VMenu

Blog Archive

Powered by Blogger.
Thursday, 24 July 2014

Cars & Transportation: Insurance & Registration: “Question: What is it like to have a car title loan?” plus 3 more

Cars & Transportation: Insurance & Registration: “Question: What is it like to have a car title loan?” plus 3 more


Question: What is it like to have a car title loan?

Posted: 24 Jul 2014 07:22 AM PDT

The loan company will loan you the money based on how much they think you can afford to pay back each month. You do not get to choose that, but if you cannot afford as much as they are willing to loan you, get less. Do not go to them for a loan until you know how much you can comfortably afford to pay back each month.

Check the paperwork or ask whether it is a fixed rate of interest for the life of the loan, or adjustable. Adjustable means the rate very likely could go up. Also find out whether there is a 'balloon payment' due at the end, which means they make your monthly payments lower, but at the end you have a huge amount of money due to them in the one final payment to pay off the loan. Be sure you understand ALL the details about how much you are borrowing, what the interest rate is, due dates for payments, how they want the payments submitted, what it will take to pay off the loan and get the title back, etc.

They just take the title of the car until you pay off the loan. Usually you get statements or some kind of coupon book for your payments. You have to be absolutely dedicated to paying them back and paying on time, or they will come take your car.

Question: For those in Chicago: what do I have to do during the driving test? Is parallel parking needed, do i need to drive on the highway, etc.?

Posted: 24 Jul 2014 07:18 AM PDT

Most of the time it depends on who your tester is. My friend and I both took our drivers test the same day. My tester made me make a three-point turn, parallel park, AND back into a parking space. I get back to the DMV, and find out that my friend had to drive around the block (4 right turns!) and pull into a parking space...front-ways! We both passed, but I was annoyed that her test was much easier than mine was.

Basically, be prepared to do everything you mentioned in your question, just in case. There are many DMV employees that each do tests their own way, and you have NO way of knowing who you'll get.

Question: What if someone drives a car that's in your name?

Posted: 24 Jul 2014 06:59 AM PDT

If someone steals your car you will not get in trouble, however you have to report it at stolen, otherwise it looks like you gave permission. (who doesn't report their car stolen if it's taken without permission right??)

If you have canceled all insurance then you don't get any money for your stolen car in the event it is not recovered or in the event it is damaged by the person(s) that stole the vehicle.
That's why, if you value your property you should always keep at least fire and theft coverage on a car you don't plan to use on the road in the event someone steals it, or it is lost to a fire.

Question: Is it possible to get a Maryland (MD) temporary license plate before buying a car from an auction ?

Posted: 24 Jul 2014 06:10 AM PDT

Is it possible to get a Maryland (MD) temporary license plate before buying a car from an auction ?

I want to buy a car from an auction and I wonder if I can get temporary License plate before buying the car just to drive the car to my place then start the registration , cause shipping the car to my house costs a lot of money and parking the car at the auction place till I get the License plate will cost more specially the auction on Saturday so I have to wait till the next Monday to start the process .

0 comments:

Post a Comment