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Tactics car salespeople hope you don't know Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by offering you interactive financial calculators and tools that provide objective and unique content. This allows users to conduct research and compare information for free - so that you can make financial decisions with confidence. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website are provided by companies that compensate us. This compensation may impact how and where products appear on this website, for example for instance, the order in which they may appear in the listing categories and other categories, unless prohibited by law for our mortgage, home equity and other home lending products. However, this compensation will not influence the content we publish or the reviews that you read on this site. We do not cover the universe of companies or financial deals that might be open to you. Industrieblick/Adobe Stock

7 minutes read. Published 17 January 2023

Authored by Dana Dratch Written by Personal Finance Writer Dana Dratch is a personal lifestyle and financial writer who enjoys talking all things money and credit. With an undergraduate degree of English and writingskills, she loves asking the questions everyone would want to ask and sharing the answers -and also the most effective money management advice from experts. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers feel confident to manage their finances with precise, well-researched, and well-understood facts that break down complex topics into manageable bites. The Bankrate promise

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At Bankrate we aim to help you make better financial choices. We adhere to the highest standards of journalistic integrity ,

This article may include some references to products offered by our partners. Here's how we make money . The Bankrate promise

Founded in 1976, Bankrate has a long experience of helping customers make smart financial choices.

We've earned this name for more than 40 years by demystifying the financial decision-making

process and gives individuals confidence about what actions to take next. process and gives people confidence in the next step.

so you can trust that we'll put your interests first. All of our content was created in the hands of and edited by ,

They ensure that what we write ensures that everything we publish is accurate, objective and trustworthy. The loans journalists and editors concentrate on the things that consumers care about most -- the various types of loans available, the best rates, the top lenders, the best ways to pay off debt and many more. So you can feel confident when investing your money. Editorial integrity

Bankrate has a strict policy and rigorous policy, so you can rest assured that we put your interests first. Our award-winning editors and journalists provide honest and trustworthy content that will assist you in making the right financial choices. Key Principles We respect your confidence. Our aim is to provide readers with truthful and impartial information. We have standards for editorial content in place to ensure that happens. Our reporters and editors rigorously fact-check editorial content to ensure the information you're reading is accurate. We keep a barrier with our advertising partners and the editorial staff. Our editorial team doesn't receive compensation directly through our sponsors. Editorial Independence Bankrate's editorial staff writes in the name of YOU - the reader. Our aim is to offer you the best guidance to make smart personal finance decisions. We adhere to strict guidelines to ensure that our editorial content isn't in any way influenced by advertising. Our editorial staff receives no any compensation directly from advertisers and our content is fact-checked to ensure accuracy. So whether you're reading an article or reviewing it is safe to know that you're receiving reliable and reliable information. What we do to earn money

There are money-related questions. Bankrate can help. Our experts have helped you understand your money for over four years. We continually strive to give our customers the right guidance and tools required to succeed throughout life's financial journey. Bankrate follows a strict policy, therefore you can be confident that our information is trustworthy and precise. Our award-winning editors and journalists provide honest and trustworthy content to help you make the best financial decisions. The content created by our editorial staff is objective, factual and uninfluenced through our sponsors. We're open about how we are able to bring quality content, competitive rates and helpful tools to you by explaining how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods or services, or by you clicking on certain hyperlinks on our website. Therefore, this compensation may influence the manner, place and when products appear within listing categories in the event that they are not permitted by law for our mortgage or home equity products, as well as other home lending products. Other elements, such as our own rules for our website and whether the product is offered in the area you reside in or is within your self-selected credit score range could also affect the manner in which products appear on this site. We strive to provide the most diverse selection of products, Bankrate does not include details about every credit or financial product or service. The process of purchasing a or vehicle has a lot of moving parts. It is necessary to negotiate with sales representatives of the car and negotiate with lenders for an auto loan and all the while trying to negotiate a bargain for the trade-in. Mistakes will cost you the money, so being prepared is crucial. "The salespeople are specially trained to protect you from your money," says Jeff Bartlett, Consumer Reports' managing editor for cars. "This is something they apply every day, while the average buyer of a car buys an automobile every five or more years. It's not a fair battle." Take note of these tricks and think about the following salesman tips to stand more chances of getting the car you want from your next car purchase. Top 7 salesperson tactics to be aware of There's a good chance you'll be confronted with aggressive sales pitches whenever you visit a dealership. These are the seven most common tactics you could encounter. 1. Playing out the clock Some salespeople for cars use time to sell their products, says Bartlett. They'll draw out the procedure until you're exhausted. The salesperson is going to remain there for the entire day, regardless of you. Therefore, if you're planning to go, don't be frightened to reserve all day at the dealership -- and bring something to occupy your time as you wait for the salesperson. But you don't have to complete the entire process in one day. It's okay to make an informed decision. When you return to the looking to purchase, don't get held hostage. Tell the salesperson: "Give us your best price." If the salesperson suggests going back and forth with their boss, ask them to send you the results. Your strategy: When you arrive at a dealer, immediately establish the pace of the process by saying something like "I'm here to take an evaluation drive. Tomorrow, I'll be back to discuss numbers." 2. Psychological profiling: Car sales representatives receive extensive training in how to identify the weaknesses and needs of potential customers. Their quick evaluation of their customers ' needs allows them to tap into scripted questions and lead the conversation. "Car salespeople are very specifically educated in the art of convincing customers," Bartlett says. "You'll need to know not just your weak spots." One query you might hear is "How much are you looking to spend each months?" Bartlett says that it's important to keep that information in your pocket. "If you make it clear in advance, it could alter the course of action. This could make you more at risk." Make sure to insist on it after your test drive and are currently the paperwork. It's acceptable to let salespeople help answer some questions, but remember that they can use any information against you, for example, the need to please family members or safety considerations and try to convince you to buy an expensive vehicle or . "Stay on your mission," Bartlett says, and repeat the mantra: "Let's focus on this. We'll get to that later." The best strategy is to Divide the process of buying into steps and concentrate on one thing at one time. Start with the car that you are looking for, then move onto and put off any add-ons or for a separate discussion. 3. The stress of the 'coming event' You know what you want and have . Then the salesperson says to you that, if don't purchase the car today, you'll miss the big sale or that someone is going to come and take a look at the vehicle. This is a tactic used to sell a car known as "the impending event." "People become more interested in having something they know someone else wants or already owns. Salespeople for cars often make use of this," says Ronald Burdge, a lemon law attorney. "Suppose you're at the car dealership and you decide to purchase an automobile and the salesperson delivers the bad information to you, telling you that there's already an offer on the car , or there's a potential buyer who stated they'll come back later in the day in order to take it home" Burdge continues. "That's usually followed by the offer to either put a deposit price on the car or buy it right now before they return. The imminent event might be real but more often than not the tale is an attempt to convince you to make the purchase right then and there." "A auto dealer that will do that to you is most likely to offer a amount more each time they encounter," Burdge says. Keep in mind that you can get the exact car elsewhere, whether it's at a different dealership or even on the internet. You could also buy something different. The best strategy is to look the salesperson in the eye and ask "Are you saying that if I go back the next day, you'll be unable to offer me the vehicle?" In other words, your best defense is to leave -- or at least be prepared to walk away. 4. The "porcupine closing" this technique the dealer "sticks" potential buyers with a question. This could be "If I were able to offer you this monthly payment, would that be enough for you to buy this car now?" Or "If I could get this car in midnight blue, would you be willing to buy it today?" This strategy, also known as"the "if," signals that the dealer is looking for your trigger for buying, says LeeAnn Shattuck who is the creator of The Car Chick website and Car Chick TV. The strategy you choose to follow: Your answer to this question must be no, Shattuck states. Instead, inform the salesperson that you're shopping around with various dealers in order to get the most competitive price. When you've compared the offers, you plan to take a decision. 5. The 'Ben Franklin close' This one is a classic. The way it works is It's when the Salesperson draws a straight line down the middle of a piece paper, stating reasons to buy the car on one side, and the reasons not to purchase on the opposite side. It's a common sales gimmick in the auto industry , as well as elsewhere. "The concept is to show that in the end it's better off purchasing a new vehicle," Burdge says. "Of course, that actually is contingent on what the buyer writes down and how truthful it is." It is important to concentrate on the following aspects when you use this method -- including your monthly payment and your down payment and the length of loan, interest rate, and total price. "Know the exact numbers that these should be, based on your budget prior to when you go into the dealership, and be sure to stick to the numbers," Burdge says. Your strategy: The best way to defuse the tactic of a salesperson is to identify it. You can say, "That's the Ben Franklin close." This will likely create an awkward situation with the salesperson, but it'll also stop the technique from continuing. 6. The alternative choice close This strategy is one of the most popular, says Dan Seidman, managing director at Read Emotions and author of "The Ultimate Guide to Sales Training." You're given an option to choose between two options, like whether you would prefer a model in blue or red. Good car salespeople never ask yes or no questions because they don't want to offer you the chance to choose not to. The secret: Both choices are readily available. "In the car business selling everything that's on the market," Seidman says. "A knowledgeable buyer could think, 'I'd like to examine everything you've got.'" If a salesperson is trying to draw into a close, don't take the lure. "You're comfortable, you're slouch but you're still not prepared to make a decision," Seidman says. The strategy you can use: Learn an example from the political world. Answer the question with a non-committal answeras if you're interested in different colorsand then switch to a new topic. 7. The drive to the back office The finance manager is one of the most experienced people working in the dealer, Bartlett says. They will recommend that you add a bunch of that you don't need. Because you're spending lots of money on the vehicle, you could be advised to buy interior stain protection, anti-theft devices such as rustproofing, and . "If you've been strategic during the buying process make sure you don't flinch at this last step," Bartlett says. It's important to be certain of what you're looking for that isn't tacked on, profit-driving extras -- and finalize that package. To ensure additional costs do not add up, you should go through line-by-line your invoice, looking for charges from the dealer that you could . The most common ones to check for are car preparation fees along with title fees . Your strategy: Know what you want and need prior to visiting the dealer and adhere to your plan. You should have financing in place and constantly remind your finance manager that you've got a plan and don't have the flexibility. What influences a salesperson's tactics? Salespeople usually have pressure to maximize the profits of each vehicle they sell to earn more commissions, and this influences how they interact with you. The more a car salesperson can convince you to buy an automobile, the greater the profit they can earn. The commission they earn could be up to 25% of the price at the time of sale, Burdge says. Dealership management also provides incentives for selling vehicles that may have been sitting in the parking lot. There are also additional bonuses from the manufacturer of the vehicle for salespeople , or the dealership when meeting a sales quota on a particular model year or model according to Burdge. "Dealerships operate on a monthly and at the end of the month the sales personnel is particularly eager to get more sales," Burdge says. "At time of beginning the month, the focus is usually more about profit per sale -- so the amount of profit to be made on each vehicle sold." What are the steps to take to purchase a car prior to you start your car shopping it is essential to think about your requirements and desires. are, as well as research the models you're interested in and nail the budget. What you require is the primary factor you consider. Sedans, SUVs, trucks and minivans all have different pricing and functions. Once you know the type of vehicle, do some research on the manufacturer and models. Certain brands have better reviews and warranties. The trims and features that are standard should also be considered when shopping. Choose if you'd like to buy . A brand new car could have the latest innovations in terms of safety, comfort and performance, however it will cost you more at the price point and will be worth significantly less in a year. Before you visit the dealership. Banks and online lenders offer affordable rates on auto loans, so it's a good idea to have an idea of your monthly cost before you go to the dealership. starts wheeling out common tactics. Use your budget as your guide during the purchasing process. Before you set to the lot of the dealer, it's crucial to begin make sure you are balancing your needs for your vehicle with the amount you're able to spend. "The greater your spending , the less likely it is to be manipulated into something that won't work for you or that you can't afford," Burdge says. "Make your choices at home, and adhere to them when you head for the car dealer." Confidence is the key to an effective deal. Understanding the most common tactics will allow you to remain calm when negotiating. But it's not only the one instrument you can use. Find out about other vehicles, and know the value of your and you go to the dealership. It doesn't matter if you're an expert. You only need to be clear about how much you're willing spend and what you actually need.

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Authored by Personal Finance writer Dana Dratch is a personal lifestyle and financial writer who enjoys talking everything related to credit and money. With an education in English and writingskills, she likes asking the questions everyone would ask if they could and sharing the answers -together with money management tips from the experts. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain confidence to manage their finances with detailed, well-studied information that breaks down complicated topics into digestible pieces.

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Related Articles Auto 6 min read Oct 06, 2022 Auto Loans 7 minutes read Aug 23, 2022 Personal Finance 5 min read in June 07, 2011. Personal Finance 5 min read Apr 22, 2011.

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Dealer fees: What to know and how to avoid them Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by offering interactive tools and financial calculators, publishing original and objective content. This allows users to conduct research and analyze information for free - so that you can make your financial decisions with confidence. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this site come from companies that compensate us. This compensation can affect the way and where products appear on this website, for example, for example, the order in which they may appear in the listing categories and other categories, unless prohibited by law. This applies to our mortgage home equity, mortgage and other home loan products. But this compensation does affect the information we publish, or the reviews that appear on this website. We do not cover the universe of companies or financial deals that could be available to you. SHARE: Photographee.eu/Getty Images

3 min read published July 14 2022

Writer: Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in helping readers to navigate the details of taking out loans to purchase a car. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers gain confidence to manage their finances through providing precise, well-studied information that breaks down complex topics into manageable bites. The Bankrate promises

More information

At Bankrate we strive to help you make better financial choices. While we adhere to strict editorial integrity ,

this post may contain some references to products offered by our partners. Here's an explanation for how we make money . The Bankrate promise

In 1976, Bankrate was founded. Bankrate has a long experience of helping customers make wise financial choices.

We've earned this name for more than four decades through making financial decisions easy to understand

process and giving people confidence in which actions to take next. Bankrate follows a strict ,

So you can be sure you can trust us to put your needs first. Our content is written with and edited ,

We make sure that everything we publish is objective, accurate and reliable. Our loans journalists and editors are focused on the areas that consumers are concerned about the most -- the various types of loans available as well as the best rates, the best lenders, ways to repay debt and many more. This means you'll feel safe making a decision about your investment. Editorial integrity

Bankrate follows a strict standard of conduct, which means you can be confident that we'll put your needs first. Our award-winning editors and journalists create honest and accurate information to help you make the right financial decisions. Key Principles We respect your confidence. Our mission is to offer readers reliable and honest information. We have editorial standards in place to ensure that this happens. Our editors and reporters rigorously verify the truthfulness of content in order to make sure the information you're reading is accurate. We maintain a firewall between advertisers as well as our editorial staff. The editorial team of Editorial Independence Bankrate does not receive any direct payment by our advertising partners. Editorial Independence Bankrate's editorial staff writes in the name of YOU - the reader. Our goal is to provide you the best advice that will help you make smart personal finance decisions. We adhere to strict guidelines in order in order to make sure that the content we publish is not affected by advertisements. Our editorial staff receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So whether you're reading an article or a report, you can trust that you're receiving reliable and dependable information. What we do to earn money

There are money-related questions. Bankrate can help. Our experts have helped you understand your finances for more than four years. We continually strive to provide consumers with the expert guidance and tools required to succeed throughout life's financial journey. Bankrate follows a strict standard of conduct, so you can rest assured that our content is honest and reliable. Our award-winning editors and reporters create honest and accurate content that will help you make the best financial decisions. The content created by our editorial staff is objective, truthful, and not influenced from our advertising. We're honest about how we are in a position to provide quality content, competitive rates, and useful tools to you by explaining how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products andservices or when you click on specific links on our site. This compensation could impact how, where and in what order items are listed and categories, unless it is prohibited by law. We also offer mortgage, home equity and other products for home loans. Other factors, like our own website rules and whether a product is offered in your area or at your self-selected credit score range can also impact the manner in which products appear on this website. While we strive to provide a wide range offers, Bankrate does not include details about every credit or financial product or service. After you have negotiated the cost of your car you might be shocked to see a final sales figure of hundreds maybe even thousands of dollars higher than you originally negotiated. The bulk of these additional charges, or charges imposed by dealers, are required by law -- such as tax, title and licensing fees. However, there are some fees that are entirely dependent on the particular dealer and can be negotiated . The dealer's fees that you can cut out and negotiate Not all fees that a dealer offers you is a requirement or cannot be negotiated. Be ready to turn down unnecessary options and haggle the fees on the products you want. Vehicle or dealer preparation fee Dealer or vehicle preparation fees are extra charges that the dealer charges to make the car prepared for delivery. They include cleaning the car, removing all "bump protectors" off the doors, and getting rid of the protective covers for the floor or seats. It could cost hundreds of additional dollars, and is important to be aware of. What to do: U nless the dealer has gone above and above the normal preparation process, you should not be forced to pay these dealer charges. Accessories and extended warranties installed by dealers. These extra items are paid for when you make the purchase, but only if they are requested by you. them and found that you're being paid a fair price for the product or service. They could include an unintentionally stolen vehicle recovery system -like LoJack -- paint sealant or an aftermarket sound system , or wheels . How to avoid when a dealer attempts to charge you for any of these items , and you did not request them, refuse to pay the cost. If you did ask them, shop around to ensure that you are getting a fair price because you can obtain the items after you own the car. VIN etching which is also known as the vehicle's identification number, is the grouping of 17 characters which identify your vehicle. The procedure of VIN etching is done for security purposes. The number is etched onto the windows of the car. It can cost between $150 and $300, so it is recommended to stay clear of this expense and manage the issue on your own. This is among the easiest fees you can avoid. So be sure to plan to keep it from slipping through the paperwork cracks . Tips to avoid it Say no to this additional fee and reduce costs by going directly to an auto shop for this service. You can even find an online DIY kit at a cost of between $20 and $40 . Extended warranty is an additional fee which can be used to cover any potential repairs when the manufacturer's warranty on the vehicle expires. But they're not required for every driver. If you're concerned about the price of possible repairs to your vehicle, it might be prudent to reconsider your choice of vehicle. If it's worth the cost, consider other options instead of relying on the dealer's offer. Avoid: be sure to compare the price of this cost against the possibility that it will actually be used before signing off on it . Insurance for gap gaps Guaranteed Asset Protection, or , is an additional cost that you could be met with if you are leasing a vehicle. It will cover the difference between the price of the car and the loan payments if the vehicle is destroyed or stolen . What to do: If you're on a long loan duration and you do not put money down, this cost is something you should avoid. Make sure you pay at minimum 20% of your down payment to ensure it's unlikely for you to be charged the owner of the loan. Unavoidable dealer charges There are dealer charges that you will not be at a disadvantage, but you can plan for these . Tax fee, title and license The title and license fees cover the process that it takes to get the title to your vehicle and the license plate. The price tag attached to the tax rate will be contingent on your state's sales tax rate. It is not negotiable . To learn more about the procedure in your state, visit the state's Department of Motor Vehicles (DMV) website. Documentation fee The documentation fee is the cost for handling all paperwork that comes with the purchase of a car and is an expense you'll be required to pay. Certain states have the fee in one lump item that is typically well less than $100. Other states have no specific specifications, meaning that a dealer is free to charge whatever they want. Remember that the amount you pay for will differ based on your state and the dealer you're working with. To understand the standard price, check out local laws. Destination fee This fee is the amount it costs the dealer to pick up the vehicle directly from its factory. Kelley Blue Book notes that these charges can cost up to $1,700. According to Edmunds, taking your vehicle to the factory won't save you the delivery fee and you'll be charged the full amount. Takeaway: This fee cannot be reduced and is a hefty part of the cost. The bottom line Although certain dealership fees are unavoidable Knowing which fees are negotiated or eliminated altogether is the key to saving money on your next car purchase. Before you step into a showroom do some study and calculations before you go to understand .

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The article was written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the details of taking out loans to buy cars. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to control their finances through providing precise, well-researched and reliable facts that break down complex subjects into bite-sized pieces.

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Related Articles Auto 6 min read Oct 06, 2022 Banking 4 min read September 27, 2022 Auto Sep 01 2013 Auto Sep 01, 2013

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Car loan modification: What it is and how it works Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by providing you with interactive financial calculators and tools, publishing original and objective content, by enabling users to conduct research and compare information at no cost - so that you can make informed financial decisions. Bankrate has agreements with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website are provided by companies that compensate us. This compensation could affect how and when products are featured on this site, including such things as the sequence in which they be listed within the categories of listing and other categories, unless prohibited by law. Our mortgage or home equity products, as well as other products for home loans. However, this compensation will not influence the information we provide, or the reviews you read on this site. We do not include the entire universe of businesses or financial offerings that could be open to you. KDP/Getty Images

4 min read. Published 27 October 2022

Written by Allison Martin Allison Martin Written by Allison Martin's work began over 10 years ago as a digital media strategist, and she's since been published in numerous prestigious financial outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to take control of their finances through providing concise, well-researched and precise facts that break down complicated subjects into digestible pieces. The Bankrate promise

More info

At Bankrate we aim to help you make smarter financial decisions. While we adhere to strict journalistic integrity ,

this post may contain references to products from our partners. Here's how we earn money . The Bankrate promise

In 1976, Bankrate was founded. Bankrate has a long track experience of helping customers make smart financial choices.

We've been able to maintain this status for more than four decades through making financial decisions easy to understand

process, as well as giving people confidence in the decisions they will follow next. process and gives people confidence in the next step.

So you can be sure that we'll put your interests first. Our content is authored by and edited by ,

We make sure that everything we publish ensures that everything we publish is accurate, objective and reliable. We have loans journalists and editors focus on the points consumers care about the most -- various types of loans available as well as the best rates, the best lenders, the best ways to pay off debt , and more -- so you'll be able to feel secure when making a decision about your investment. Integrity in editing

Bankrate adheres to a strict code of conduct standard of conduct, which means you can be confident that we'll put your needs first. Our award-winning editors and journalists produce honest and reliable information to aid you in making the best financial decisions. The key principles We appreciate your trust. Our aim is to provide our readers with accurate and unbiased information. We have editorial standards in place to ensure this happens. Our editors and reporters rigorously verify the truthfulness of content in order to make sure the information you're reading is true. We maintain a firewall between our advertisers and our editorial team. Our editorial team doesn't receive compensation directly from our advertisers. Editorial Independence Bankrate's editorial team writes on behalf of YOU the reader. Our goal is to give you the most accurate advice to aid you in making informed financial decisions for your personal finances. We adhere to strict guidelines in order to make sure that the content we publish isn't in any way influenced by advertising. Our editorial team receives no any compensation directly from advertisers and our content is thoroughly checked for accuracy to ensure its truthfulness. So, whether you're reading an article or a report, you can trust that you're getting credible and reliable information. How we make money

If you have questions about money. Bankrate has answers. Our experts have been helping you manage your money for over four years. We are constantly striving to provide our readers with the professional advice and tools needed to be successful throughout their financial journey. Bankrate adheres to strict standards standard of conduct, so you can rest assured that our information is trustworthy and precise. Our award-winning editors, reporters and editors provide honest and trustworthy content that will help you make the best financial choices. The content created by our editorial staff is factual, objective and is not influenced from our advertising. We're honest about the ways we're capable of bringing high-quality content, competitive rates and useful tools for our customers by describing how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or when you click on certain links posted on our website. So, this compensation can impact how, where and when products appear within listing categories, unless prohibited by law for our mortgage or home equity products, as well as other home lending products. Other factors, like our own rules for our website and whether a product is available within the area you reside in or is within your personal credit score could also affect the manner in which products appear on this site. While we strive to provide an array of offers, Bankrate does not include information about each credit or financial product or service. Are you experiencing financial hardship and struggling to afford your car payments? If your lender offers modifications on car loans or loans, you might be able to obtain much-needed relief. Modifying your loan means adjusting your monthly installment amount and due date, or even the interest rate. If you're behind with your payments, these options can assist you in avoiding ruining your credit score or the possibility of having your vehicle repossessed. What exactly is a loan modification can you do? like the name suggests, a car loan modification is the process of changing the terms of the loan. The lender might be willing to lower your , defer your payments in the short term or change the due date so that it is more in line with your financial plan. It's also possible to get an , which spreads the remaining balance that you loan out, allowing you to reduce your monthly payments. But extending the repayment period also means the lender is able to take more money payments from the borrower, meaning you'll be paying higher interest overall, unless you get back on track . The option of loan modification isn't available to all borrowers, however. While lenders generally aren't fond of repossessing vehicles of those who have defaulted on their loans and you'll need to argue your case. One of the most important things to do is convince the lender that you will not be able to repay what you owe , unless they accept a modification to the terms of your loan. This may require the submission of financial documents to show you are experiencing hardship. How to get a car loan modified ? You'll need contact the lender who created your loan in person to talk about your circumstances and determine your possibility of the loan modification. Be aware that lenders typically review your payment history before deciding. It's worthwhile to reference the fact that you've been a responsible customer and managed your loan prudently. But if you've missed payments before, it could be a little more difficult to convince the lender to alter your loan. In any case follow these steps to start the process. Call your lender immediately. Inform your lender that your auto loan payments are no longer feasible and you risk falling behind soon. Explain your circumstances and why you're struggling to make payments. The representative might offer some temporary solutions, however, you should ask for someone who can help you in your search for an option that is long-term. It's best to explain that you want to keep your car but require assistance in achieving this objective. Make it clear, and use a pleasant tone during the conversation. Put your request in writing If loan modification is offered and you'll usually be asked to make the request on paper. The request will be sent to the lender along with evidence of your hardship as well as any other documents or information that the lender requests. You must provide the lender as much detail as feasible about your circumstances. If you have lost your job or suffered a major or unexpected change in your life you should include this information in your hardship letters. It is an excellent idea to describe how the change will benefit you, like the ability to continue to make payments or making payments in time. Your lender may also require financial documents, like the copies of your bills for the month and bank statements or pay receipts. Confirm the receipt of your hardship request After you have turned all of documents in, the waiting game to hear from the lender commences. In the meantime take care to pay what you can as repossession can still take place as you wait for the outcome of a loan modification. Keep the team helping with your modification up-to-date, explaining that you're still trying to make payments even amid financial challenges. How do you know if you should alter your car loan Consider modifying your car loan in the event that your financial situation has abruptly changed due to an unexpected job loss, temporary furlough or layoff or medical emergency, or some other event that is out of your control. It may also be a prudent option if you've recently experienced reduced wages. You may also want to look into an loan modification if your car is worth more than the debt you have. It means you're . selling it to purchase an easier to afford vehicle could be a challenge and can cost you a lot. Auto loan modification is different from. refinancing It's simple to make a mistake when comparing with auto loan modifications with , but the two aren't quite the same. Both could lead to lower payments. But unlike the auto loan modification refinancing your loan will require you to swap your current loan for a new one with different conditions. You'll likely need good or outstanding credit to be eligible for the loan, and you'll need to complete the same process of applying like you did when you took out the current loan. The majority of lenders will also require will require that your vehicle is not more than 100,000 miles. You are unlikely to be eligible when your vehicle is older then 10 years old. When an application to get a new loan is approved, the lender will repay the old loan and you'll be able to resume payments with the new lender. But with a car loan modifications, it's your responsibility to be working together with the current lender through the whole process. The bottom line is that it can be stressful if you are unable to afford your car payment and aren't in a situation to refinance, but don't quite have the option of doing without a vehicle. You might want to contact your lender to ask for a loan modification. Consider requesting a lower monthly payment and a reduced interest rate, or the option of a different due date, if it will help you make payments on time. If you are not able to modify your payment option, there are other programs that will help you find relief until you get your finances back on track. Learn more

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Allison Martin's work started over 10 years ago as a digital content strategist, and she's since been featured in several leading financial outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to manage their finances through providing concise, well-researched, and clear facts that break down complex topics into manageable bites.

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Other Articles Related to Auto Loans 4 min read October 25 2022 Auto 5 minutes read on Oct 19, 2022. Loans 3 min read Sep 15, 2022 Loans Read 3 minutes September 15 2022. Loans Read 5 minutes Jun 22, 2022

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Taking on a new car loan while in bankruptcy Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering you interactive tools and financial calculators as well as publishing quality and impartial content. This allows you to conduct research and compare information for free and help you make sound financial decisions. Bankrate has partnerships with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The products that appear on this website are provided by companies who pay us. This compensation can affect the way and where products appear on this website, for example for instance, the order in which they may appear within the listing categories in the event that they are not permitted by law. Our mortgage or home equity products, as well as other home loan products. But this compensation does affect the content we publish or the reviews you read on this site. We do not include the entire universe of businesses or financial offers that may be open to you. SHARE Westend61/Getty images

5 min read Published June 22, 2022

Writer: Jackie Lam Written by Contributing writer Jackie Lam is a contributing writer for Bankrate. Jackie is a writer on auto loans. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to control their finances by providing concise, well-studied information that breaks down complex issues into digestible chunks. The Bankrate promises

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At Bankrate we are committed to helping you make better financial choices. While we adhere to strict editorial integrity ,

This post could contain some references to products offered by our partners. Here's a brief explanation of how we make money . The Bankrate promise

Established in 1976, Bankrate has a long track history of helping people make informed financial decisions.

We've earned this name for more than 40 years by simplifying the process of financial decision-making

process and giving people confidence in which actions to take next. Bankrate follows a strict ,

so you can trust that we'll put your interests first. Our content is authored with and edited ,

We make sure that everything we publish is objective, accurate and reliable. We have loans reporters and editors focus on the things that consumers care about the most -- the various types of loans available and the most competitive rates, the top lenders, the best ways to repay debt, and more -- so you can feel confident when investing your money. Integrity of the editing

Bankrate follows a strict , so you can trust that we'll put your needs first. Our award-winning editors, reporters and editors create honest and accurate content to aid you in making the best financial choices. Our main principles are that we value your trust. Our mission is to provide our readers with truthful and impartial information. We have established editorial standards to ensure that happens. Our editors and reporters thoroughly check the accuracy of editorial content to ensure that what you read is accurate. We have a strict separation between our advertisers and our editorial team. The editorial team of Editorial Independence Bankrate does not receive direct compensation from our advertisers. Editorial Independence Bankrate's team of editors writes for YOU as the reader. Our aim is to provide you the best advice to assist you in making smart personal finance decisions. We adhere to the strictest guidelines in order to make sure that content isn't in any way influenced by advertising. Our editorial team is not paid any compensation directly from advertisers and our content is fact-checked to ensure accuracy. So when you read an article or a review you can be sure that you're receiving reliable and dependable information. What we do to earn money

If you have questions about money. Bankrate can help. Our experts have been helping you master your money for over four decades. We strive to continuously give our customers the right advice and tools required to make it through life's financial journey. Bankrate adheres to strict standards policy, which means you can be confident that our content is truthful and accurate. Our award-winning editors and reporters create honest and accurate information to assist you in making the best financial decisions. The content we create by our editorial team is factual, objective and is not influenced through our sponsors. We're honest about how we are capable of bringing high-quality content, competitive rates, and useful tools for you , by describing how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the placement of sponsored products and services or when you click on certain links posted on our website. So, this compensation can influence the manner, place and in what order products are listed, except where prohibited by law for our credit, mortgage and other products for home loans. Other factors, like our own rules for our website and whether a product is offered in your region or within your personal credit score may also influence the way and place products are listed on this website. Although we try to offer a wide range offers, Bankrate does not include specific information on each credit or financial product or service. When you make an application for Chapter 13 bankruptcy -- also known as repayment bankruptcy, your credit score will be affected, and it will stay on your credit report up to seven years. In Chapter 13 bankruptcy, you sign a repayment plan that has been approved by the court says Amy Lins, vice president of enterprise learning for , a nonprofit credit counseling agency based within Sugar Land, Texas. "This payment is spread over a period of 3 to five years. This means that you are not able to take on any additional debts," says Lins. "However the court acknowledges that life happens, and it may be necessary to buy vehicles prior to the conclusion of the Chapter 13 repayment plan." You might be able to get a car loan however, your options will be limited. What is the best way to obtain a car loan when you are in Chapter 13 bankruptcy If you have enough cash to purchase the purchase of a vehicle, you could buy a car for cash without going through the court. But, you might need to amend your bankruptcy schedule in order to get it changed, so consult your attorney before making any decisions. If you need to get a car loan when you're still in your repayment plan, and prior to your discharge from bankruptcy, you can probably do so. There are four steps you can take, explains Lins. 1. Create a budget that shows that you have the funds to make the cost of your car. You'll need to demonstrate that you can juggle your debt repayment, additional financial commitments and responsibilities and the cost of your car. "If the purchase of a car is going to impact other elements of your repayment plan, you should work with your attorney to create a new proposed arrangement for repayment," says Lins. 2. Find an lender who will accept Chapter 13 bankruptcies There are few lenders and car dealers who can work with individuals in an active bankruptcy, however, there are a few who will, explains Lins. "Your bankruptcy attorney might be able to give you a list of dealers and lenders who will work with you, and you can inquire with your local bank or credit union." And because your credit score will be impacted by bankruptcy, be prepared for more expensive interest rates, higher fees and less favorable terms. Also, you'll need to find an auto dealer that works with you to get the vehicle financing. Even though your options are slim, do your due diligence and compare rates and terms from various lenders. The offer must be submitted with the purchase price, monthly payment and interest rate in writing to provide an application to the judge, says Lins. "Keep the cost of the purchase at a minimum and wait to exit bankruptcy and repair your credit before purchasing a more expensive vehicle," she says. 3. You can file a motion with the court to buy the vehicle. To take on the car debt while you're still repaying your debt and settling it, you'll have to file a motion with the court to have it accepted. This involves bringing in your request and having a solid explanation of why you need to purchase a vehicle and why you'll have finance to do so. Perhaps your car was damaged in the last down and the repairs are so significant that financially it is more sensible to buy a brand new car. Perhaps you live in an area in which public transportation isn't readily accessible. This is something that your bankruptcy attorney can assist with. 4. Make the purchase after the purchase has been accepted by the court, you are now able to apply for a car loan and get your car. Make the purchase and begin paying the loan off with your other obligations. How to obtain an auto loan in the aftermath of Chapter 13 bankruptcy Once you have completed your court-ordered debt payment and you are discharged, you don't need to undergo the court process to get your approved. If you're able to, try to make do with the vehicle you own until you are at least six months past discharge, says Lins. Increase your credit score are several ways to get credit, one of which is using a secured credit card. The process of obtaining a secured credit card means making a small down payment which acts as collateral. Your deposit becomes the credit line for credit cards. "Charging and paying smaller amounts over time will assist in reestablishing your credit history in a positive way," says Lins. There are also services that will report rent as well as other bills including cell phone and utilities, and streaming services that can help you build or rebuild an punctual payment history, according to Lins. "These services typically have an affordable fee, however they can be absolutely free," she says. "Using your utility bills and rental payments to build credit histories can be a good strategy to kick-start rebuilding." Monitor your credit. In addition to rebuilding your credit, you'll be able to monitor it. This will let you know the progress you're making and the kinds of changes that can be made. Additionally, keeping track of your credit on a regular basis will allow you to spot any errors that can ding your score in the future. You can order free reports from AnnualCreditReport.com or sign up for a free credit monitoring service. A lot of credit cards offer a free monthly look at your credit score. Shop around for the right car within your budget. Be sure to choose an automobile that is within the range of the budget you're able to comfortably afford to ensure that you are on top of the obligations. This in turn can help rebuild your credit and help you stay on course. Examine your monthly expenses to figure out how much car payment your budget will allow. As a general rule, car related costs should not exceed 20 percent of your budget per month. This is a threshold that includes the cost of gas, maintenance and insurance. You might also wish to set a target price to purchase your car using the data available on websites such as Edmunds and Kelley, which list new and used prices for cars, as well as insurance cost estimates. You should make a down payment. The more you pay greater the amount, the less you'll be liable to it in the future. Examine your budget and figure out what you can manage to put aside each month toward the purchase of a vehicle. The ideal is to save as much money as you can but ultimately it comes down to your income, expenses and existing obligations. Alternatives to obtaining the new car loan If you're unhappy with the rates and terms offered for the car loan or you are having trouble getting approved altogether look into other options. Looking for a cheaper car. Even if your interest rate is high, your total cost of payments and how much you have to pay monthly is more affordable. Wait and finance later when your credit has improved. Once you rebuild your credit score, you'll likely qualify for a wider variety of auto loans with lower rates of interest, fees , and better conditions. Cash out completely. Saving money and paying cash outright for a car means you won't have to apply for a car loan for any reason, which will save you in interest fees. But if you need a car sooner than later, you may have to get a . The bottom line is that getting an auto loan during Chapter 13 bankruptcy is possible. Find an lender that is willing to work in conjunction with Chapter 13 bankruptcies and create an appropriate budget that permits you to pay off debt and also pay for the car loan. It's also important to search around for the right car to fit your budget. Once you've been released from bankruptcy, financing options also are available. However, the initial step to take is rebuild your credit by setting up an established track record of making payments on time. "It's an old saying, but the truth is that time heals all wounds, even wounds to your credit score," Lins says. Lins. Learn more

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Written by the writer who contributes to the project. Jackie Lam is a contributing writer for Bankrate. Jackie writes about auto loans. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain confidence to take control of their finances through providing clear, well-researched information that breaks down complicated subjects into bite-sized pieces.

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Other Articles Related to Auto Loans 4 minutes read Apr 17, 2022. Loans 3.30 min. read Apr 06 2022 Credit 3 min read May 14 Personal Finance, 2013 2 minutes read April 23, 2013

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Co-signing or. co-owning a vehicle: How do you tell the differences? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by offering interactive financial calculators and tools as well as publishing objective and original content, by enabling you to conduct your own research and compare information at no cost and help you make informed financial decisions. Bankrate has partnerships with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site come from companies that pay us. This compensation could affect how and where products are displayed on the site, such as for instance, the sequence in which they appear in the listing categories and other categories, unless prohibited by law for our loans, mortgages,, or other products for home loans. But this compensation does affect the information we provide, or the reviews you see on this site. We do not contain the vast array of companies or financial offers that may be open to you. FG Trade/Getty Images

2 minutes read. Published October 28, 2022

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Written by Bankrate Written by This article was generated using automation technology and thoroughly edited and fact-checked by an editor on our editorial team. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers to manage their finances through providing concise, well-researched and clear information that breaks down otherwise complex topics into manageable bites. Review by Mark Kantrowtiz by Nationally recognized expert on student financial aid Mark Kantrowitz is an expert on student financial aid, the FAFSA and scholarships, 529 plans, education tax benefits and student loans. The Bankrate promise

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At Bankrate we are committed to helping you make better financial decisions. While we adhere to strict ethical standards ,

This post could contain some references to products offered by our partners. Here's a brief explanation of how we earn money . The Bankrate promise

Founded in 1976, Bankrate has a long track history of helping people make smart financial choices.

We've maintained our reputation for more than 40 years by making financial decisions easy to understand

process and giving people confidence in the decisions they will do next. process that is rigorous and precise.

so you can trust you can trust us to put your needs first. All of our content was written with and edited ,

who ensure everything we publish is objective, accurate and reliable. We have loans journalists and editors concentrate on the areas that consumers are concerned about most -- the various types of loans available and the most competitive rates, the most reliable lenders, the best ways to pay off debt , and many more. So you're able to be confident about investing your money. Editorial integrity

Bankrate has a strict policy , so you can trust that we're putting your interests first. Our award-winning editors and journalists produce honest and reliable content to assist you in making the right financial choices. Key Principles We value your trust. Our goal is to provide our readers with accurate and unbiased information. We have standards for editorial content in place to ensure this happens. Our editors and reporters rigorously check the accuracy of editorial content to ensure the information you're receiving is correct. We keep a barrier between our advertisers and our editorial team. Our editorial team does not receive direct compensation through our sponsors. Editorial Independence Bankrate's team of editors writes for YOU the reader. Our aim is to offer you the most accurate advice to aid you in making informed personal finance decisions. We adhere to strict guidelines to ensure that our editorial content isn't influenced by advertisers. Our editorial team is not paid any compensation directly from advertisers and our content is verified to guarantee its accuracy. So, whether you're reading an article or a review it is safe to know that you're receiving reliable and dependable information. What we do to earn money

You have money questions. Bankrate has the answers. Our experts have been helping you master your money for over four decades. We are constantly striving to give consumers the professional advice and tools needed to be successful throughout their financial journey. Bankrate follows a strict , so you can trust that our information is trustworthy and precise. Our award-winning editors and reporters produce honest and reliable content to help you make the best financial decisions. Our content produced by our editorial staff is objective, truthful and uninfluenced from our advertising. We're open about how we are able to bring quality content, competitive rates, and helpful tools to our customers by describing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the placement of sponsored products and services, or by you clicking on specific links on our website. This compensation could affect the way, location and in what order items are displayed within the categories of listing and categories, unless it is prohibited by law. We also offer mortgage, home equity and other products for home loans. Other factors, such as our own rules for our website and whether the product is offered in the area you reside in or is within your self-selected credit score range may also influence the way and place products are listed on this website. While we strive to provide a wide range offers, Bankrate does not include information about every credit or financial products or services. Co-signing and co-owning cars are two methods of requesting co-signing with an additional borrower. In both cases the second borrower has to have enough credit and income to support this loan by themselves. Each has advantages and drawbacks, depending on what both parties are seeking. There are some differences between a co-signing and a co-owning car. A co-signer a person who is equally responsible for paying off the loan but does not have any legal ownership of the car. Co-owners have equal rights to the vehicle. Co-signing a car loan If it's a car co-signer, the co-signer is required to take on the monthly installments in the event that the borrower can't make them. This is a major choice to make and could be . Benefits of co-signing a car loan Aid in to qualify: A co-signer is eligible get an auto loan they otherwise wouldn't be eligible for. Build credit: In the event that the borrower is able keep up with payments, the credit of co-signers as well as the co-signer could be impacted positively. Reduce costs: If the cosigner has a very good or good credit score then the primary borrower will be eligible for a lower fee and interest rate. There are risks associated with co-signing on an auto loan the responsibility for payment In the event that the borrower is in default the co-signer will be responsible in charge of all loan repayments. Legally insolvent Co-signer: The co-signer isn't in the title of the car and has no legal rights to the vehicle. Co-owning a car in the case of a car, both the owner and co-owner are in the document. Having a co-owner doesn't change any fact about the reality that the borrower who is the main one owns the property. Depending on how the car is titled or registered, the primary borrower could require approval before they are able to sell the car. Benefits of co-owning a vehicle Security for the co-owners A co-borrower is protected by the protection of having their name listed on the title. Better terms: If both borrowers have strong credit, the primary borrower may be extended better terms than if they had applied alone. The risks of co-owning a vehicle Equal rights: The co-borrower has the same rights to the vehicle as the principal borrower. This means that the co-owner has to participate in either the transfer of the car. Insurance In the event that the co-owner doesn't use the car, they'll likely need to be on the insurance policy. This could mean more expensive costs for everyone concerned. How to choose between co-signing and owning an automobile The most significant difference between co-borrowers and co-signers is the amount of investment on the loan. Co-borrowers have more responsibility and ownership than co-signers. Co-borrowing is a good option for those who both have good credit and want to share equal rights to the car -for example, an engaged couple who wish to purchase a car together. On the other hand, co-borrowing is for those who doesn't meet the requirements for the loan even if they requires assistance in obtaining an amount that is larger or with a lower interest rate. How do you prepare to co-sign or co-own an automobile To become a co-signer on the loan, you'll need to have a stable income and be able to meet the credit score requirement set to be met by the lender. Similar requirements apply to co-ownership, as the credit score of both people who are borrowing is taken into consideration. Even if you meet the criteria, an open dialogue should be conducted between the two parties. Co-signing or co-owning each comes with significant credit risk. Make sure there is a plan in place in case the primary borrower can't pay. The bottom line There are many reasons why you may choose to co-sign or co-own the car with another individual. In any case it is crucial to ensure that the two parties on the same page regarding the nature of their relationship and what is expected from each of you. Learn more

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Written by The article was generated using automation technology and thoroughly edited and fact-checked by an editor from our editorial team. Editor: Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are enthusiastic about helping readers gain confidence to control their finances with concise, well-studied information that is broken down into complex topics into manageable bites.

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Reviewed by Mark K. Kantrowitz Reviewed by Nationally known student expert in financial aid Mark Kantrowitz is an expert on financial aid for students including the FAFSA as well as scholarships, 529 plans, education tax benefits along with student loans.

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Can refinancing trigger your auto loan over? Part Of Refinancing a Car Loan In this series Refinancing a Car Loan Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by providing you with interactive tools and financial calculators as well as publishing unique and impartial content. This allows you to conduct research and compare data at no cost to help you make sound financial decisions. Bankrate has partnerships with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The offers that appear on this site are from companies that compensate us. This compensation could affect how and when products are featured on this website, for example, for example, the order in which they may be listed within the categories of listing in the event that they are not permitted by law. This applies to our mortgage or home equity products, as well as other home lending products. This compensation, however, does not influence the content we publish or the reviews you read on this site. We do not contain the entire universe of businesses or financial offers that may be available to you. Westend61/Getty Images

3 min read published 20th October, 2022

Written by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the details of borrowing money to purchase cars. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain the confidence to manage their finances with precise, well-researched, and well-organized information that breaks down otherwise complex topics into manageable bites. The Bankrate guarantee

More information

At Bankrate we aim to help you make smarter financial decisions. We adhere to the highest standards of journalistic integrity ,

This post could contain some references to products offered by our partners. Here's how we make money . The Bankrate promise

Founded in 1976, Bankrate has a long track history of helping people make informed financial decisions.

We've maintained this reputation for more than four decades through making financial decisions easy to understand

process and giving people confidence about what actions to follow next. Bankrate has a very strict ,

So you can be sure that we're putting your interests first. Our content is authored in the hands of and edited by ,

We make sure that everything we publish ensures that everything we publish is accurate, objective and reliable. Our loans reporters and editors are focused on the things that consumers care about the most -- the different types of lending options and the most competitive rates, the best lenders, how to repay debt, and more -- so you can feel confident when making a decision about your investment. Editorial integrity

Bankrate follows a strict standard of conduct, which means you can be confident that we'll put your needs first. Our award-winning editors, reporters and editors create honest and accurate information to assist you in making the right financial decisions. The key principles We respect your confidence. Our mission is to offer readers reliable and honest information, and we have established editorial standards to ensure that happens. Our editors and reporters thoroughly check the accuracy of editorial content to ensure the information you're receiving is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team doesn't receive direct compensation from our advertisers. Editorial Independence Bankrate's team of editors writes for YOU - the reader. Our goal is to give you the best advice that will help you make smart financial decisions for your personal finances. We adhere to strict guidelines in order for ensuring that editorial content is not affected by advertisements. Our editorial team receives no direct compensation from advertisers, and our content is fact-checked to ensure accuracy. Therefore whether you're reading an article or a review it is safe to know that you're getting reliable and dependable information. What we do to earn money

There are money-related questions. Bankrate has answers. Our experts have been helping you manage your money for over four years. We are constantly striving to give our customers the right advice and tools required to succeed throughout life's financial journey. Bankrate follows a strict policy, which means you can be confident that our content is truthful and reliable. Our award-winning editors, reporters and editors produce honest and reliable content to help you make the best financial decisions. The content created by our editorial staff is objective, truthful, and not influenced from our advertising. We're honest regarding how we're capable of bringing high-quality content, competitive rates and useful tools for our customers by explaining how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products and, services, or through you clicking certain links posted on our website. Therefore, this compensation may affect the way, location and in what order items are listed and categories, unless it is prohibited by law. We also offer mortgage and home equity products, as well as other products for home loans. Other factors, like our own rules for our website and whether a product is available within your region or within your own personal credit score may also influence the manner in which products are featured on this site. Although we try to provide a wide range offers, Bankrate does not include details about each credit or financial item or product. swaps your current loan to a new one. You could get a lower interest rate and shorter or longer terms than the one you have currently. But opting for a longer repayment period on the new loan can make you feel like you're starting over. Many people refinance their loans in order to cut costs. But refinancing might not be the best solution if you face more serious financial issues. What happens when refinancing starts your car loan When you've decided that the refinancing of the loan is the best choice for your financial situation, the new terms offered can make your monthly loan payments lower. However, it is important to be mindful of the loan term you choose to avoid the feeling of "restarting this loan" even when you've been paying for a while. Ideally, you can make sure you don't add too many payments to pay off the loan by choosing a loan term that is similar or shorter than the current term on the current loan. So, if you have 36 months remaining on your loan then you could refinance to a 36-month loan. This will save you from paying additional interest. And, with a lower interest rate, your payments should also be lower. However, refinancing might not be beneficial if you've got less than 24 months remaining of your automobile loan. It is common to pay the highest cost of interest during the first years of the loan which will reduce the cost savings you'd get when you refinance at the end of your term of repayment. What effect does refinancing have on the length of your loan term The most common terms that drivers face when financing a car range from 24 to 84 months. The , the lower your monthly installment will be. If you take out a longer loan it is possible that you will be forced to pay thousands of dollars higher in interest than you would have with a shorter loan. Although you can receive a higher interest rate also, the term change will be the primary aspect in determining whether you can effectively "reset" your loan. The term may be cut or made longer -- and the best choice is contingent on your budget. To best determine your ideal duration, make use of an opportunity to determine the one that will best make sense for the savings and monthly payments you can afford. If you're looking for a reason to refinance your car loan There are some primary scenarios where it is an auto loan. You're struggling to afford monthly payments. Refinancing and changing the terms of your loan could give you more time to repay your vehicle or get a lower interest. You may also be able to from to your existing lender with no refinancing. You're getting this loan. More credit means more favorable conditions. This is particularly true if you initially financed your loan through an auto dealership. The financing for the current loan with the dealership. If you used your car to pay for it, you might be qualified for better loan conditions with an external lender. Find out the amount you can save through a reduced . If you decide to refinance then read the purchase agreement or contact your current lender to verify that they aren't for paying off the loan in a hurry. Otherwise, you could incur an enormous cost that is greater than the benefits of refinancing. How to refinance your car loan If you think refinancing is the right option then you should consider taking. Review your current loan and organize the paperwork to submit your future loan application. Check your existing loan. Find the interest rate, the payoff amount, remaining months and any additional information regarding charges or penalties. Examine your credit. Make sure you have a credit report in shape to get a decent rate. Verify your credit score for any errors while you're at it. Compare lenders. Do not choose the first lender that offers a decent rate. Examine several of them, including their eligibility requirements as well as penalties, are the rates, terms and fees you qualify for. Refinance your loan. After you have decided to go with the lender to apply, you can do so either online or in person. Once you have submitted your application, the lender will let you know whether you're eligible and also how the process will go. The final result is that you'll begin fresh with a brand new auto loan by refinancing and potentially obtain a lower monthly rate or . However, before you apply, think about the potential risks involved with refinancing. Consider other methods to save money if refinancing isn't a good choice in your situation financially.

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The article was written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the ins and outs of securely borrowing money to buy cars. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to manage their finances through providing clear, well-researched details that cut otherwise complex topics into manageable bites.

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Up next Part of Refinancing a Car Loan Auto Loans

5 min read Nov 14, 2022 0 min read Mar 22, 2023

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How to end a car lease early after becoming disabled Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by offering you interactive financial calculators and financial tools, publishing original and objective content. We also allow you to conduct research and compare information for free - so that you can make financial decisions with confidence. Bankrate has agreements with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are advertised on this website come from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may be listed within the categories of listing and other categories, unless prohibited by law. Our mortgage or home equity products, as well as other products for home loans. This compensation, however, does not influence the content we publish or the reviews appear on this website. We do not include the entire universe of businesses or financial offers that may be open to you. SHARE: Klaus Vedfelt/Getty Images

2 min read Published June 22, 2022

Written by Josephine Nesbit Written by Josephine Nesbit is a former journalist for Bankrate. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain confidence to manage their finances with clear, well-researched information that reduces complex topics into manageable bites. The Bankrate promise

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At Bankrate we are committed to helping you make better financial choices. While we adhere to strict ethical standards ,

This article may include references to products from our partners. Here's an explanation for how we earn money . The Bankrate promise

Established in 1976, Bankrate has a proven track experience of helping customers make smart financial choices.

We've maintained this reputation for over four decades by demystifying the financial decision-making

process and giving people the confidence in which actions to take next. process and gives people confidence in the next step.

You can rest assured that we'll put your interests first. All of our content was created in the hands of and edited by

We make sure that everything we publish ensures that everything we publish is accurate, objective and reliable. Our loans reporter and editor focus on the points consumers care about the most -- the various types of loans available and the most competitive rates, the best lenders, the best ways to pay off debt , and more -- so you can feel confident when investing your money. Editorial integrity

Bankrate adheres to a strict code of conduct standard of conduct, which means you can be confident that we're putting your interests first. Our award-winning editors, reporters and editors create honest and accurate content to help you make the right financial choices. Key Principles We value your trust. Our mission is to offer readers accurate and unbiased information. We have established editorial standards to ensure this happens. Our reporters and editors rigorously verify the truthfulness of content in order to make sure the information you're reading is true. We maintain a firewall with our advertising partners and the editorial team. Our editorial team doesn't receive any direct payment through our sponsors. Editorial Independence Bankrate's editorial team writes on behalf of YOU - the reader. Our aim is to provide you the most accurate advice to assist you in making smart personal financial decisions. We adhere to the strictest guidelines in order to make sure that content is not in any way influenced by advertising. Our editorial staff receives no directly from advertisers, and our content is thoroughly verified to guarantee its accuracy. So whether you're reading an article or a report, you can trust that you're receiving reliable and dependable information. What we do to earn money

There are money-related questions. Bankrate has the answers. Our experts have helped you understand your money for over four decades. We continually strive to provide our readers with the professional guidance and the tools necessary to make it through life's financial journey. Bankrate follows a strict policy, which means you can be confident that our information is trustworthy and precise. Our award-winning editors and journalists produce honest and reliable information to assist you in making the best financial choices. The content created by our editorial team is objective, factual and is not influenced by our advertisers. We're transparent about the ways we're in a position to provide quality information, competitive rates and useful tools to our customers by revealing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for placement of sponsored products and services, or through you clicking specific links on our site. So, this compensation can influence the manner, place and when products appear within listing categories and categories, unless it is prohibited by law. This is the case for our mortgage, home equity and other home loan products. Other elements, like our own rules for our website and whether the product is available within the area you reside in or is within your own personal credit score could also affect the way and place products are listed on this site. We strive to provide a wide range offers, Bankrate does not include specific information on each credit or financial item or product. A car lease agreement is a legally binding contract that entitles the lessee to the car, and you are required to pay a set monthly amount to use the car. But what happens when some unexpected circumstance stops you from driving your car? There's no guarantee that you can end a lease because of disability. However, you do have alternatives to not having to give the car back and paying high charges. Do I have the option of ending my lease early because of a disability? Disability does not immediately mean that you're out of a car lease. A agreement between you and the leaser. To break the contract, both parties must accept the termination of the lease or prove that the contract allows for cancellation. The breaking of a lease due to disability can be costly. There's typically an early termination fee , and depending on the leaser and the terms of the contract it could be necessary to pay the remaining installments for the lease. The earlier the lease is terminated the higher the cost could be. But you can also talk to your leaseholder and explain why you're violating a lease agreement for medical reasons. They might be able to work with you to find the most effective solution or provide you further information regarding early termination rules. How to end a car lease early There are a few ways to end your lease and avoid paying penalties. Before trying to get out of your lease, you need to be aware of your options. Review your contract Your best source of information to break a car lease early is your lease. The lease agreement will contain an express clause regarding the early termination process and the associated charges. In the event of a contract that is in place and your financial situation they may be feasible for you. However, make sure you check if the contract offers options for breaking a car lease for medical reasons such as disability. This could be a lease transfer, lease buyout or full termination of the contract. Ask for an exception Even if there are no exceptions stated within the agreement, you should inquire if the lessor is willing to help. If you're lucky, you'll be able to support the request with documentation such as an official medical certificate stating that you are unable to drive. If you find that early termination isn't feasible or expensive it is possible to find someone to take over the car lease. In certain instances the case that a family member is able to take over the lease, it can be accomplished for a minimal cost. Swap your car lease Almost all lease agreements allow the transfer of your lease to another individual -in the event that the new party has the required credit score. Different lessors have different rules for lease transfers, so check with your lease provider before you make any plans. There are marketplaces online, like SwapALease or LeaseTrader that connect lessees seeking to get rid of car leases with prospective lessees in exchange for a modest fee. The majority of car manufacturers permit lease takeovers and third-party firms handle the paperwork involved so that you are assured that it is done correctly. If you want to try to find yourself a person to do it however, it could take some time. It's still your responsibility to pay for the payments you're taking care of the lease until it is transferred. The bottom line is that early ending a lease on a car may come with fees and other costs which could amount to thousands of dollars. While you cannot automatically terminate the lease because of disability, it doesn't mean you're stuck. It is possible to reduce any penalties by an agreement to transfer your lease. Examine your lease contract to determine if it contains a clause about early termination and contact your leasing firm to talk about options. Learn more SHARE:

Written by Josephine Nesbit is a former contributor to Bankrate. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to manage their finances with precise, well-studied information that breaks down otherwise complicated topics into digestible pieces.

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How car rebates work Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by offering interactive tools and financial calculators as well as publishing original and objective content. We also allow users to conduct research and compare information at no cost and help you make sound financial decisions. Bankrate has partnerships with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that are advertised on this site come from companies that pay us. This compensation could affect how and when products are featured on the site, such as for instance, the sequence in which they appear in the listing categories in the event that they are not permitted by law. Our loan products, such as mortgages and home equity, and other home loan products. However, this compensation will not influence the information we provide, or the reviews that appear on this website. We do not cover the universe of companies or financial offers that may be open to you. Don Mason/Getty Images

3 min read published 21st October 2022

Authored by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in helping readers with the details of borrowing money to purchase a car. Edited by Chelsea Wing Edited by student loans editor Chelsea has been with Bankrate since early 2020. She's committed to helping students to navigate the steep cost of college as well as dissecting the complexity of student loans. The Bankrate promises

More information

At Bankrate we aim to help you make smarter financial decisions. While we are committed to strict journalistic integrity ,

this post may contain some references to products offered by our partners. Here's an explanation for how we make money . The Bankrate promise

Established in 1976, Bankrate has a long history of helping people make smart financial choices.

We've earned this name for more than 40 years by demystifying the financial decision-making

process, and giving people confidence in the decisions they will take next. process and gives people confidence in the next step.

So you can be sure you can trust us to put your needs first. Our content is written in the hands of and edited by

who ensure everything we publish is objective, accurate and trustworthy. The loans reporter and editor concentrate on the points consumers care about the most -- different types of lending options, the best rates, the best lenders, ways to pay off debt and many more. So you'll be able to feel secure when making a decision about your investment. Integrity of the editing

Bankrate has a strict policy , so you can trust that we're putting your interests first. Our award-winning editors and journalists produce honest and reliable content that will aid you in making the best financial decisions. Our main principles are that we value your trust. Our mission is to provide readers with truthful and impartial information. We have standards for editorial content in place to ensure that happens. Our editors and reporters thoroughly check the accuracy of editorial content to ensure that the information you're reading is true. We have a strict separation with our advertising partners and the editorial team. The editorial team of Editorial Independence Bankrate does not receive any direct payment from our advertisers. Editorial Independence Bankrate's editorial staff writes in the name of YOU as the reader. Our goal is to give you the most relevant guidance to make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content isn't affected by advertisements. Our editorial staff receives no directly from advertisers, and all of our content is fact-checked to ensure accuracy. So when you read an article or a report you can be sure that you're receiving reliable and reliable information. What we do to earn money

You have money questions. Bankrate can help. Our experts have helped you understand your finances for more than four years. We continually strive to give our customers the right advice and tools required to make it through life's financial journey. Bankrate follows a strict , so you can trust that our information is trustworthy and reliable. Our award-winning editors, reporters and editors produce honest and reliable content that will help you make the right financial decisions. The content we create by our editorial staff is factual, objective and uninfluenced through our sponsors. We're transparent about the ways we're able to bring quality content, competitive rates and helpful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain hyperlinks on our website. This compensation could affect the way, location and when products appear within listing categories and categories, unless it is prohibited by law. We also offer mortgage, home equity and other products for home loans. Other elements, like our own proprietary website rules and whether or not a product is available in your area or at your self-selected credit score range may also influence the way and place products are listed on this website. While we strive to provide a wide range offers, Bankrate does not include details about every financial or credit product or service. When it is time to explore financing for a new car, you will have several options to choose from for information about promotions, including rebates. Rebates give you money back on the purchase, which reduces your overall loan amount. However, manufacturers and dealers have different ways of structuring their incentives. When you are buying a new vehicle, make sure the rebate actually saves you money. What exactly is a rebate offered on a car? A car loan rebate is an incentive that gives you cash in exchange for purchasing a car. This is an incentive for buyers to purchase the car in the specific scenario that the dealership controls. However, since rebates are provided by the manufacturers, you'll need to go to the dealership that has a direct relationship with the manufacturer in order to be eligible. You might also have to choose a specific car model, which is usually one of the top choices, to receive an incentive. How do auto rebates work? Rebates are special promotions that offer buyers some thousands of dollars off the price of the car. It doesn't affect the purchase price , as you are able to bargain with the dealer prior to talking about rebates, but it could reduce the amount you pay for a vehicle. Rebates generally last only some time, and you'll have meet certain requirements to be eligiblesuch as, for instance, you may have to select a certain model of car or qualify for . Do you think an auto-rebate is worth it? Auto loan rebates are something to look for if they're available. Rebates can be applied to your down payment, closing costs, or even the overall loan amount. In some cases, your could be lowered by as much as a thousand dollars. However, you shouldn't buy a vehicle simply because of the possibility of a rebate. Most of the time the variety of cars that are eligible for rebates will be limited, and rebates tend to be restricted to new vehicles -- and often, the higher-cost versions of these new cars. The draw of a rebate could tempt you to spend more on the wrong car for your needs or your budget. How do you get an auto rebate Unlike 0 percent financing, rebates on cars do not have any specific criteria. If you select a model and trim with rebates, you are eligible. Look for manufacturer discounts on new vehicles Rebates are usually advertised in conjunction with lease deals and special interest rates. A rebate from your auto dealer may be sent directly to you, however it can also be part of a down amount. This means you need to finance less overall as it will save you cash upfront and throughout the duration of your car loan. In certain states, you might be able to have rebates applied to purchase price prior to taxes are added, however you'll need to check with your state's regulations when requesting a rebate. Auto rebate is different from. low-interest financing Rebates as well as , such as a 0 percent APR deal, save you money in different ways. Rebates provide you with an amount that is fixed that is typically put towards your down payment or closing costs. A low-interest loan, on the other hand can reduce your ongoing interest and could lower your monthly installment. A rebate on your car is likely to help you save the most on your car overall. Even though you will have to pay an interest rate on the loan, it will be the interest rate on a lower amount. A zero percent APR deal can also help you save cash over time, but the main benefit is a reduced monthly payment. Creditworthy people could be able to have the most beneficial of both worldsgetting a rebate from the dealer and finding a low interest rate from an . The bottom line The key to determining whether a rebate is a wise decision in terms of financial savings is how much it will save you. Look for rebates on car models that you were already thinking about and be aware of how that rebate will be used. It is possible to use a financing calculator to determine how much you will save with various financing options. Learn more

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The article was written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in helping readers to navigate the details of borrowing money to purchase cars. The article is edited by Chelsea Wing Edited by Student loans editor Chelsea has been working at Bankrate since early 2020. She's committed to helping students to navigate the daunting cost of college and dissecting the complexity that are associated with student loans.

Student loans editor

Related Articles Banking 4 min read November 21, 2022. Loans 4 min read Aug 22, 2022. Auto Loans Read 4 minutes Jun 17, 2022 Auto May 16, 2013

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Can I buy a car in the event of a Chapter 7 bankruptcy? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by providing you with interactive financial calculators and tools, publishing original and objective content. This allows you to conduct your own research and compare information at no cost - so that you can make financial decisions with confidence. Bankrate has partnerships with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this website are provided by companies that compensate us. This compensation may impact how and when products are featured on the site, such as the order in which they may appear within the listing categories and other categories, unless prohibited by law. Our loan products, such as mortgages and home equity, and other home lending products. This compensation, however, does not influence the information we provide, or the reviews you see on this site. We do not contain the entire universe of businesses or financial offers that may be available to you. Share: Maskot/Getty Images

2 min read Read Published March 31, 2022

Writer: Jerry Brown Written by Contributing writer Jerry Brown is a contributing writer for Bankrate. Jerry writes about personal loans and auto loans and debt management. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain confidence to control their finances with clear, well-researched information that breaks down complicated topics into bite-sized pieces. The Bankrate guarantee

More information

At Bankrate we aim to help you make smarter financial decisions. We adhere to the highest standards of ethical standards ,

This post could contain the mention of products made by our partners. Here's a brief explanation of how we earn money . The Bankrate promise

Founded in 1976, Bankrate has a long track experience of helping customers make wise financial choices.

We've maintained our reputation for more than four decades through simplifying the process of financial decision-making

process, and gives people confidence that they can take the right actions next. process and gives people confidence in the next step.

so you can trust that we're putting your interests first. All of our content is written with and edited ,

They ensure that what we write ensures that everything we publish is accurate, objective and reliable. We have loans journalists and editors are focused on the points consumers care about the most -- the various types of loans available as well as the best rates, the top lenders, ways to repay debt, and much more. So you'll be able to feel secure when investing your money. Editorial integrity

Bankrate follows a strict , so you can trust that we put your interests first. Our award-winning editors, reporters and editors create honest and accurate content to aid you in making the best financial choices. The key principles We appreciate your trust. Our aim is to offer readers accurate and unbiased information, and we have established editorial standards to ensure that this happens. Our editors and reporters thoroughly check the accuracy of editorial content to ensure the information you're reading is accurate. We maintain a firewall with our advertising partners and the editorial team. Our editorial team does not receive direct compensation from our advertisers. Editorial Independence Bankrate's editorial team writes on behalf of YOU as the reader. Our goal is to give you the most accurate advice to aid you in making informed financial decisions for your personal finances. We adhere to strict guidelines in order in order to make sure that the content we publish is not in any way influenced by advertising. Our editorial team is not paid any compensation directly from advertisers and our content is verified to guarantee its accuracy. So when you read an article or a review, you can trust that you're getting credible and reliable information. How we make money

If you have questions about money. Bankrate can help. Our experts have been helping you manage your finances for more than four decades. We continually strive to provide our readers with the professional advice and tools required to make it through life's financial journey. Bankrate follows a strict , which means you can be sure that our content is truthful and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content we create by our editorial team is factual, objective and uninfluenced by our advertisers. We're honest regarding how we're capable of bringing high-quality content, competitive rates, and useful tools to you , by describing how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or through you clicking specific links on our site. This compensation could affect the way, location and when products are listed, except where prohibited by law. We also offer mortgage home equity, mortgage and other products for home loans. Other elements, like our own rules for our website and whether a product is available in your region or within your self-selected credit score range could also affect the manner in which products appear on this website. Although we try to offer a wide range offers, Bankrate does not include the details of every financial or credit product or service. If you file for Chapter 7 bankruptcy, it can remain on your credit file for up to 10 years following the date of filing. During this period you may require a car. And while it is more difficult, you can get an auto loan following bankruptcy. To offset the higher risk that comes with bankruptcy, a lender may offer a greater interest rate or ask for an additional down amount. Do I need to buy a car in the aftermath of bankruptcy? The answer to this question is contingent on your financial situation and your transportation requirements. Affordability: Any car you purchase should be well within your budget. Ensure that it is by not just the price on the tag. Transportation: If you already are able to get around with your current transportation system, then it might be better to put off from buying a vehicle. Your interest rate will likely be lower than the ideal rate with bankruptcy still on your credit report. Cash: Avoiding the possibility of a car loan before bankruptcy is removed from your record may be the best option. If you pay cash, you can skip the loan completely. Three methods to finance a vehicle using an auto loan following bankruptcy If you are trying to finance your car using an auto loan after bankruptcy, you may face an issue in getting a lender -- some will be reluctant to work with you. Also, once you find an lender willing to let you take out a loan, you likely aren't eligible for the . 1. Buy-here, pay-here dealerships During an online search you may find buy-here and pay-here dealers that don't require credit checks. While these dealers will cooperate with you if you went through bankruptcy, you could end with a bill that is higher than what the car is worth. Before using this option, do your research and inquire about hidden fees. 2. Credit unions If you're a , you may be able to apply to get an auto loan at a credit union. Since credit unions are not for-profit and owned by members and are member-owned, you could have better chances of securing financing. Plus, you might have the chance to get a lower interest rate. 3. Co-signer If those options don't work, a different option could be to find someone with good to excellent credit, to be a cosigner on an automobile loan for you. Before going this route, explain to the person . If you do not pay back your loan the co-signer would be accountable for the debt, and it could negatively affect their credit. When you should buy depends on your financial situation. Although the right time to buy your vehicle varies based on your financial situation and needs, this is the time you can score the best deal and the best interest rate. If you wait until your credit score is improved to purchase a vehicle could lower the interest rate that a lender will offer you. But if you can't wait and are in need of transportation right now, you should look for the most affordable deal. Due to the pandemic, some car manufacturers were forced to close their facilities for months and saw sales and inventory decrease. If you're in need an automobile, you might be looking to get around the shortage of new vehicles. However, be sure to do your research and avoid buying a car that you aren't able to afford. In the end, while you may be able to purchase a vehicle after bankruptcy, you should expect to pay more interest in the event you take out an loan. Although waiting for your credit score to improve can reduce your interest rate but it's not always possible. Research all of your lending options before taking out the loan. Make use of incentives from dealers and avoid dealerships that charge hidden charges. Learn more:

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Written by Contributing writer Jerry Brown is a contributing writer for Bankrate. Jerry writes about personal loans as well as auto loans as well as debt-management. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain confidence to manage their finances with concise, well-researched and well-written information that breaks down otherwise complicated topics into digestible pieces.

Auto loans editor

Other Related Articles Debt 3 minutes read October 10, 2022. Auto Loans five minutes read Jun 22 2022. Auto Loans Read 4 minutes Apr 17, 2022. Loans 3 min read April 06 2022

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