What You Should Consider When Refinancing Your Car Loan
In 2017, more than six million Americans were at least three months behind on their auto loan payments. As the payout term for auto financing continues to rise, making sure you are making the right choices in loans and lenders is more important than ever. Refinancing your car loan is one way to improve how your loan works for you and your budget.
Refinancing a loan refers to when you apply and receive a loan to cover your former loan, while using the vehicle itself as collateral. With any loan, you submit some kind of security that informs the bank that you will make your payments. Most loan terms dictate that not meeting your payments for 90 days can result in car repossession. Missed payments and repossession should be avoided at all costs, as the repossession stays on your credit report for seven years.
For many, securing financing for a much-needed car can be a real nightmare. A minority of Americans can walk into an auto showroom and pay for a slick, cutting-edge vehicle in full without breaking a sweat. To them, buying a new car may be as simple as picking up a new television or games console – a nice addition to their life rather than fulfilling an essential transportation need.
For the rest of us, though, investing in a car is a much more complicated, stressful matter. We all have our own reasons for buying a vehicle, whether it’s needing to take the kids to and from school, drive yourself to work, go grocery shopping, or, most likely, a combination of all four. In short, always having access to your own car is a vital need and a convenient way to get from A to B as [...]
Buying a used car is an ideal way to save money and avoid the expensive price tags attached to brand-new models. However, you still need to approach the purchasing process with the same level of consideration and caution you would when investing in a factory-fresh vehicle.
The following 10 best used car buying tips will give you all the help you need to get great value for money from your local dealership.
Understand What You Want
First and foremost, think about the most practical aspects of your ideal used car. What do you need from it, and why?
Do you need to fit three kids in the back, or is it just for yourself?
Do you need the vehicle to cope with certain extra strains, such as hauling a trailer or driving in extreme weathers?
Do you expect to make long journeys on a regular basis, or is [...]
Has the time come to buy a new car? You can either choose to pay for an expensive brand-new model or go for a more cost-effective used vehicle instead. There’s a very good chance that you may opt for the latter, as new cars have become much too costly for many Americans to afford. However, there are certain common myths surrounding used car dealerships, and it’s time to shed light on the truth.
Myth #1: You Can Get A Better Deal By Going Through A Private Seller.
Let’s say you check the local paper or a for-sale-by-owner website and find a vehicle for sale that seems to be what you’re looking for. It’s not just a fair price, it’s a steal. Most people would be tempted to contact the seller and snap the bargain up. After all, any Joe or Jane looking to make a profit on their vehicle doesn’t have the overhead expenses [...]
There are millions of cars out there, so how are you supposed to find the right one for you? The truth is, it can take a lot of searching and sorting through what is available. There are compact cars and large SUVs, station wagons and hatchbacks, and the list goes on. Thankfully, there are some lists out there that help you find the used car that is right for what you need. Here are ten of the top used cars according to Kelly Blue Book, and why they are considered such good used cars – in no particular order.
2008 Nissan Maxima
When you want a used car that offers more luxury, you may want to look at the 2008 Nissan Maxima. It has far more bells and [...]
If you have a car loan, it can be difficult to always make sure you set the money aside to pay it. This can be more than annoying – it can actually damage your credit if you forget. Plus, there are so many other things you could be doing with that money! If you want to get to where you no longer have that car loan, the best thing to do is pay it off. Here are a few ideas of ways that you can pay the loan off early, allowing you to use those funds for other bills, or even just to have fun with.
Make More Payments
Typically, a car loan is due back in monthly installments. This means you make 12 payments per year. If you were to do a half-payment every two weeks instead, this would give you an extra payment at [...]
Why Your Credit Score Matters When Buying a Used Car
Everyone knows that the credit score is an important part of the process when they are buying a new car. But did you realize that your credit score is just as important when you are buying a used car? Here is more information on why your credit score matters, and what it helps reveal about your financial status.
For starters, even though your credit score is summed up in a single number, there are actually many variables that go into arriving at that number. What’s more, each variable is weighed differently, meaning that a negative history in one aspect might not hurt you as much as a negative history in another aspect.
Briefly, the formula that is used to create your credit score is one that mainly considers five different factors:
Buying a new car today is a major investment. First and foremost, you must consider the actual cost of the vehicle, plus taking the down payment and monthly payments into account. Next, there’s your insurance to think about, followed by any little essentials the car may need along the way, such as security features, in-car gadgets, and more.
The latest cars from leading manufacturers tend to boast high-tech features that claim to enhance your entire driving experience, but increase the overall price up significantly. While some of us may think that only the flashiest, sleekest, most powerful new cars are worth investing in, this isn’t viable for countless Americans today. Sadly, money worries are a very real part of everyday living, making the entire process of buying a new car more of a challenge. That’s one of the main reasons pre-owned cars have become increasingly [...]
While a new truck purchase over a used one may be preferable, for many, the cost of that new truck puts it out of reach financially. For those who have never purchased pre-owned before, there may be concern that a used truck might come with problems. By following the 10 Tips listed below, you should be able to find the best used truck that meets both your needs and your budget.
Know What You Want
As you are probably aware, pickup trucks come in a whole range of makes, models, and configurations. You can get them with extended beds, extended cabs, crew cabs, with a shell, drop-in/spray-on bed liner; the list goes on and on. Before you start your search, figure out what features and configuration best fit those you need to have and what you would like to have. Start with what [...]
What are the Benefits of Buying a Used Car Versus a New Car?
Buying a new car is normally one of the most expensive purchases you can make. Alongside other major investments, such as a new property, a boat, or starting a business, that new car can place a significant strain on your finances, which is why used cars continue to be an increasingly popular purchase choice every year.
Not everyone can afford top-of-the-line models from the major brands, so pre-owned vehicles make a valuable alternative for buyers on a wide range of budgets. Even if money is tight, coping without a car simply isn’t an option for many of us. Perhaps you depend on a car for everyday chores, such as getting to work and back, dropping the kids off at school, collecting groceries, or to earn a living. Regardless of your motivations to invest in a new vehicle, trying to choose between a [...]
*Disclaimer: Information deemed reliable, but not guaranteed. Interested parties should confirm all data before relying on it to make a purchase decision. All prices and specifications are subject to change without notice. Prices may not include additional fees such as government fees and taxes, title and registration fees, finance charges, dealer document preparation fees, processing fees, and emission testing and compliance charges.