniel Torres

Sep 08, 2023

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

Dennis Fredrick

Sep 08, 2023

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

Daniel Torres

Sep 08, 2023

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

Rolland Smith

Sep 08, 2023

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

Nicole Britt

Sep 08, 2023

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

Nicole Britt

Sep 08, 2023

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

Christina Miller

Sep 08, 2023

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,

Amelia Nelson

Sep 08, 2023

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.

Daniel Torres

Sep 08, 2023

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

Albert Grosso

Sep 08, 2023