The true cost of buying and owning a vehicle involves more than the price of the vehicle. There are several other costs of buying a car that you should factor into your budget. Get informed and then you can avoid being caught off-guard toward the end of the process. With this in mind, we’ve compiled a list of all the car-buying costs you will likely encounter.
You need to buy a car with an auto loan, and you know that you don’t have bad credit. In fact, you don’t really have a credit history at all. Will having no credit be a problem?
If you have bad credit and need an auto loan, getting approved can be difficult if you are paid in cash because subprime lenders require proof of income.
According to a report from Moody’s Investors Service released last week, negative equity is at an all-time high. Lenders continue to allow consumers to roll over negative equity into their next car loan at trade-in. Moody’s believes this practice has created what they call a “trade-in treadmill,” because it traps consumers in a cycle of never-ending negative equity on each successive car purchase.
Here at Auto Credit Express, we do not offer assistance with financing for private seller car purchases, and there are very good reasons for this.
Costs associated with car ownership don’t end with the selling price. So, if you’re applying for an auto loan in order to buy a vehicle, there are several expenses to consider when planning your budget.
The latest information from Experian shows that the average car loan amount is at an all-time high. As a result, consumers are turning to longer-term auto loans to reduce the size of their monthly payments. This auto loan trend can be a dangerous habit for consumers with less than perfect credit. But, luckily, a down payment can help you buck that trend.