Take Over Car Payments
Take over car payments are pretty common these days. Take over car payments is an easy option if you want to own a car quickly and not for a longer duration. Taking over car payments means that you agree to pay the remaining loan on the car and pay the difference to the previous owner. The best place to find such deals are online classifieds.
The monthly take over car payments are usually pretty low as the person who currently owns the car has most probably paid a down payment in the start to reduce the monthly payments and by now he might already have paid a significant amount in monthly payments. It is a win win situation for both the parties. The only disadvantage in this is that if the new owner does not pay the monthly payments on time, then the lender may hold the original owner responsible.
If you are thinking of taking over car payments, then one of the most important thing you need to do is get the car checked by a reputed mechanic, to know the wear tear. Make sure you check each and every thing from engines to upholstery. Make sure you bring the wear and tear to the notice of the current owner and negotiate the deal accordingly.
Another important thing you should take care of while taking over car payments is the mileage. Leasing companies allow a certain annual mileage and anything above that will be charged anywhere between 10 to 12 cents per mile upon the completion of lease. Also ask about the gap insurance, that would be beneficial in cases of accidents or any other damages.
So if you need a car quickly and at cheap monthly payments then in our opinion you should look at take over car payments. But always prepare a checklist of the above things before closing the deal to make sure you don't get bitten in the deal.
Some of the questions which should be included in the checklist are:
- Number of miles the care has travelled.
- Has the car undergone an accident.
- Does the car need any maintainance
Each of these factors plays a significant role in determining the value of the car.The lesser the number of miles which the car has travelled,more is the value of the car. Similarly if the car has undergone an accident then it diminishes the value of the car drastically. Also if any repair work is needed in the car then the current owner should undertake it before selling the car. Also another important factor you need to consider is whether the same financial instituition is willing to provide you with finance required or not because their are always certain loan transfer charges if you are going with another bank or financial instituition. Also you need to have a reasonably good credit if you want to take over someone's payments. Opting for take over payments without good credit is a nightmare as most of the banks would deny to transfer the loan in your name. Also never take over someone's payments without making a agreement,never rely on verbal deals. Insist on having every document right to avoid problems/disputes at a later stage.