Trying to get by in the current economy means many bad credit car loan buyers are stretched to the limit but these tips from an online insurance site may help you save money.
Remember the cost of insurance
At Auto Credit Express our mission is to help credit challenged buyers get their credit reestablished by financing a new or low-mileage used car with a bad credit car loan.
One of the things we try and stress throughout the entire process is to keep your loan as short as possible and your total monthly budget as affordable as possible. This means you should consider a mid-size or compact car instead of that SUV to keep your payments down and the loan term as short as possible to keep your finance charges low.
It also means that you should not only shop around to get the best insurance quote, you should also look at your coverages to make sure you are not overpaying for insurance that you don’t need.
Tips on saving money on car insurance
In that light, here are some tips from insurance.com to help you get the most from your car insurance:
1. Older car? Drop collision: Have a car that’s 7 or 8 years old or worth
less than $2,500? Time to think about taking the risk and dropping
comprehensive and collision from your auto insurance quote. Chances are
your deductible is closing in on the value of your car and a major
collision will send you to the dealership, anyway.
2. Buy home and auto with different companies: With everything being
bundled today – from cell phones to Internet and cable TV – you’d think
that having your home and auto insurance with the same company would
save money. But, do your research and you may discover that having
separate policies will be cheaper.
3. Minimum liability? Not enough: You may think you can only afford the
minimum coverage required by law. But, there’s a good chance those
minimums won’t come close to covering the costs of a serious accident –
which means you could be paying WAY more than you bargained for if
you’re at fault.
4. Shop around for lower rates: A State Farm agent only quotes State
Farm(R). Same for Allstate(R). So what are the chances their agent will
tell you to shop around for the best deal? Even independent agents only
represent a few auto insurers. Shopping online allows you to fine-tune
the deductibles and coverage you want and then compare auto insurance
5. Go green and keep some green: Look for auto insurance quotes from
companies that offer “green” discounts for driving a hybrid, choosing
paperless statements or electronic payment plans. Even signing your
policy with an e-signature will help.
6. Consider paying that claim yourself: If you’ve backed into the garage,
think twice about asking your company to repair it. Besides the
possibility that your rates will go up at renewal, that small claim
might affect rates next time you shop. An accident can only affect your
rates for three years, but many companies will look back five or seven
years when deciding if they want to offer you a quote.
7. Don’t buy that turbo convertible: All vehicles are not created equal.
Small or large, old or new, the type of car you drive will affect your
auto insurance rate, often based on algorithms auto insurance companies
use to determine how expensive it might be to pay a claim.
8. Teenager turned 16? Don’t add them to your policy – yet: If your teen
is 16 but not a licensed driver, you’re not required to add them to
your insurance policy. You’re only required to insure them once they
become licensed to drive. But check. Some policies may require it.
Our thanks to the good folks at insurance.com. For more information on bad credit car loans, be sure to visit our web site at www.autocreditexpress.com.
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