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If your car needs repairs that you can’t afford to pay for upfront, an auto repair loan can help you finance the costs. Although it’s a commonly used term in marketing, an auto repair loan is actually a personal loan that you use to pay for auto repairs. Loan amounts and repayment terms vary, so […]
What is an Auto Repair Loan? Read More »
It may sound too good to be true, but getting a car loan with a 0% annual percentage rate (APR) is possible. However, not everyone will qualify for no-interest financing, you’ll still be responsible for other costs and 0% APR loans may only be available on certain makes and models. If you’re in the market
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When it comes to getting a car loan, you typically have two main choices: a bank (or credit union) or a dealership. While dealer financing has its perks, financing through a bank or credit union allows you to sidestep the dealer as a middleman and secure a loan before heading to the dealership. One strategy
Should You Get an Online Auto Loan? Read More »
Car loans allow you to borrow a lump sum of money to buy a vehicle now, then repay the loan over time. Because a car is likely to be among one of the biggest purchases you make, knowing how to secure financing is key. While you can speed up the process by having the dealer
How to Get Approved for a Car Loan Read More »
Your credit score is a critical factor in determining your eligibility for an auto loan and your potential interest rate and other loan terms. On average, a new car buyer with an excellent credit score can secure an average interest rate of 5.25%, but that average jumps to 15.77% for borrowers with poor credit scores.
Average Car Loan Interest Rates by Credit Score Read More »
Refinancing a car loan involves replacing your current loan with a new one, usually with a different lender. It can make sense to consider refinancing if you qualify for a lower interest rate, you need a lower monthly payment or you want to tap some of the positive equity you’ve accumulated. Current refinance rates range
When Does It Make Sense to Refinance a Car Loan? Read More »
An auto loan is a type of financing that can make it possible to purchase a vehicle, such as a car or truck, and pay it off over time. The average auto loan balance among consumers has been steadily climbing across the country in recent years. In the third quarter of 2023, the average loan
What Is an Auto Loan? Read More »
The average car loan term is 68.48 months for a new car and 67.41 months for a used car, or close to six years, according to Experian data. The average length of auto loans for new and used vehicles has remained fairly steady since last year, reflecting the continuing popularity of longer-term auto loans. While
What’s the Average Length of a Car Loan? Read More »
It’s generally best to work on improving your credit before applying for a car loan if you’re thinking about buying a car and have bad credit. If time isn’t on your side, however, it’s important to take steps to evaluate your situation and budget and make yourself as attractive a borrower as possible. Steps to
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Want to get a new car? Unless you have enough cash to buy it outright, you’ll have to finance it with a loan or lease it. A car lease allows you to use a car for a period of time at a set cost per month plus some additional fees. When the lease ends, you
How Does Leasing a Car Work? Read More »
Buying a car can be both exhausting and exhilarating. But once the excitement fades, what are your options if you change your mind about your new vehicle? You generally can’t return a car you just bought, but there may be some exceptions if the car is a lemon, the dealership has a return policy or
Can You Return a Car You Just Bought? Read More »
Buying a car is one of the biggest and most important purchases of your life. Therefore, it’s important to carefully weigh the various aspects of the purchase, including how much of a down payment you should make if you’re taking out an auto loan. The size of your down payment can affect your loan in
How Much of a Down Payment Should You Make on a Car? Read More »
Shannon Bradley writes for NerdWallet. Email: [email protected]. The article As Car Incentives Return, Here’s How to Find Them and Save Money originally appeared on NerdWallet.
As Car Incentives Return, Here’s How to Find Them and Save Money Read More »
Shannon Bradley writes for NerdWallet. Email: [email protected]. The article Auto Deals and Incentives: What to Know originally appeared on NerdWallet.
Auto Deals and Incentives: What to Know Read More »
Funto Omojola writes for NerdWallet. Email: [email protected]. The article 17 Black-Owned and Black-Led Banks Offering Auto Loans originally appeared on NerdWallet.
17 Black-Owned and Black-Led Banks Offering Auto Loans Read More »
Salvage title vehicles are often sold at a fraction of their former value, so if you come across a deal that seems too good to be true, the car could have a salvage title. Not all salvage title vehicles are lemons, but there are some significant risks to consider before you buy one. In particular,
What Is a Salvage Title Car? Read More »
There’s nothing quite like the thrill of buying a car, especially if it’s brand new. Over the past few years, however, carmakers have faced the pandemic and several other major challenges that threw the industry for a loop. While some of those issues have improved, car buyers aren’t out of the woods quite yet. Let’s
Should You Buy a Car in 2024? Read More »
If you’re facing a financial emergency and can’t cover this month’s car payment, a deferment on the loan could buy you some breathing room. It’ll come at a cost, but it may be worth it to avoid the possibility of repossession. Can You Defer a Car Payment? Loan deferment is a temporary suspension or reduction
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Buying a car delivers plenty of thrills, but can it also help improve your credit? Auto loans can positively or negatively affect your credit, depending on whether you make your payments on time and repay the loan in full as agreed. Experian’s State of the Automotive Finance Market for the second quarter of 2023 reports
How Does Buying a Car Affect Your Credit? Read More »
When you’re shopping for a car loan, you’ll want to figure out how much car you can afford, how much money you can put toward a down payment and the monthly payment amount you’re willing to pay. You also shouldn’t overlook the role that your credit card debt can play. Lenders consider your existing debt
Does Credit Card Debt Affect a Car Loan? Read More »