Auto Finance and Car Loans

How RoadLoans works: I got my car loan, now what?
  Yes, we know that getting the financing first flies in the face of car loan tradition. But we also know that it works for you, the new car shopper. And it’s an approach more and more financial experts recommend. For the sake of this post, we’re going to assume you’ve done that, and that the car loan amount and payments fit your budget. “So, I got approved for a car loan, now what?” you ask. In the case of RoadLoans, you should download and print your loan packet and take it to your recommended dealer nearby. Then work with your RoadLoans dealer… Read More

How to buy a used car from a private seller
  Buying a car from a private seller can seem like stepping into the unknown, but understanding the process upfront may help avoid wrong turns and enable you to secure a vehicle you’re confident with. Take a look at these tips before you shop. Research vehicles online Where should you start when you want to buy a used car? Online is the best place, according to the Federal Trade Commission (FTC). Research vehicles to find out what’s best for your needs and budget. Check out a car in detail Once you’re shopping for vehicles and find a model that you’re interested in,… Read More

Preapproved auto loans give shoppers an advantage
  When buying a car, ideally you’d pay cash for the vehicle in order to negotiate aggressively on price and avoid monthly payments and interest charges. In reality, few of us can do that, so finding the right financing becomes important. Preapproved auto loans are a good option in a number of ways, and you can apply for preapproval with a range of lenders, such as banks, credit unions, finance companies and online lenders. If approved, advantages include knowing the terms of your loan before walking into the dealership, and an empowered, streamlined car-buying process where you can focus on… Read More

4 Things first-time car buyers should know
  Walking into a dealership with the correct documentation, information and knowledge to purchase a car is a big help, especially for a first-time car buyer. Here are four important points to keep in mind to save time and reduce stress: Research: Never buy a car without doing some type of research. Walking into a dealership and aimlessly walking around as if you are shopping for clothes will leave you a disappointed customer. When researching, it is best to take everything into consideration (wants/needs). Creating a chart of the elements of the car that you can and cannot go without… Read More

Private party auto loan – What is it and how does it work?
    When it comes to purchasing a new vehicle, there are several directions you can go. You could buy directly from a dealer, get one from an auction house, maybe a company-owned fleet car or you could purchase from a private seller. If you go the private-seller route, you might need what’s known as a private party auto loan. And if so, here’s what you need to know. Let’s start with private party auto loan: what is it? What is a private party loan? In simple terms, a private party auto loan or a person-to-person loan is a loan… Read More

Understanding an upside-down car loan and the options for changing vehicles
What is an upside-down car loan? An upside-down car loan is a situation in which you simply owe the lender more than the vehicle is worth. For example, you still have $12,000 outstanding on your auto loan, but the vehicle’s value is just $9,000, so you’re upside down by $3,000. It’s also known as negative equity or being “under water,” and it’s a growing problem in the U.S., according to Debt.org, a debt help organization. How an upside-down car loan might occur There are numerous ways negative equity on a vehicle may arise. Common scenarios include: Depreciation– Cars inevitably lose… Read More

What is a lien on a car?
  How to know lien from loan, and what to keep in mind when buying and selling a vehicle If you’ve been approved for a car loan you’re likely to encounter the term “lien,” but the chances you’ll know what it means may not be quite so great. A lien on a car is like a safeguard for the lender or other interested party. When you take out an auto loan, a lien is created, which is a lender’s legal right to possession of the vehicle until the loan is repaid. That means if you default on the loan, like… Read More

What to know when buying a car out of state
Sometimes the perfect car is just a short trip to the dealership away. Other times, you’re looking at buying a car out of state – and that comes with a bit more legwork. Doing your research first, however, will put you on the front foot. Tips for buying across state lines Check your home state requirements Check the laws that affect registering an out-of-state vehicle with your own state’s department of motor vehicles (DMV) or vehicle registry body to get an overview of the process. Look at requirements for vehicle standards, including emissions, inspections, transporting the vehicle and any other… Read More

Try the free RoadLoans app for car shopping made easy
    When was the last time you shopped for a vehicle? Whether you’ve clocked plenty of miles or are new to it all, the RoadLoans app can make the experience fast, simple and hassle free. Simply downloading the app to your iPhone or Android phone places handy auto financing and car-shopping tools right in the palm of your hand; available to help whenever and wherever you want. Here’s what you can do: Estimate a car payment – You don’t want to bite off more than you can chew, and the payment calculator enables users to gauge what an affordable… Read More

How to lower APR on a car loan
  6 tips for getting a low rate and boosting your chances to save Lowering the annual percentage rate (APR) on a car loan is one of the best ways to save on vehicle financing and the total cost of buying a car. And it’s not complicated – there are simple ways to approach it. Here are six tips for dropping the APR on an auto loan. 1. Check your credit reports, and consider building credit Whether you want to save cash on financing for your existing car or look for a low interest rate and APR to buy your… Read More

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