Finance Questions

Archive for February, 2009

Question: selling car privately or by dealer? best option?

my bf has an '06 lexus IS that is practically brand new. he needs to sell this asap. how do we go about it? would it be profitable or just to break even to sell to a dealer or car max for example?

Answer: That is tough. Selling privately is hard because you gotta list ads and such. But try it anyway, list ads on Craigslist and in newspapers. Maybe you will get a buyer. But dealers will likely rip you for at least 3k off what you paid.

Auto Finance 2U - Turning the Impossible Into an Opportunity For a New Future 2U!

Question: How long does it usually take for a personal loan to be approved?

My partner and I submitted the final documentation yesterday and the Finance Company was quite vague about how long it will take for them to find a lender and approve the loan. They have told us 'up to ten days' which sounds fairly long. Does anyone have previous experience with obtaining a personal loan and can shed some light on how long we can expect to wait. Ideally, we would like to have the money within a few days. We have clean credit history.

Answer: That is way, way too long. Most banks will give you a turn around in 2 days. My guess is that this company is playing games on the 'secondary market'. They may be shopping around for the lowest rate they can get, before they give you the loan. They make their money totally on the 'spread' and if the rates are going to go down, and they can increase there spread, it benifits them to 'put you on hold' for a little bit. If you have bad credit, and the Finance Company is the only place you can go, then you're kind of stuck. But if you can get your loan from a bank, you're generally better of there - they don't usually play these kind of games.

Personal Loans : About Personal Unsecured Loan Lenders