Sentences with phrase «owed on a car loan»

They still owe on the car loan.

This not only makes the lender see you as the responsible borrower that you are, but it will also reduce the total amount that you owe on your car loan.

And while GAP Insurance will not help you if you sell your car for less than you owe on your car loan, it will protect you from having to pay for a car loan after your vehicle is totaled in an accident or is stolen.

So where it asks for the equity in your car, it means what is the value right now minus how much you still owe on your car loan, that's your car equity.

Factor in the type of car you drive, its age and the amount you owe on your car loan before you decide to install anti-theft devices.

If your car is stolen or totaled within a set period of time after purchase, usually no more than two years, this insurance pays the difference between what you owe on your car loan and its value.

When my emergency fund is equal to the amount I owe on my car loan (yeah, I know, car loans are bad), then I will pay off the car with my emergency fund.

This is known as a «cram down,» and it can significantly reduce the amount you owe on your car loan, through the adjustment of the interests, a reduction in monthly payments or fewer payments over the life of the loan.

Under Chapter 506 (a) of the Bankruptcy Code, you can reduce the amount you owe on your car loan in Chapter 13 bankruptcy if:

Gap coverage kicks in if the insurer declares your car a total loss, and the payout from the insurance company for the vehicle's actual cash value is less than the amount you owe on the car loan.

Gap insurance offers no coverage for the money you owe on your car loan after repossession.

Gap coverage, also sometimes referred to as «guaranteed auto protection» is a specific type of insurance that covers the «gap» between what your insurance company will pay out for an accident or theft and the total amount you owe on your car loan.

The first thing to consider is how much you owe on your car loan and if that amount exceeds the value of your car.

Gap insurance — also known as guaranteed asset protection — helps you recover the difference between what you owe on your car loan or lease and the amount of compensation you'll receive from your insurance company after a total loss.

It pays the difference between what you owe on your car loan and what the insurance company paid you as the value of your vehicle.

The problem is that if your new car is totaled, insurance will pay for the value of the car at the time of the accident — not what you owe on your car loan.

Not exact matches

I owed about $ 10,000 in student loans, $ 6,200 between three maxed out credit cards and $ 19,000 on a car loan.

Longer - term financing contracts, and the resulting increase in consumer debt, also meant more owners were «underwater» — that is, they owed more on their loans than their cars were worth.

The second most influential factor is how much money you owe on credit cards, credit lines, car loans, and mortgages, to name a few.

He owes between $ 20,000 and $ 50,000 on Citibank and AT&T cards, between $ 5,000 and $ 20,000 on a car loan for a Mercedes, and his wife owes another $ 5,000 to $ 20,000 on a Discover card, records show.

Many people can get (buried) Or upside down on their car - oweing much more than what's it worth - for example: your car is worth - $ 8000 and you owe $ 12000 to the bank - stuck in a high payment loan for long term!

To make things worse... I still owe $ 2500 on the loan when I bought the car!

If your car is worth $ 15,000 and you still owe $ 6,000 on the loan, you have $ 9,000 of equity in the car.

As you can see, a consumer owing $ 5,000 on both a car loan and a credit card can free up far more cash flow by paying off the installment contract first — if he or she is near the end of the term.

You are upside - down on a car loan when you owe more than your vehicle is worth.

In the event of an accident, gap insurance will pay the difference between what the insurance determines the car is worth and what the borrower still owes on the loan.

In the first quarter of 2017, a record 33 % of new car sales were made to people with negative equity who owed an average $ 5,147 on their loans.

Gap insurance ensures that you're covered for the difference between what you owe on your car lease or loan and what your car is worth at the time of a total loss.

For an older used car, it's quite easy for borrowers to find themselves «upside - down» — meaning that they owe more on their loan than their car is currently worth.

Still, they were pleased to have mostly managed to stay out of trouble with consumer debt, although they had run up their credit card balances at a couple of points and currently owed $ 10,000 on a car loan.

Other components include how many of your accounts have balances, the specific balances on certain accounts, and how much you owe on loan accounts (such as mortgages and car loans) relative to the original balances.

This factor is your outstanding debt and how much money you owe on your credit cards, car loans, mortgages, home equity lines, etc..

The answer to this one will depend on how much equity you have in the property you are concerned about, and whether you can still afford to make payments if you owe on a mortgage or car loan.

So, if you owe more on your car than it is worth, then you could be stuck making payments on a loan for a vehicle that no longer exists.

Of course, these longer loans make financing an attractive proposition since the payments are so low, but what many buyers fail to realize is that the amount of interest paid on the loan coupled with the amount of time the buyer spends being upside down in their loans (owing more than the car is worth) makes these loans a costly option.

GAP protects you during periods when you are «upside down» or «underwater» in your car loan, meaning you owe more on your car than it is worth.

So, your GAP provider covers your $ 1,000 deductible and takes care of the $ 2,510 you still owe on your loan, protecting you from having to pay out - of - pocket or roll any negative equity into your next car loan to cover your losses.

One rule you'll need to understand is the debt - to - income ratio, or DTI, which compares how much money you owe (on student loans, credit cards, car loans, and — hopefully soon — a home loan) to your income.

Remember, you have to pay 10 % interest on the balance on your loan, so the longer you owe money on your car, the more interest you have to pay.

GAP Insurance will protect you during periods of owing more on your car loan than your car is worth, which can last almost your entire car loan.

For example, if you owe money on a credit card, then you are probably better off paying down that credit card's balance before making an unscheduled car loan payment.

Most car loans use simple interest, a type of interest of which the interest charge is calculated only on the principal (i.e. the amount owed on the loan).

So, if the amount you owe isn't already on your credit report somewhere, or it's in a «non-revolving» credit account (like a balance owed to a utility, or on a structured note like a car payment or student loan), your leverage will increase and that could lower your score.

LoanMart can even help you pay off the rest of what you owe on your car to make the title loan process easier for you, just talk to your LoanMart auto title loan agent for details.

These types of loans often leave borrowers underwater and owing more on their loan than their car is actually worth.

The Upside Down Car Loan is One Of Our Customer's Biggest Challenges You can say you're «underwater» or «stuck with negative equity,» but whatever you call it, the situation is the same: You owe more on your vehicle than it is...

If you owe more on your car than you can make selling it, the best option is to speak to the bank who owns the loan and ask them if they would allow you to borrow the difference between what you owe on the car and what it is worth (so you can sell the car).

[color = Black: 6b809e3947][color = Cyan][font = Arial: 6b809e3947] I am on KS and need a home loan of 32,000 minus 3200 for down payment, the home I am wanting has dropped in price from 35,000 to 20,000 and I owe 7,500 on my car and 4,000 on a credit card.

Upside down When you owe more on your auto loan than the your car is worth.

If you still owed money on your original auto title loan, your lender, in this case LoanMart, you will expect you to keep making payments on the loan even if the car was totaled.