How to Deal With An Auto Loan After Divorce

Divorce is not only emotionally difficult for you but it is also difficult for your financial condition. How?

When a marriage ends, individuals split assets and go separate ways. But, what happens to liabilities such as an auto loan?

In an ideal world, both the individuals assume the responsibility of the debts they created and part ways. Unfortunately, the reality is different. So, take care of debts after a divorce.

The Legal Liability of an Auto Loan

Do not believe that just because the divorce agreement holds your former spouse responsible for the auto loan, he/she will make regular payments. It is plausible that he/she may not make payments.

You must remember that the divorce agreement is separate from your loan contract. Lenders do not give importance to the divorce agreement. Your former spouse may be responsible for the loan in the eyes of a court. But, if you applied for a joint auto loan, lenders will hold you accountable for the loan as well.

How to manage an Auto Loan after Divorce?

It is important to remember that your marriage may be history, but a loan will continue to affect your present and future. Here’s how you can manage your auto loan and save your credit score from plummeting.

1. Get rid of the Loan

After a divorce, the best way to manage an auto loan is to get rid of it. If your former spouse is responsible for making payments, the loan should be in his/her name only.

But, remember that no lender will remove your name from the loan contract because of your changed marital status. So, your former spouse will have to refinance the loan and complete the loan process individually.

2. Get rid of the Car

If you are worried about refinancing the loan, you can sell the car and pay off the lender. It is possible that an upside down loan situation may force you to pay money to the lender, but it is important to understand that a loss today is better than constant tension forever.

3. Make sure the Lender gets paid

If your former spouse is responsible for the loan and both of you decide against selling the car, you will have to make sure that he/she makes the payments regularly.

If your former spouse doesn’t make payments, contact your attorney. It is possible that you will have to make a couple of payments to avoid any negative impact on your credit score. So, keep aside a part of your income for it.

Taking care of your auto loan might be the last thing on your mind. But, it is important to understand that your marriage is over and not your auto loan. If you don’t manage it effectively, you may ruin your credit score forever.

Aftermarket, OEM, OE Auto Parts Explained

Aftermarket, OEM, replacement parts–you see these words in almost all auto parts stores online. What do these terms mean?

For a passive buyer, these things are but ordinary terms used in the automotive market but for someone meticulous and who wants the best for his auto, these things matter considerably. Deciding which among these to purchase is just like deciding what car to buy.

O.E.M. stands for Original Equipment Manufactured. This means that OEM Ford parts are manufactured by Ford itself, Chevrolet parts are manufactured by Chevrolet, Toyota parts by Toyota, BMW parts by BMW and so on. The terms O.E.S. and OE are also used; these mean Original Equipment Supplied and Original Equipment, respectively. While in many cases, OEM and OES mean the same, OE is more general referring to any part that came as original equipment on the car. Some of OE car parts and components are not actually made by the car manufacturer but are purchased and assembled by the automakers to create a vehicle.

Those referred to as “aftermarket auto parts” are not made by the original car manufacturer; furthermore, they are bought and added to the vehicle only at the dealership or after the vehicle left the dealership. In terms of design and function, aftermarket products are almost the same as the stock auto parts since they are primarily used to replace a damaged original part so that the vehicle can continue to run. If you need replacement parts for your car, however, you can either buy O.E.M. or aftermarket auto parts. There are numerous sources of aftermarket auto parts. Stores like Auto Parts Discount give you a great variety of parts for almost all makes and models.

Some cars, especially the base models are not completely equipped so users just add aftermarket parts later on. For example if you have purchased an old Toyota Corolla, you can add aftermarket Toyota fog lights, Toyota spoiler, Toyota turn signal light or Toyota mirrors. Aftermarket products can also help you give your car a fresh new look. Even if your original parts are not yet damaged or worn out, you can replace them with or add specially designed aftermarket auto parts like Honda taillights, Ford center cap, Chevrolet chrome bumper, and Mercedes Benz Front Cover Towing Eye found at Auto Parts Discount.

Enthusiasts, on the other hand would opt for custom parts and specialty equipments. Compared to a universal fit auto part, which can be installed to any vehicle make, year and model, custom aftermarket products are designed to fit only a particular application. Examples of custom parts are your Ford hood, Ford fender and Ford doors. Specialty equipments on the other hand, are intended to make the vehicle more stylish, comfortable, convenient and more up-to-date.

Most auto users prefer aftermarket products because they are less expensive than OEM replacements. While it is true that there may be some aftermarket auto parts that do not meet high standards of original equipments, it is not right to say that aftermarket products are generally inferior in terms of quality and style. Replacement parts sold at Auto Parts Discount, for example are made by car parts manufacturers that are mandated by high international standards.

Which is better, OEM or aftermarket replacement part? It depends on the product. Some OEM parts are not durable enough while the aftermarket parts you use to replace them could last for many years. If you want to give your car a different look and also, if you want to save, aftermarket products are worth a try. However, make sure to get these replacement parts from trusted sources.

Why You Should Access an Online Auto Loan Calculator?

The importance of an online auto loan calculator should not be undervalued. People can easily calculate the monthly amount of money they need to give to a dealer as part of the repayment of the car loan he or she has taken. It is very easy to access a calculator over the internet. You just need to visit a car dealer website and access the same free of cost. Usually the home page itself contains the EMI car loan calculator. You need to select the interest percentage, type in the lending amount, and choose the maximum number of months within which you prefer to pay back the money to get the monthly equated amount with a single click of the computer mouse.

Auto dealerships selling brand-new cars as well as used ones usually offer new car loans plus used car loans, 24/7 whenever a person asks for. The process of loan application is also pretty easy and hassle-free. Whenever you plan to buy a car and for that matter need the required sum of money, what you can do is simply access the internet. For people who don’t have an internet connection at their home, they can go to a nearby cyber cafe to open a couple of reliable dealer sites to go through the car loan application procedure.

Every website contains comprehensive information about auto loan rules and policies. One of the main benefits of applying for a new or used car loan from a dealer is that they don’t hesitate to approve loans to people with a bad or no credit rating. A soft-copy loan form is available in these sites. A potential car buyer needs to fill up the form adding his personal details such as name, permanent address, age, gender, phone number, email address, etc. The data in each online form gets stored in the database of the dealer for them to access the same anytime of the day or night for getting in touch with the car leads for successful conversion.

The primary advantages of using an auto loan calculator are given below.

Measuring Per Month Payment – To make it easier for people to repay the lending amount, almost all car dealers of today have introduced the concept of EMI or Equated Monthly Installment. The borrowers should calculate the payment amount in advance to save money and also avoid confusion using an online calculator.

Saves Time – Of course you don’t have to run after the dealers to know the amount of money you need to pay back. You can easily do calculate the amount yourself using an EMI car loan calculator.

Saves Money – You can become a better decision maker once you calculate the auto loan options that best suits your monthly budget and lifestyle. You should choose the car loan plus payment option that is within your budget.

Crack the Best Deal – Numerous auto dealers offer loans against different interest rates. However, you need to identify the dealership who is giving car loans against a small rate of interest and calculate the amount of money you need to pay every month. A car dealer who is giving loan against a small interest rate and for an extended period should be preferred.

Find the Best Deals on Used Auto Parts

If your car is screaming for a certain part to be replaced, whether it is a faulty air-compressor, a worn out tire or perhaps a broken headlight, you know that it is time to shell out some of your savings and still toil for that elusive part that fits. But now you can relax, huge bills on auto-part replacements is a thing of the past. Nowadays a smart buyer can get the best quality car parts at the lowest prices and that too while sitting at home relaxing on a sofa.

Wondering how all this is possible? You probably haven’t heard of online auto-part sellers. These are dedicated websites that specialize in selling quality auto parts online. But that is not all they do. Apart from direct sales, they offer comprehensive services like choice of a variety of brands from various warehouses, customer support, free shipping, technical advice and the list goes on.

There is tremendous competition in the used auto-part industry and major players keep offering a bouquet of services to increase customer loyalty and satisfaction. Internet now is a place for some of the best deals on used auto parts and to be precise, a wide variety of auto parts is available at the click of a button.

A half hour of search on the internet is more than enough to locate the best deal on the car part you require and have it delivered at your doorstep. But before you do that, keep the following information in mind:

  • Buy only from an established seller
  • Buy the correct part by selecting the correct make, model and year
  • Ascertain the condition of the selected part before making the payment (You can even call the seller before purchasing)
  • Price is not the only consideration; make sure you are comparing products on quality and years of usage

With a bit of effort (i.e. switching your computer on), you can locate the best deals on the auto parts you require. So go ahead and finalize the deal online and treat your car with finest quality OEM auto parts at lowest prices delivered right to your doorstep.

James Rodham

Quality Auto Parts