When you assume an auto loan, you take over the car payments of the original buyer and gain ownership of the vehicle. However, not every lender will allow auto loan assumption, and not every buyer will be approved to enter into an existing contract.

For the novice car buyer, purchasing a vehicle can be an intimidating process to undertake. What kind of car should you consider? Where should you look? What can you afford? If you get pre-approval for financing, this means that your loan is taken care of before you select a vehicle to purchase.

If you're planning to purchase a vehicle at the end of December, your best bet is to get your financing squared away right now. Think about it: Everyone is waiting until after the holiday, so lenders are slow. It's the calm before the storm.

You may have heard the term, Same Day Auto Loan before, but what does it mean? It can accurately describe two different loan scenarios, referring to simply a loan that is approved within 24 hours or a specialized loan for bad credit buyers. This distinction is important to realize as you are shopping around for the right loan to fit your situation.

Plan to pay for your next car with cash instead of financing? Why you'd be wise to play your hand close to the vest.

This past Memorial Day weekend, I was stranded in the Houston airport during the record setting storms that pummeled Texas. The torrential rains and terrible lighting were powerful, but as terrible as these storms were for Texans, the trouble was just beginning. Countless vehicles that were submerged by flood waters are now being labeled salvaged, cleaned up and are beginning to reappear across the country.

A dealership is willing to double your tax refund for your down payment on a new car? That almost sounds too good to be true. And with deals like these, it pays to get all of the details before committing to anything, so you'll know what kind of a deal you're really getting. Also, no matter how great the promotion is, make sure that you really can afford the purchase.

It's been about a year since Americans dealt with high ($4+ a gallon) gas prices. Since then, prices of regular gas at the pump have declined and are now averaging around $2.70 per gallon in the U.S. Because of the downward trend, car buyers have started to steer their eyes and wallets towards large trucks and SUV's again. But is it really time to do that? Realistically, it comes down to a couple of boring yet practical questions: How badly do you need a bigger vehicle, and can you handle the expense if fuel prices rise again?

If you are relatively new to this country, there is a very good chance that you don't have much of a credit history yet. And, unfortunately, this can make it difficult to get financing for an automobile. However, there are options available that will allow you to both get an auto loan and build your credit.

No one wants to spend more money than necessary on an car loan. And the best way to avoid throwing your money away on a car purchase is to avoid making one of these all-too-common errors.