I recently heard what is possibly the worst piece of car buying advice I’ve ever heard: my father-in-law, who is in the market for a car, was told that rather than get a car loan, he should take a home equity loan instead. Here’s why that is a horrible idea.
About once a week I come across an article that claims to give “car buying hacks,” or purports to tell “secrets the dealer doesn’t want you to know.” While some of this advice is helpful, other tips are just blanket statements that maybe won’t result in you getting the best deal.
The average auto loan payment is almost $500 a month and loan delinquency is at an all time high. Many industry analysts are concerned about the long-term financial consequences of car loans people can’t afford. But if you’re struggling to make your payments, don’t blame the bank or the dealer.
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If you are buying a vehicle from a private seller, you might be more likely to get the price you want if you bring cash to close the deal. However, if you are getting a car from a dealership, cash isn’t always king.
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Dave Ramsey is a financial guru to many people. His advice has helped millions get free from crushing debt. This is a good thing for those folks struggling to get by. Unfortunately, Mr. Ramsey, like many of his financial advisor colleagues, is a little too uptight about letting you buy a new car.
Almost everyone shopping for a car wants something for nothing. When it comes to lining up the financing, most buyers shoot for the zero percent interest loans. However, not everyone will qualify and those that do might be leaving money on the table.
You have worked hard to save the $20,000 you need to purchase the car of your dreams. You’re ready to step into the dealership, walk straight to the manager in the back, plunk down those greenbacks, and say, “I have cash! Give me your best price!”
When you have a record year for car sales such as what happened in 2014, you can also expect a record number of auto-loans. Credit reporting bureau Experian says that Americans borrowed a staggering $886 billion dollars last year to finance new and pre-owned vehicles, but they maintain this is no cause for alarm.
You just graduated college, got your first real job, and you have never seen paychecks that big before. You think now is the time to get the "fun car" you have been dreaming about. But maybe spending a good chunk of your paycheck on a car note isn't the best idea.
Hey did you know that the all new Chrysler 200 also known as "America's Import" can easily be confused with a high quality Japanese or German car? You didn't? That's o.k. because if you live in the Midwest you can finance one at 0% interest for 84 months. Take that Honda and BMW!
I desperately need a new car, the one that I have is becoming an unreliable money pit. The problem is I owe $4000 more than it is worth. I have no cash for a down-payment, but I can handle $350 per month. How do I get into another vehicle and break the cycle of being underwater on a car loan?
Having two lead writers here on Car Buying is great because we have very different perspectives. Tavarish plays the inexpensive pre-owned market like a pro and thinks financing is for fools. Since my focus is mainly buying cars from dealerships, I say it is a bit more complicated than just dollars and cents.
Today's Morning Shift reported that Chevrolet and Ford are offering unprecedented 72 month loans with zero interest. But is carrying a loan for this amount of time even if the money is "free" a good move?
Once you have regained your sanity, decided upon what vehicle to buy, and you have worked out a fair deal (or not in case of an E30 M3), it is time to secure the funds for purchase. Financing isn't rocket science, but it is nice to have a handy guide to your options. I realize most of you know these tips but this…
Actor Dennis Singletary starred in a national commercial touting Honda's "Really Big Thing" sales promotion program. In fact, Singletary was so swayed by the offer of cheap financing, he went to a Honda dealer to take advantage of it. But when a dealer denied him participation in the very program he promoted he got…
In two months, the all-new 2009 Dodge Ram will launch into the softest truck market in decades. In an effort to clear the store shelves and make way for the new truck, Chrysler is offering a whopping 6 years of 0% financing on the 2008 Dodge Ram to help motivate buyers into the showroom and help empty the lots. The…
Truth be told, we're not exactly sure how Spyker's financed. We know there're a lot of Middle Eastern bux involved and company co-founder Victor Muller is obviously a rather well-off individual. He'd told us less than a year ago that the company was a year from profitability, bought an F1 team and then announced…