Michael Smith


Articles Posted By Michael


Will Applying at Multiple Dealerships Hurt My Credit? Will Applying at Multiple Dealerships Hurt My Credit?

For those with spotless credit, shopping around for an auto loan isn’t that big of a deal. But when you have credit that is less than perfect or in recovery, you should be more concerned about submitting a bunch of applications. When you submit a loan application, the dealership Finance and Insurance, or F&I, department will check your credit. This is known as a hard credit inquiry. When you are looking for a car, the credit agencies know that you will want to shop around, so any auto loan inquiries that take place within a 14 to 45 day window will only count as one, and typically won't negatively affect your score.

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Can I Roll My Previous Car Loan Into a New Loan? Can I Roll My Previous Car Loan Into a New Loan?

One of the most challenging things for car buyers is when a situation arises where the current car becomes either unsatisfying or unaffordable. What can you do when you need to get a new car even though you still owe money on the one you currently own? The fastest solution is to roll the negative equity (what you still owe) into the new car loan. While some dealers will allow you to do this, there are a few factors you need to consider, such as the remaining balance on the current loan, and the quality of your credit.

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Why Does the Value of a New Car Decrease So Rapidly? Why Does the Value of a New Car Decrease So Rapidly?

If you aren't able to put up a down payment that covers that initial hit in value, you could find yourself in a frustrating situation if you need to sell or trade in the car after a couple years and still owe money on the car loan. So, what causes this drastic drop in value? This reduction in value is known as depreciation, and pretty much everything you buy suffers from it. In the case of automobiles, new models are rolled out, and advances in driving technology are made.

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