How much
can I borrow?
How much do I have to pay as
a down-payment?
What's the Interest
Rate?
How long can I borrow for?
What
cars can I buy?
Where can I buy?
Should I lease a car or borrow
to buy one?
How do I go about applying for a
car loan?
What is a co-signor? Who can
co-sign a loan?
What is
credit rating , and how do I improve my credit rating?
What happens if I miss a
payment?
Can I pay out my loan
early? Are there charges I need to watch out for?
Do I have to have
insurance coverage before I lease a vehicle? If so, what type of coverage is
required?
What if I want out
of the lease before the agreed upon termination date?
How much is the residual on my
car?
What if I want to buy my leased
vehicle?
What if I want to trade in my
leased vehicle?
Who is
responsible for preventive and other maintenance of the leased
vehicle?
What do I do if my
leased car has been involved in an accident?
What do I do if the
person that leased the vehicle died?
How much can I borrow?
When you apply, the lender will determine the maximum amount you can borrow. There's also a minimum loan amount, which varies by state. In addition, once you negotiate a deal, the lender will verify that the amount you borrow is in line with the fair price of your new or used car.
How much do I have to pay as a down-payment?
Some sources of financing require a down-payment. Others do not. down-payment is up to you. Your GiggoLoan does not require that Use our calculators to find out how down payments affect monthly payments.
The exact rate you pay will vary depending on your credit history, whether the vehicle is new or used, and the term of your loan. Also, the rate might depend on the amount financed and the region in which you live in.
The typical loan is for 36, 48, or 60 months. You may also be eligible for an extended term of 66, or even 72 months for new vehicles, depending on your credit history and the vehicle you choose. You can see how different terms will affect your monthly payment with our calculators.
Generally, you can purchase any car you want. Some lenders restrict the specific models you can purchase or limit your choice to cars of a certain age or mileage. Other lenders are less restrictive, and let you use your loan for any make or model, new or used.
Lenders generally issue loans that are good at any franchised car dealership. A franchised dealership is authorized by a manufacturer to sell that manufacturer's products. Not all lenders can issue auto loans in all states. Where you live determines which lenders are available to you. Click here to apply for a low APR auto loan from PeopleFirst.com.
Should I lease a car or borrow to buy
one?
Although it's
not trouble-free, leasing offers low monthly payments and the opportunity to
change cars every two or three years. In the long run, a car loan may be a
less expensive alternative. Whatever you choose to do, buckle down the right
information and you'll be sure to drive a better deal.
How do I go about applying for a car
loan?
You can visit
your branch, apply by phone or even use the on-line loan application in this
Web site - whichever is most convenient for you.
What is a co-signor? Who can co-sign a
loan?
The co-signor
is anyone of the age of majority who becomes equally responsible for repaying
the loan as you are as the primary borrower. If you stop making payments on
the loan, the co-signor would be responsible for the payments.
What is credit rating , and how do I
improve my credit rating?
A good credit rating means that you have repaid past debts in a timely
manner. If you make your payments as agreed, on time and in full, you will
automatically have a good credit rating. For more information see Credit Ratings
section. You can check your credit rating using our Credit
Analyzer
What happens if I miss a payment?
Missing a loan payment puts your loan in
arrears. If this happens, you should immediately contact your lender to
explain the situation and make repayment arrangements.
Can I pay out my loan early? Are there
charges I need to watch out for?
You can pay off your loan any time you
like, usually with no early repayment penalties.
Do I have to have insurance coverage before
I lease a vehicle? If so, what type of coverage is required?
Under the terms of a lease
agreement, you (as the lessee) agree to furnish written evidence of insurance
and to maintain that coverage on the vehicle until the vehicle is returned to
the bank. You must provide the proof of insurance before the vehicle will be
turned over to you. The insurance policy coverage and company must be
acceptable to the bank. The coverage limits are listed below:
Public liability and property
damage insurance protecting the interests of the lessor (bank), you (lessee),
and any driver of the vehicle with limits of not less than $100,000 for injury
to or death of one person; $300,000 for all persons injured or killed in the
same accident and not less than $50,000 for damage, destruction or loss of use
of property of other persons as a result of any one accident.
Collision insurance with a
deductible amount not in excess of $500. You (lessee) are responsible for
paying the deductible in the event a claim is filed.
Fire, theft and comprehensive insurance
with a deductible amount not in excess of $500. Again, as the lessee, you are
responsible for paying the deductible in the event a claim is
filed.
What if I want out of the lease before the
agreed upon termination date?
The lessee may terminate the lease prior to
the agreed upon termination date by following the early termination procedures
outlined in the lease agreement. A summary of those procedures are listed
below. (For complete instructions, please refer to sections in your lease
agreement entitled "Lessor's rights and remedies upon default" and "early
termination of lease."
You must return the vehicle to the lessor (bank). The bank will then either sell or re-lease the vehicle and, after deducting the costs of repossession and disposition, give the lessee credit for the balance of the proceeds remaining from the sale or lease, less any deficiency owed by the lessee.
The security deposit will be applied to any outstanding amount due on the lease.
You agree to pay the sum of the
following amounts* to the bank/financing company:
Processing fee usually around 2% of
residual value
Residual Value of Vehicle (determined by the ALG Guide)
+ Remaining unpaid monthly rental
payments
+ All
costs of collection and other charges (including attorney fees)
+ All taxes, fees, fines,
citations and amounts due under the terms of the lease agreement
- Any unearned
income.
- Remaining
amount of security deposit held
- Amount received by Lessor (bank) from
insurance proceeds or sale of salvage, or sale or re-lease of
vehicle.
How much is the residual on my
car?
The residual
value is established by your dealer at the beginning of your lease. Please
contact your originating dealer to obtain the residual value of your
vehicle.
What if I want to buy my leased
vehicle?
You may
choose to purchase your leased vehicle at any point during your lease term.
Call the Loans/Purchases Department and we'll arrange for your loan to include
your remaining lease payments
What if I want to trade in my leased
vehicle?
You can
trade in your leased vehicle and lease a new vehicle at any point during your
lease term. If you are leasing a new car from the same financier usually the
termination expenses would be much less than the early termination
expenses.
Who is responsible for preventive and other
maintenance of the leased vehicle?
As stated in your lease agreement, you are
responsible for all maintenance expense, fees, taxes, licenses and
inspections. You must maintain the vehicle according to the manufacturer's
maintenance directions, repair any damage to the vehicle, and pay all costs
associated with this maintenance and repair.
What do I do if my leased car has been
involved in an accident?
In the event you are involved in an accident you must notify the
lessor (bank) within 24 hours of the accident and provide any papers, notices
or claims associated with the accident. If the damage is not substantial (car
is repairable), you are responsible for paying all deductibles as set forth in
your insurance agreement. If the car is not repairable and the insurance
adjuster totals your car, it will be considered a loss for purposes of
computation at all sums due.
What do I do if the person that leased the
vehicle died?
If
credit life insurance is included as part of the original lease agreement, the
lessee agreed to purchase the car in the event of death. The purchase price
will be determined by the lessor (bank) based on the terms of the purchase
option detailed in your lease agreement. If credit life insurance was not
carried on the lease, the lessee's estate is responsible for returning the
vehicle and satisfying all lease termination amounts owed, or for making
arrangements to purchase the vehicle based on the purchase option described in
the lease agreement.