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Answers
Basically what a finance company uses to determine the amount of money they will lend towards the purchase of a used car. I'm not looking for a trade-in, retail or private seller value - things i can obtain from Kelly Blue Book or Nada. I'm looking for a calculator that will give me the loan value of a used car based on the year, make, model and mileage.
there is one on MSN, i have to find it thought will edit this post and report w/ a link..
*edit*
http://autos.msn.com/kbb/default.aspx
it starts off w/ KBB but when you hit the next buttion you can pick everything with the car and itll tell you, its accurate IMO.
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http://www.myautoloan.com/html/auto_loan/car_loan_value.html
call any local bank tell them you are thinking of buying a car ,give them the vehicle info and ask what the loan value is they will tell you
I'm researching a used car. Kelly Blue Book and NADA guides state the value of the car at between $5500 and $6300. I've haggled the sale price down to $4800. However, the bank Ive spoken with about the loan says they can only loan $3500 on the car. Why is there such a discrepancy between the estimated value and loan value?
they are protecting themselves - if they need to repossess the car because you don't pay the loan, they want to sell it quickly to a wholesale buyer, which yields them less money than a retail sale would.
I've had good luck here...
http://auto.deal4-you.com
Best wishes
I'm doing a homework assignment and trying to research vehicle loan payments. But one of the criteria that the bank uses is what is called a "loan to value" some say 100% others say 90%. What does the 90% on a loan to value mean?
Loan to value means what percent of the value you may borrow. If you buy a $10,000 car and the loan to value is 90% you borrow $9,000 and pay a $1,000 down payment.
From the lender's perspective the higher the loan to value the riskier the loan because (1) the borrower has nothing to lose by not paying and (2) the probability that the value of the collateral will depreciate faster than the outstanding balance on the loan is gretaer. If that happens and the lender must repossess the collateral the lender still might not be able to recuperate the amount he is owed.
concerned i cannot get a loan because i have no job at the moment and poor credit, can i use my car anywhere as a form of collateral to get an emergency loan?
A car isnt usally good collateral for a loan because it can be stolen, totaled in an accident, etc.
Selling the car is the best way to get cash out of a car.
JARGON OF THE YEAR: Long-term economic value Irish Times
LAURA SLATTERY looks back on a year in business
JARGON OF THE YEAR: Long-term economic value
It was the phrase that allowed the Government to pay more for the assets of zombie banks through the National Asset Management Agency (Nama) than they were worth – €54 billion instead of €47 billion, to be precise. It was such an apparently reasonable-sounding snippet of genius that the International Monetary Fund (IMF) felt the need to praise the Department of Finance for its “masterful” definition. IMF adviser Steven Seelig described “long-term economic value” as both “sufficiently specific” and “sufficiently vague” to allow “appropriate flexibility” for Nama: “I hope you can retain this language,” he mused in a private e-mail. Seelig has now joined the board of Nama, so we can only hope he didn’t spend Christmas trying to come up with more clever phrases that end up costing taxpayers money.
Leasing vs Buying: Is This A Good Time?
Guest post by Steve Haas, with thanks.
Leasing vs. Buying
The recent financial crisis may have reduced the availability of great new-car leasing programs, but some are still available. This weekend’s newspaper, for example, includes an advertisement for the hot Mazda3 5-door (with automatic transmission) for a lease payment of $219 per month for three years. This sounds like a very affordable payment for a new car.
I believe it’s fair to say, however, that there is still quite a bit of mystery around auto leasing. Many consumers are simply scared of such programs and I think a lot of this has to do with a lack of knowledge about how these programs work. Unlike traditional car loans, the detailed financial terms of an auto lease don’t have to be (and as a result often are not) disclosed. In order to decide whether a lease is good for you or not, let’s review some of the basics.
What is a lease?
In simple terms, when you lease a car you are paying to use the car for a certain amount of time rather than paying for the entire purchase of the vehicle. In the example above, Mazda is offering the car for three years for a payment of $219/month (plus a down-payment of $2,814). This means that aside from taxes and other state fees, the lessee of this car will pay a total of $10,698 to drive the car for 36 months and 36,000 miles.
The terms of the lease are determined by a few things. First is the price of the car. This is called the “capitalized cost” in leases versus “purchase price” in regular financing. In the case of the Mazda, the base MSRP of a Mazda3 5-door automatic is $19,945. Note, however, that the capitalized cost for your lease doesn’t need to be MSRP. While many buyers are lured by the advertised payment and don’t ask many questions, if you negotiate the purchase price of the car, trade-in a vehicle on which you have equity, or take advantage of other discounts, the capitalized cost...
News
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