By Andrew Housser
Gas prices are heading for the moon, and our vehicle choices are in the spotlight. Are you paying too much for gas? Driving a gas-guzzler? Worried about pollution? Or just hoping your four wheels can keep on rolling to get you to work and back? Whatever your vehicle situation, check out these suggestions for getting the most from your next auto.
- Watch out for “we’ll pay off your trade” offers. A dealer who makes this offer will actually just add the amount of the loan on the vehicle you will trade in to your new vehicle loan. If your car has lost value quickly, or if you have had a new car for less than a year, the loan amount on your car may be more than its trade-in value - meaning you would you could be facing a big chunk of debt added to a new car loan.
- Go low. At its most basic, a vehicle is a tool to transport you from place to place. It should work reliably, be safe, and have payments that fit within your budget. While society sometimes links cars with status, think about what you could do with the price difference between an older car and a BMW. Saving $200 a month on a car payment could add $14,400 to your nest egg in seven years - nearly enough to buy your next car outright.
- Beware the hybrid temptation. Before you jump on the hybrid bandwagon, be sure you can afford it. All hybrid vehicles get better gas mileage than the same model with traditional technology, and are better for the planet. But they typically cost $3,000 to $6,000 more than their conventional counterparts. Some analysts suggest that hybrid buyers will only break even on the costs over the lifetime of the vehicle. If the cost is a strain, look at a smaller car that gets good mileage. For thousands of dollars less, you will still be saving money on gas and helping the environment.
- Consider after-purchase costs. While researching your vehicle, call a few insurance agents for different companies and get their estimates of costs to cover the vehicles you are looking at. Some features and some vehicles cost more to insure. Check a site such as Edmunds.com, which presents “cost of ownership” figures that take into account maintenance and repairs.
- Compare and negotiate. When it comes to a car purchase, “slow and steady wins the race.” Carefully research the cars that interest you, test drive them, and compare book prices and local offers. Contact several local dealers and ask them to fax or e-mail you their best price on your chosen vehicle, and consider online auction sites such as Ebay for another way to shop around.
- Use a broker. Another option to relieve the uncomfortable pressure of car sales is to work with a broker. A broker negotiates the car deal for you for a flat fee. Because the broker typically obtains a good price, the total cost to you is usually no more than you could negotiate yourself. You also avoid the hassle of negotiations. If you are a member of a credit union, warehouse or automotive club, ask club if they offer similar services.
- Check your credit. Before buying, check your credit report and credit score. If below average, you will pay higher interest rates. Taking a few months to pay bills on time can build up your score and get a better deal.
- Review financing options. Paying cash for a car is the best value — without interest payments, you keep your money. But if you have not saved up for a car, take the time to compare financing. Usually, your own bank or credit union will offer the best rates. But those with good credit might be able to benefit from special low- or no-interest financing from the dealership. Whatever you choose, look at several options and make your decision carefully, not under pressure from the sales team at the dealership. Go home and sleep on the deal if necessary.
- Do not burn cash. Once you have your car, refrain from driving aggressively — it wastes gas and essentially burns up money. Basic frugal moves like combining errands, carpooling or taking public transit, or walking and biking when possible can produce substantial gas savings over time.
A vehicle is a significant and important purchase. With the right planning and consideration, the choices you make will not drive a car-sized hole right through your budget.
 |
|
 Andrew Housser is a co-founder and CEO of Bills.com, a free one-stop online portal where consumers can educate themselves about personal finance issues and compare financial products and services. He also is co-CEO of Freedom Financial Network, LLC, a national consumer debt resolution firm that has served more than 7,500 clients and manages more than $250 million in consumer debt. Housser holds a Master of Business Administration degree from Stanford University and Bachelor of Arts degree from Dartmouth University. |
|
August 5th, 2008
You may need a private party auto loan if you don’t plan to buy your next car from a dealer and don’t have the cash. The good news is that auto loans for private party car sales are available in the event a neighbor or family member has your dream car for sale that you want or even if you see a ad in the newspaper or online. In many cases you can go get a bank loan or go to a local credit union however it is especially easy to find private party financing online where there are numerous competing lenders that will be glad to meet your needs.
You can take advantage of the biggest benefit of a private auto loan, talking to the current owner, in a person to person auto sale. The maintenance, accidents and all other aspects of the cars history can be discussed with the seller, which is a distinct advantage from going to a dealers lot and buying a car. A secondary benefit is that private party auto sales do not have the dealer markup, enabling you to buy the same car you see on a car lot for less. Plus you can even start rebuilding your credit. For instance, paying off a bad credit private party auto loan will be good for your credit history .
Of course, even for private party used car loans, an auto loan application will have to be filled out. These are made simpler online and require a minimal amount of personal information and time to complete these include the cars year, make and model and the mileage on the car. Also, the name and contact details of the seller/owner of the will be necessary.
The process of acquiring private party car loans is simple. Online you will go through a broker that will put you and lenders in contact. In some cases you will, with the submission of one application, be put in touch with multiple auto loan lenders.
There are minimum qualifications that must be met in order to receive auto loans for private party car sales. Meeting the qualifications for private party auto loans, for most, should be no problem.
These requirements include (but are not limited to depending on the lender) the following:
1. Legal age of 18 years or over.
2. You have a minimum income of $418 per week or $21,736 annually.
3. You have lived at the last 2 residences that on the application for more than 6 months.
4. You can show that for the last two employers you have been employed by them for more than 6 months.
5. You have no open bankruptcies.
6. You must have a valid social security number.
Be clear, your re-payment responsibility for a private auto loan for a person to person auto sale is identical to any other auto loan financing. In the event you see your fantasy car for the perfect price for sale by a private party, a private party auto loan may be all you need to drive it.
Get More information on getting private party auto loan quotes click here Low Interest Auto Loans Tips Also go to Compare Lowest Auto Loan Quotes where you will find valuable information and articles on bad credit auto loans online, best new car and used car auto loans, refinancing auto loans, low interest auto loans more.
July 17th, 2008
In the present times, in addition to basic necessities like food, clothing and shelter, there is another addition which is a vehicle. Are you also one amongst those who thinks that buying a car is a lengthy process and you will have to plan for that buy years in advance? Instant auto loans are an effective way of buying automobiles instantly and also at a lower rate of interest.
Ways Of Instant Auto Loans:
There are two ways of instant auto loans, namely:
” Secured auto loan
” Unsecured auto loan
Secured auto loan is a method in which the borrower is expected to provide some important documents to the lender that indicates his financial credibility. These documents include- house property papers, employment documents or any other important documents. If the loan is fully secured, the borrower has the capability to obtain instant auto loan in just a few hours. In case of a secured loan, the buyer has a stronger buying power and is in a better position to negotiate and obtain lower rates of interest.
Unsecured auto loans are usually taken by people who do not hold any property as collateral and therefore cannot provide that as a proof for obtaining the loan. For e.g.: tenants and those people who do not own a house. In this case, the borrower will have to show some strong documents indicating a green employment history. As these loans are unsecured, they come with a higher rate of interest.
The internet is the best medium through which the initial search of auto loans can be conducted. There are various lenders providing in depth information on the loans and the related internet rates. Therefore one can comfortably sit at home and conduct the first search and after short listing, visit some to finalize the deal. However, ensure that you take enough time off to conduct an intelligent research and keep your investigative senses open to make the best use of information provided on the internet so that you find the best nstant auto loan catering to your needs. It would also make sense to keep your eyes and ears open to check out the most competitive interest rates that are provided by various lenders or may be even discuss the same with your relatives or friends who have bought a car through the instant loans. The icing on the cake would be if you get an opportunity to visit some auto exhibitions where first hand information is provided.
Richard Bulla share his views about instant approval car loans
June 21st, 2008
AutoMart.com announces their new online partnership with myAutoloan.com, an online auto loan provider. AutoMart.com has launched a new car Auto Finance Center Powered by myAutoloan.com. AutoMart.com customers can apply for a new car loan online and receive multiple loan offers. All loan offers are presented to customers online in real time. Customers simply select the loan offer that makes the most sense to them; they then receive a blank check in the mail. The new service, Auto Finance Center Powered By myAutoloan.com, allows their customers with the ability to obtain financing prior to walking into the dealership to purchase their new car. The online Auto Finance Center application and loan offer process is easy, fast and secure, while simplifying the auto financing process.
“We are thrilled to have AutoMart.com join the Powered by Auto Finance Center marketplace lending platform,” said Greg Thibodeau, CEO of myAutoloan.com. “This partnership offers their customers real value, with real lenders providing real loans, real-time online.”
“Our goal is to help our customers in the auto buying process and this is just one more way that we can assist new car buyers,” said Stephanie Esquivel, National Sales Manager at AutoMart.com. “This service is free to applicants and provides real loan offers online in real time, within the AutoMart.com web site and brand, our customers will be delighted.
About AutoMart.com
AutoMart.com(TM) is the Internet’s largest automotive website featuring new, used and certified pre-owned car listings exclusively from automobile dealers. With a database of over one million cars for sale, AutoMart.com showcases listings provided by Auto Mart® Magazine, Harmon Autos, Auto Deals, Truck Mart, Auto Mercado and Diablo Dealer. AutoMart.com is owned and operated by United Advertising Media, a division of Cox Enterprises, Inc.
About myAutoloan.com
Located in Irving Texas, myAutoloan.com is a subsidiary of Horizon Digital Finance, L.L.C., and a nationally-licensed direct-to-customer Internet-based auto financing marketplace utilizing Preferred Placement® technology and Preferred Dealer® auto lead processes. myAutoloan.com is quickly becoming a recognized leader of the online auto-buying life cycle process by providing innovative technology-driven solutions through Powered By; Auto Finance Center and licensing opportunities. Horizon Digital Finance and myAutoloan.com are quickly becoming recognized leaders of the online direct-to-customer online lifestyle financing process by providing innovative technology-driven solutions through “Powered By” and licensing opportunities
June 19th, 2008
In the current climate of declining property values, higher interest rates, and changes in available mortgage products, more and more homeowners are becoming delinquent or going into foreclosure. Many folks are losing their hat, their home and their good credit, through no fault of their own.
In addition, as a result of these challenges, many Americans also face the difficulty of getting approved for a car loan. Crawling out of the hole that a bad credit score creates can take years of persistence and patience. So, what can Americans in that predicament do until their score goes up? And what can they do to help get their scores up?
There are many lenders out there who understand this dilemma and offer an excellent way to start the long process of credit recovery. An auto loan with a trend of on-time payments is a great way to reestablish credit. A great place to start the loan process is online at a site like Car.com, a popular consumer automotive information site committed to helping customers with special finance needs get approved for a loan and into the right vehicle.
Car.com is a free service that works with a nationwide network of finance companies and dealers to help customers with special finance needs. The service connects consumers with a dealer or lender who operates in the consumer’s area, who specializes in secondary finance, and who is dedicated to helping car-buyers get the vehicle they want at a price they can afford. The advantage a site like Car.com provides is that consumers who have been turned down by other dealers or banks have an opportunity to find the right lender for their particular situation online and in the comfort of their own home.
“Knowing we would have to work with a bank that handled ’second chance’ cases, I thought that they would put us in a cheap car, but this was not the case! They showed us a VW Jetta that was right within our price range and looked and drove like new!” says Kellie M., Waycross, Ga.
A site like Car.com also provides help for students or first-time car buyers, who struggle from the catch 22: How do you get a loan if you don’t have credit, since you need credit to get a loan? Car.com believes that there is a lender for everyone.
Here is how the process works: Click on Car.com to help find your car loan, the online questionnaire only takes a few minutes to complete. Car.com then securely delivers your information to its network of third party lenders and dealers. Loan decisions normally occur within hours. While you’re there, if you need to find out your credit rating, use Experian Automotive to receive a copy of your credit report online.
Also at Car.com you can search for a vehicle, see vehicle reviews, previews, videos, histories and discussions. Find a form, fill out the short application and learn about financing. You can compare vehicles and figure out your payment schedule with an online payment calculator.
To find out what vehicle you will qualify for, fill out the short application at www.car.com, and start improving your credit.
Copyright © 2007, ARAnet, inc.
June 19th, 2008
