Tax season is starting up, and for many this means a financial windfall is on the way. Have you thought about what you want to do with that refund yet? And, if so, are you sure it is the best choice?
When 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.
Having 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.
Buying a car can seem like a daunting task, especially if you have damaged credit. You may be worried about several things: Will you end up getting a bad deal because of your credit history? Could you get in over your head with a vehicle that you can’t really afford? Will you even be able to get approved for financing at all? The good news is that following a few simple measures will give you the advantages you need to make your vehicle buying experience virtually stress-free.
When you walk into a car dealership, you may feel like you are entering a whole new world of possibilities. You will be surrounded by many attractive options, not to mention salespeople who will be more than willing to give you a thousand reasons to buy that awesomely impractical sports car. How can you keep your head on your shoulders in the middle of all this? Unless you have an unlimited budget, you may want to consider a few factors before going off to buy your new vehicle. As an informed shopper who is aware of what your spending limit is, you will be far less likely to make an impulse purchase that may later be regrettable.
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?
Setting money aside for potential emergencies is a very important practice for anyone who is interested in protecting their finances and credit reputation. In life, it pays to be prepared, and always having enough cash in your savings to cover the unexpected bill will save you from falling behind in your payment obligations.