Recent Articles In Financing

How to use your tax refund for a car purchase
If you’re in the market for a new vehicle then you should know something about tax season: tax refunds and car loans are a good match.* That’s because refunds, which have averaged around $3,000 in recent years, can provide many approved buyers with a ready-made down payment on a car, or at least a useful chunk of it. And that money down may in turn lower their monthly payment and total financing costs. The following infographic has been put together for car shoppers expecting a tax refund, and outlines how it may be used to get a new or used… Read More

Is it better to lease or buy a car?
  Compare the pros and cons to help you decide The soaring popularity of leasing in recent years may have you asking whether it is better to lease or buy your next car. Once associated with luxury cars, leasing has become mainstream and reached an all-time high of 4.3 million vehicles in 2016. So, should you join these millions of drivers and enjoy a monthly car payment that’s typically lower than an auto loan payment? An offshoot of the current leasing trend worth considering is the surge in off-lease vehicles entering the used-car market, which is lowering prices to the… Read More

What I learned about the car-buying experience, and how you may improve yours
    Everyone has a story about buying a car. Whether it was the first or 15th, it’s probably an experience that will never be forgotten. When my father was recently looking to replace his car, I tagged along and watched the process he went through, and learned a lot.   The dealership experience We really relied on the dealership staff to steer us toward the right product – one that truly met our needs. Just because we had a personal relationship with the particular dealer we visited did not mean we didn’t go through “a process.” Things such as… Read More

How an auto loan cosigner or a co-borrower may help you get moving
  If you’ve been denied financing for a vehicle because you have no credit or bad credit,* then an auto loan cosigner or a co-borrower may be what’s needed to get on the road and on with your life. While a cosigner and co-borrower are different, each may boost your chances of approval and, if approved, better your loan terms. And what a difference having your own transportation can make, whether it’s getting to college classes to further your education, getting to work on time and stress free, picking up the kids from school or taking a relaxing road trip… Read More

How to shop for a car on Black Friday, and through the holiday season
  Black Friday has become one of the best times of year to shop for a car deal thanks to a “perfect storm” of conditions, and kicks off a whole holiday season of auto sales through the end of the year. Many carmakers have deep discounts on outgoing-year models, dealerships may offer their own reductions, the Thanksgiving holiday weekend falls at the end of the month – a time when dealership staff are looking to meet sales goals – and a great marketing buzz surrounds it all. It’s not all about new cars, either; research has shown there have been… Read More

Car terms to know when you’re a first-time buyer
Even if you’ve been driving for a little while, taking the step of buying your first car is likely to throw out some terminology you haven’t come across before. Here are 13 terms it’s useful to know, and which may help you land the right car at the right price.     Sticker price – The manufacturer’s suggested retail price (MSRP) for a new car. A dealer could sell the car for more or less than the MSRP. There may be an opportunity to negotiate down from here toward the factory invoice price, which is what the dealer paid the… Read More

Getting a car loan as a first-time buyer with no credit history or bad credit
  As a first-time car buyer with no credit or bad credit,* you might feel up against it. That’s understandable. Consumers with long and strong credit histories generally stand a better chance of getting financing from an auto lender, and may enjoy better terms and a greater choice of vehicles. But now that we’ve aired some of the common realities of auto loan shopping as a first-time buyer, take heart. Many lenders accept applications from first-time buyers, and guess what? Many of those consumers have limited or bad credit histories. When you’re in one of these situations, there are a number of steps that may… Read More

Do I need a co-borrower on a car loan?
  If you plan on co-owning 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 option for you. A co-borrower is an equal partner in the car-buying process who has access to the benefits of car ownership as well sharing in its responsibilities. With a joint auto loan, the details of both parties are included on the application form and the car title, both are responsible for repaying the loan, and each has the same rights to the use and ownership… Read More

What is special financing and could it help me buy a car?
    Special financing is a term often used to describe auto loans for consumers with bad credit* – which can include people who have been through bankruptcy or repossession – and limited credit histories. There are plenty of companies in the auto finance industry willing to accept applications for subprime loans, so if your credit is poor, there may be a lender ready to offer you financing that will help you get on the road. First of all, keep in mind auto loans for people in bad credit situations typically come with higher annual percentage rates than those offered… Read More

When is the best time to buy a car?
5 great opportunities to look for a deal     The best time to buy a new car might simply be when you need it most. But if your purchase is not urgent and maximizing savings is your goal, there are some dates on the calendar it certainly helps to know about. The following are all smart times to visit the dealership and shop for a deal. Late in the month The last week and particularly the last weekend of the month are often when a dealership’s staff needs to sell the final cars that enable them to meet their… Read More

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