Occasionally, hard times hit, and we have no choice but to take on an auto loan before we are ready. And, in some cases, while still paying on an existing car loan.
Continue ReadingOccasionally, hard times hit, and we have no choice but to take on an auto loan before we are ready. And, in some cases, while still paying on an existing car loan.
Continue ReadingIncome requirements for an auto loan can feel like a black box. Lenders are happy to take your data and plug it in, but aren't always clear what matters to be approved. Today we look at how you make your money matters.
Continue ReadingIf 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.
Continue ReadingA common technology to smartphones, computers and smart TV's is finally making its way into the automotive industry. Over-the-Air (OTA) updates will change the way cars perform as they get older by providing system upgrades without needing as much take-it-to-the-shop maintenance.
Continue ReadingAccording to an IHS Automotive study, the average age of vehicles on the road is 11.5 years old. That number is a record high for vehicles in the United States.
Continue ReadingLet's start by talking about what the typical down payment suggestions are for a new car. Some say 20%, while others say the average is closer to 12%. This means that for a vehicle in the $10,000 to $15,000 range, you will need to pony up anywhere from $1,200 to $3,000 for a down payment on a car. When you're on a tight budget, coming up with this amount may prove problematic.
Continue ReadingHaving a down payment ready will always benefit you when you are buying a car, regardless of your financial history. However, when you are dealing with a tarnished credit background, it may not be worth your while to work with a traditional car dealer even if they can approve you for a down payment. You need to work with a dealer who has qualified experts in subprime auto finance.
Continue ReadingWhen you're buying a new vehicle, a down payment can be a huge benefit for you, and it may also make or break your chances of getting approved by a lender. But when you're low on cash, is there a way around this without losing the deal? There are some other options to keep in mind so you can still get approved for that car loan.
Continue ReadingIf you have ever owned a car and been in a position where you still owe more on the loan than the vehicle's actual cash value, this is called being underwater on a car loan. And, when purchasing a vehicle, there are ways to steer clear of an underwater situation.
Continue ReadingGAP waiver agreements could save you thousands of dollars after your car has been totaled. Learn more about GAP waivers and their importance.
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