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Pros and cons of ‘buy here, pay here’ dealerships
  Some dealers claim “we finance anyone,” but it may come at a price Other options include applying for approval before you shop   What are “buy here, pay here” dealerships? “Buy here, pay here” dealerships not only sell cars but effectively act as the bank, too, by providing in-house financing, typically for buyers with bad credit.* Interest rates can be higher than other lending options and customers make car payments directly to the dealership. They’re different from traditional dealerships that request financing from prospective lenders, with customers generally making payments to a third party.†   Pros of “buy here,… Read More

how do auto loans work?
    Buying a car is one of the largest purchases you can make in life, which means researching the right model is usually top priority. While that’s important, so too is understanding the financing. Knowing how auto loans work will help you to find credit that offers best value for your needs. Auto loan arrangement An auto loan involves borrowing money from a lender that provides funds to pay for a vehicle up front. The borrower repays the debt in monthly installments, including interest, according to the agreed terms. Factors that affect an auto loan Three main factors affect… Read More

Woman with computer refinancing a car
  If you’re interested in managing the cost of your vehicle loan, auto refinance is one option you should look into.* Refinancing a car is the process of taking out a new loan to replace an existing note. The refinanced loan is a fresh contract, typically with another lender, that gives you the chance to agree to different terms. In many cases, the borrower will refinance to save money on interest or get a more comfortable monthly payment. Here are four common scenarios. Lower monthly payment – Refinancing can reduce the monthly payment as a result of a lower interest… Read More

Family traveling in car paid off early
    Think what you might do with no auto payments in your budget. Take more vacations, enjoy more evenings out or build up a savings pot for the future, perhaps. Whatever it is, pay off your car early and not only is that debt behind you, but you may have made a decent saving in interest charges, too.* There are several common approaches to paying off a vehicle early, which center on the following: more frequent payments regular extra payments an occasional large payment a combination of the above options refinancing Start by getting familiar with the details of… Read More

Pros and cons of buying a used car list
More than twice as many car buyers opt for a used vehicle over a new one, but is that the right choice for you? While lower used-car prices are a key factor for most consumers, there’s more to consider as you come to a decision.     Pros of buying used Lower prices Used-car buyers can take advantage of rapid depreciation in the value of new cars to the tune of 20 percent in the first year and about 40 percent after three years. Lower average prices for preowned vehicles also provide a better chance of being able to pay… Read More

How a simple interest car loan works
Getting to know how simple interest car loans work is a helpful step when shopping for credit or repaying a loan, and may enable you to save. Most auto lenders, such as RoadLoans and parent company Santander Consumer USA, provide simple interest financing, so watch our video and read on to learn more.     Simple interest contracts Simple interest loans are made up of two important parts – principal and interest. Principal is the amount of money you borrow for your purchase while interest is the charge paid for borrowing that money. With this type of loan, interest is calculated… Read More

Man and woman co-borrowers looking into new car
  If you plan to share a vehicle, or you’d like to maximize your chances of approval and a larger loan amount, applying for a car loan with a co-borrower could be the right choice for you. A co-borrower is part of a joint auto loan in which each party has equal rights to the use and ownership of the vehicle, and responsibilities for the loan. As such, the details of both borrowers are required on the financing application, and will be included on the car’s title. So how does a co-applicant actually help your application? Lenders will take a range… Read More