Know the true cost of ownership for your car.
by Steve Cypher on Thursday, January 24th, 2008Here at Auto Credit Express, we want to help you with your bad credit car loan. In order to reestablish your credit, you need to make your payment on time. But there is more to your car than just the payment.
Insurance
A major expense that many bad credit customers fail to include is the cost of insurance. Even if you have car insurance on your present vehicle, it may be low cost partial coverage insurance. Financing a car requires full coverage insurance. In addition, the car that you’re replacing is probably older so remember that it costs more to insure a newer car.
Gasoline
That sport utility vehicle may be your dream car, but in addition to being more expensive, it also has poorer gas mileage. If you buy a midsize or compact car, you will save on gas as well as your monthly payment.
Maintenance
If you’re buying a new car, check the warranty. Make sure you are covered for the entire length of your finance contract. If not, consider an extended service contract and add that cost to your monthly payment. If you’re buying a used car, an extended warranty is almost a must have addition. You need to budget for the increase in your payment, but if some major component on your car breaks, you’ll be glad you have it.
The Bottom Line
Make sure you include all these items in your car budget. To help you determine what you can afford, view our car calculators on our web site. Here at Auto Credit Express, we want you “on the road” to better credit today!
Tags: bad credit auto loan, car loan
What if a payment was made and still repo my car. What rights do I have
glo,
We are not lawyers and we do not give legal advice. I would first contact the lender and then contact a lawyer to see what your rights are.
How do I recover the tags from the vehicle after it has been repossessed?
Paula,
Since each state has different rules covering the issuance and ownership of license plates, you should contact the department of motor vehicles (or the department in your state responsible for the licensing of vehicles) in your state in order to find out the correct procedure for either recovering the plates or having a new set issued to you (and the old set listed as no longer in your possession).
I’m swimming in the over head on the vehicle.. if repo will I have to pay the remaining balance??
Nichole,
If your vehicle is repossessed, you will be required to pay the deficiency balance (the difference between what you owe on the finance contract and what the vehicle fetches at auction) plus any other fees that you owe, including repossession and storage fees.