If you’re like most people, paying cash to buy a new car just isn’t in the realm of possibility. And even if it’s in the realm, you may not want to deplete your savings account to buy a new vehicle. This means that you’re either going to be leasing the car, or buying the car by financing it.
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What does it mean to lease a new car? Essentially, leasing is similar to renting – you make payments for the use of the car over a certain time period, and you return the car at the end of that period. Most likely, you will lease a car for 2-3 years and then have the option of buying the car or giving it back to the dealer.
A loan-to-value ratio (LTV) is the total dollar value of your loan divided by the actual cash value (ACV) of your vehicle. It is usually expressed as a percentage. Your down payment reduces the loan to value ratio of your loan.
What is LTV When Buying a Car? – Auto Loans Made Easy – What is LTV When Buying a Car?. So what is LTV when buying a car? LTV is the loan-to-value ratio of a vehicle. Basically, the formula works like this: Loan Amount / Vehicle Value = LTV. For example, say you are buying a vehicle with a book value of $20,000. You have a down payment of $2000.
Simply choosing and paying for a car from one location does sound like the perfect deal, no need to find someone else willing to give you loan. But convenience is not always the right choice when it comes to buying and financing a car. Obviously depending on your financial situation there is a right choice for you.
The value of the new car will be the loan guarantee (i.e., the lender owns the car until the loan is fully repaid). Borrowers also may choose to self-finance by borrowing against the equity in something they already own, such as a house or retirement savings portfolio, or against the cash value of an insurance policy.
When it comes to getting approved for a car loan this value is extremely important. Here at FundingWay.com we witness several times where car buyer was pre-approved online, but was unable to buy the car they wanted due to LTV restrictions set by the car loan lender.
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