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6 common car loan mistakes that cost you money Part Of Buying a Car In this series Buying a Car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by offering interactive tools and financial calculators, publishing original and objective content. This allows you to conduct research and compare data for free - so that you can make financial choices without a doubt. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website come from companies who pay us. This compensation could affect how and where products appear on the site, such as for instance, the sequence in which they appear within the listing categories, except where prohibited by law. This applies to our mortgage or home equity products, as well as other home loan products. However, this compensation will have no impact on the information we provide, or the reviews appear on this website. We do not cover the vast array of companies or financial offers that may be open to you. My Ocean Production/Shutterstock

5 minutes read Read March 02, 2023

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 taking out loans to purchase an automobile. 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 the confidence to control their finances through providing clear, well-researched information that breaks down otherwise complex issues into digestible chunks. The Bankrate guarantee

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

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

In 1976, Bankrate was founded. Bankrate has a proven track history of helping people make informed financial decisions.

We've earned this name for more than 40 years by making financial decisions easy to understand

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

so you can trust that we're putting your interests first. All of our content was authored by and edited by

We make sure that everything we publish will ensure that our content is reliable, honest and trustworthy. The loans journalists and editors concentrate on the things that consumers care about most -- various types of loans available as well as the most favorable 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 follows a strict and rigorous policy, so you can rest assured that we put your interests first. Our award-winning editors and reporters produce honest and reliable information to help you make the right financial decisions. Our main principles are that we appreciate your trust. Our mission is to provide our readers with accurate and unbiased information, and we have editorial standards in place to ensure that is the case. Our editors and reporters thoroughly verify the truthfulness of content in order to make sure the information you're receiving is true. We maintain a firewall with our advertising partners and the editorial team. Our editorial team does not receive any direct payment from our advertisers. Editorial Independence Bankrate's editorial team writes on behalf of YOU as 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 isn't influenced by advertisers. Our editorial staff 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 review, you can trust that you're getting credible and dependable information. What we do to earn money

You have money questions. Bankrate has the answers. Our experts have helped you understand your money for over four years. We continually strive to give consumers the professional advice and tools required to make it through life's financial journey. Bankrate adheres to strict standards standard of conduct, which means that you can be sure that our content is truthful and accurate. Our award-winning editors, reporters and editors produce honest and reliable information to assist you in making the best financial decisions. The content created by our editorial team is objective, factual, and not influenced from our advertising. We're open regarding how we're in a position to provide quality content, competitive rates and helpful tools to you , by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the promotion of sponsored goods and services, or through you clicking certain hyperlinks on our website. So, this compensation can impact how, where and in what order products appear within listing categories, unless prohibited by law for our mortgage, home equity and other home lending products. Other elements, such as our own website rules and whether a product is available within your area or at your own personal credit score could also affect the way and place products are listed on this site. Although we try to offer an array of offers, Bankrate does not include specific information on every financial or credit products or services. If you're looking to save money on your next purchase of a car, you'll require more than make a favorable bargain with the person selling the . A mistake when taking out a could cost you money and wipe out the savings you bargained for on the purchase price. However, it's not the time, especially for those with credit scores that are high. A study by the Federal Reserve showed three percent of super-prime and prime customers had auto loans that had an APR of 10 percent or more that is nearly double the rate they would normally pay for their credit scores. Doing not shop around for the best deal for auto finance is just one of the mistakes you should avoid. Here are some other mistakes to avoid if you're looking to secure the best deal possible. 1. Avoiding shopping around is an easy and efficient method to obtain a car loan however, it costs extra. Dealers usually mark up their rates by a couple percentage points to ensure they profit. Before you visit the dealership take a look at other options and financial institutions or credit unions. This will provide you with an understanding of the rates that are available for your credit score , and make sure you are getting the best deal. Keep in mind that banks' requirements are more strict as compared to credit unions' however they can offer lower rates than those you find at the dealership. If it's your first experience buying a car, search at financing options that are designed for buyers who are first-time buyers. These can be found at credit unions. When you've been preapproved for a loan, you can bargain with the dealer more efficiently. In the end, if the dealer isn't willing to match the rate you already have, you don't need to count on their financing to get the car you want. The most important thing to remember is

The preapproval process will ensure that you get the most competitive rate and gives you the power to negotiate.

2. Negotiating the monthly payment rather than the purchase price While the monthly payment for your car loan is crucial -- and you should know it ahead of time each month -- it shouldn't be the sole basis of your . After you've volunteered, the monthly car loan amount tells the seller how much you're willing to invest. The salesperson may also attempt to cover up other costs for example, the higher interest rate and other fees. They might also pitch you with a longer time frame for repayment, which could allow you to keep the monthly installment within your budget but can cost you more overall. In order to avoid that, negotiate the price of your vehicle's purchase and each instead of focusing on your monthly installment. The most important thing to remember is

Don't buy a car based on the monthly payment alone and the dealer may make use of that number to put negotiations on hold or even upsell you.

3. Letting the dealer define your creditworthiness. Your creditworthiness is the basis for your interest rate and a person who has an excellent credit score is eligible to receive a better vehicle loan rate than someone who has a low credit score. Shaving one percent of interest off a $15,000 car loan over 60 months could reduce the amount of interest throughout the duration of the loan. Being aware of your credit rating ahead of time will put you in control in terms of negotiation. By knowing your credit score, you'll know what rate you can anticipate -- and whether you are being pushed by the seller to charge too much you or deny what you are eligible for. What is an unacceptable APR for a car loan? New auto loans were at 6.07 percentage in the 4th quarter 2022, according to figures from . People with excellent credit qualified for rates of around 3.84 percent, while those with bad credit had an average new vehicle price that was 12.93 percent. Used car rates were higher than 10.26 percent across credit scores. It was also a record-breaking 20.62 percent. Thus it's a "bad" annual percentage rate for a car would be on the upper range of these figures. In law, loans aren't allowed to have an annual percentage rate over 36 percent. Find an lender that will offer you an APR that is based on an average score, or better. Key takeaway

Explore a variety of lenders to determine the estimated interest rates. You can make any necessary steps to improve your credit score prior to going to the dealership.

4. The wrong term to choose length ranges from 24 to 84 month. More lengthy terms can offer attractive low costs. But the , the more cost of interest you'll be paying. Some lenders also charge a higher interest rate in the event you select an extended repayment period since there's a higher risk that you'll become upside-down on the loan. To decide which is the most suitable option for you, think about your needs and priorities. For instance, if you're the kind of driver interested in getting driving an updated vehicle every couple of months, being stuck in an extended loan may not be the best option for you. On the other hand If you're on an extremely tight budget, a longer term might be the only option to ensure you can afford your car. Utilize a calculator to determine the monthly cost of your car and determine which option is best for you. The most important thing to remember

A short-term loan will cost less overall in interest, however it will come with high monthly payments. A long-term loan will offer smaller monthly payments, however it will cost you more cost of interest over the course of time.

5. Financing the cost of added-ons Dealerships make money from -- particularly products that are sold to their finance or insurance office. If you want an or gaps insurance policy, those items can be purchased at a lower price from outside sources. The addition of these items to the financing you choose to use will increase the cost in the end, since you'll be charged interest on them. Be sure to inquire about every charge you don't understand to prevent unnecessary charges to the purchase price. If you find an additional item you truly want and can't afford, you should pay it out of pocket. Better yet, check whether it's available at a different dealership for less. A third-party purchase is typically cheaper for products that are aftermarket, extended warranties and . The most important thing to remember is

In the long term the financing add-ons can result in more interest being paid over the long run. Come prepared to negotiations knowing the add-ons that you really need and which you can find cheaper in other places.

6. Rolling negative equity forward Being " " on the car loan is when you owe more on your vehicle than what it's worth. The lender may let you roll over that negative equity into the new loan but it's not a wise decision for your financial situation. If you do, you'll be charged interest on your previous and current car. If you were in the red on your last trade-in most likely you'll be the next time around. Instead of rolling your negative equity into the new loan, try before taking out the new loan. It is also possible to pay off the negative equity in advance with the dealer to avoid paying excess interest. Key takeaway

Do not roll any negative equity on your vehicle forward. Instead, make sure you pay off as much of the old loan as you can, or take the amount that is left when you trade in your car.

The main thing to success when applying for an auto loan is preparing. This includes negotiating the monthly installment, knowing your credit score, choosing the right duration, making sure you are aware of additional costs and avoiding carrying over negative equity. Keep potential mistakes in mind while you negotiate, and with luck, you'll walk away with saved money and time. Learn more

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The article was written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the details of taking out loans to purchase a car. 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 get the confidence to take control of their finances by giving clear, well-studied facts that break down complicated subjects into bite-sized pieces.

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How to trade in your car: 5 simple steps to take 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 as well as publishing independent and objective content. This allows you to conduct your own 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 Money The offers that appear 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 order in which they may be listed within the categories of listing in the event that they are not permitted by law for our mortgage home equity, mortgage and other home lending products. But this compensation does not influence the content we publish or the reviews that appear on this website. We do not contain the vast array of companies or financial offers that may be available to you.

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6 min read Published October 11, 2022

Authored by David McMillin by a contributing writer

David McMillin is a contributing writer for Bankrate and writes about topics such as mortgages, credit cards banks, taxation, and travel. David's mission is to assist readers discover ways to save more and stress less.

Editor: 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 control their finances with concise, well-researched and well-structured information that breaks down otherwise complicated subjects into digestible pieces.

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At Bankrate we are committed to helping you make better financial choices. 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 promise of the Bankrate promise

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

We've earned this name for over four decades by making financial decisions easy to understand

process and gives people the confidence to know what to take next. Bankrate follows a strict ,

So you can be sure that we'll put your interests first. All of our content is written in the hands of and edited by ,

who ensure everything we publish is objective, accurate and trustworthy. We have a team of loans reporters and editors concentrate on the points consumers care about the most -- different kinds of lending options and the most competitive rates, the most reliable lenders, how to pay off debt , and more -- so you're able to be confident about investing your money.

Editorial integrity

Bankrate follows a strict standard of conduct, which means you can be confident that we're putting your interests first. Our award-winning editors and reporters provide honest and trustworthy content that will aid you in making the best financial decisions. Our main principles are that we value your trust. Our goal is to provide readers with accurate and unbiased information. 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 correct. We have a strict separation with our advertising partners and the editorial team. The editorial team of Editorial Independence Bankrate does not receive direct compensation by our advertising partners. Editorial Independence Bankrate's team of editors writes for YOU - the reader. Our aim is to provide you the most relevant information to assist you in making 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 all of our content is checked for accuracy to ensure its truthfulness. Therefore, whether you're reading an article or review, you'll be able to trust that you're receiving reliable and dependable information.

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If you have questions about money. Bankrate can help. Our experts have helped you understand your money for more than four years. We continually strive to provide our readers with the professional advice and tools needed 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 journalists provide honest and trustworthy content to help you make the right financial choices. The content created by our editorial team is factual, accurate, and not influenced through our sponsors. We're open about how we are capable of bringing high-quality information, competitive rates and practical tools for you by explaining how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the placement of sponsored products andservices or when you click on certain links posted on our site. So, this compensation can influence the manner, place and in what order items appear within listing categories and categories, unless it is prohibited by law. This is the case for our mortgage, home equity and other home lending products. Other elements, such as our own website rules and whether or not a product is available within your region or within your own personal credit score may also influence how and where products appear on this website. We strive to provide a wide range offers, Bankrate does not include specific information on every credit or financial product or service.

The trade-in of your car takes away much of the work of selling your vehicle. The main perk of trading in your car is that it allows you to transfer the value of your trade-in of the vehicle you have traded in directly towards a new purchase. This is especially advantageous when you're . These steps will allow you to make the most of your vehicle trade-in. Five steps to sell your car . Conducting research and knowing how to navigate the trade-in process can allow you to increase the amount your trade-in is worth. 1. Find out what the value of your vehicle is The first step to trading in your car is to know exactly . Figuring this number out yourself will allow you to feel confident when it's time to negotiate and can help increase the chances of getting a fair price. Instead of waiting to find out what the dealer's thoughts are about your car, conduct some research to determine your current car's value. Online appraisal tools that are free like Kelley Blue Book or Edmunds, can help you determine the worth of your car. If available, use estimator tools that can offer an even more accurate estimate of the dollars your car will be worth based on the car's characteristics that are beyond the make, model and year, as well as mileage. Value may also be impacted by external influences. If gas prices are high, as they are the car that has higher gas mileage may be more popular than a large truck. 2. Check out your finances Trading in a vehicle requires more than assessing the vehicle. You'll also need to evaluate the state of your finances to on the other side of the trade. If you are , determine the trade-in value of your car will be sufficient to pay off the rest portion of your loan. You can accomplish this by calling your lender to inquire about the loan's payoff amount and comparing that figure to your car's trade-in value. Contact several dealers to request quotes for trade-ins and get an accurate idea of many dealers are willing to give. Remember, if a dealer is willing to pay your loan off for you, you will likely apply the payoff amount to a new loan for your next vehicle. 3. Get offers from several dealers. You don't need go to the dealer in order to begin the trade-in process. In fact, it is possible to make dealers offer you a price. Numerous value estimators on the internet, such as Kelley Blue Book and TrueCar, are linked to dealers who extend deals based on the details you provide about your vehicle. It's also possible to start where you bought your car. "If the customer is able to go to the same dealership where they bought the car, he could be able to bargain for a better price since they have a connection and past experience with that particular dealer," says Meghan Davlin, director of communications and member engagement of the Illinois Fuel and Retail Association. 4. Clean your car cleaner vehicle will be more likely to sell. Make the effort to clean both the both the exterior and interior of your vehicle to show the car in its best state to make it easier for buyers "Make sure your car is clean and you're presenting it in the same way you'd want to receive it if you were buying your own," says Alain Nana-Sinkam the senior vice president of development for businesses at TrueCar. "Also should you find tiny flaws you intended to correct prior to transaction, ensure that you get them done so the vehicle is delivered to the dealer in the same way you reported and as they are anticipating it to be." If you maintain your vehicle well, the vehicle will receive a much more favorable value. Be sure to not pay more to repair the vehicle than you anticipate selling it for. Make sure you have all maintenance records in hand. This is an ideal time to review any recall alerts for your vehicle. If there is a problem with any components that caused recalls, it could lead to a safety risk. Most recalls lead to the fixing or replacing of the vehicle component for no cost to the buyer. 5. Set up an appointment with a dealer . Car dealerships can be busy places. Make an appointment in advance to avoid waiting. The appraiser will inspect your car to verify all the information you submitted online is accurate. "Ask whether you're able to attend the appraisal so that you can ask them questions on the process they use to determine how much they value your car," says Joe McCloskey, president of McCloskey Motors in Colorado Springs, Colorado. "Most dealerships will provide this information with you and this will aid you in understanding how and why the dealer will be evaluating your vehicle's worth." Be sure to bring your vehicle's registration along with the title and all sets of keys. If you do not have the title due to you're trading in a car that still has a loan be sure to have the lender's contact information available to give. Remember, you don't have to accept the first trade-in price the dealer suggests. You can negotiate your car's trade-in value. Dealers typically start by offering the lowest price they can. Inform the dealer that the price appears too low, based on offers from other dealers or on the value you've uncovered during your study. Negotiating the price of the trade-in separately with the price of your next car also helps ensure that you are getting the best trade-in value possible. What is the right time to sell your vehicle The most important factor in knowing if it's the right time to trade in your car is your vehicle's equity. Your car's equity can be defined as the distinction between the amount you still owe on the vehicle and the current value it has. It's best not to trade with your car when you are , which is the same as having . That means that you are liable for more on your vehicle loan than what the vehicle is currently worth. This is an extremely difficult situation because you'll still need to pay for the remaining loan amount after you trade with your car. If you are able, keep paying until you're not under water. If you are forced to trade in your vehicle with negative equity, you should consider purchasing an affordable vehicle to limit your losses. Having positive equity, in contrast, is a good spot to be in as it allows you to take the additional value from the vehicle and apply it towards the purchase cost of the new vehicle. Pros and pros of trading your vehicle before you trade your vehicle in, make sure you understand the benefits and drawbacks of selling the vehicle yourself. Benefits of trading in your car The main benefit to trading in your car is that it can save you from the stress and hassle of selling it on your own. This requires determining the appropriate price, posting the car to sell where potential buyers will view it, and negotiating with prospective buyers. But when you sell it, the dealer does a lot of the work for you. "In most states, there's the tax benefit of purchasing and trading in your vehicle at a dealer" Nana-Sinkam says, "because in those states they charge taxes only for the amount that is the sum of the trade-in price and the cost of the new car instead of having to pay full tax on the full purchase price of a new vehicle." Finally trade-in your car can simplify the steps between selling your old vehicle and purchasing a new one. Instead of going to several locations, you can simply take your old vehicle to the dealer and utilize the trade-in value to earn credit towards the purchase of your new car. The disadvantages of trading in a vehicle There's one major downside to trading your car though: You probably won't get as much profit like you would if had the vehicle sold yourself. The car dealer wants to make money by reselling your used car to another driver, so you'll miss the extra amount. The sale of your car may be a disadvantage in the purchase of the next car. If you're looking to use the value of your current vehicle to pay for the downpayment on a new one, you may want to purchase your next car from a dealer willing to buy your old one. Following steps: Trading with your old car rather than selling it yourself will make it easier to get into a new car. To maximize the amount you make, begin by researching the worth of your vehicle with no-cost car estimation tools online. Before you visit the dealer, you should make sure your car is cleaned inside and out and make cost-effective minor repairs. It's also a good idea to obtain offers from multiple dealers. Remember that you are able to negotiate the cost of trade-in.

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Written by the writer who contributed to the article.

David McMillin is a contributing writer for Bankrate and writes about topics such as mortgages, credit cards banks, taxation, and travel. David's mission is to assist readers figure out how to save money and also stress less.

Edited 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 gain the confidence to manage their finances with clear, well-researched data that chops otherwise complicated topics into bite-sized pieces.

Auto loans editor

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Top advantages to buying a used car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by providing you with interactive financial calculators and tools as well as publishing objective and original content, by enabling users to conduct research and compare data 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 Earn Money The products that appear on this site are from companies that compensate us. This compensation may impact how and where products are displayed on the site, such as for instance, the order in which they be listed within the categories of listing and other categories, unless prohibited by law for our mortgage home equity, mortgage and other home lending products. This compensation, however, does affect the information we publish, or the reviews you see on this site. We do not contain the universe of companies or financial deals that could be available to you. Share: Barry Austin Photography/Getty Images

4 min read Published March 02, 2023

Writer: Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ins and outs of securely taking out loans to purchase an automobile. The article was edited 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 confidence to control their finances through providing precise, well-studied facts that break down complicated topics into bite-sized pieces. The Bankrate promise

More info

At Bankrate we aim to help you make better financial choices. We are committed to maintaining strict editorial integrity ,

this post may 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 proven track history of helping people make smart financial choices.

We've earned this name for over four decades by demystifying the financial decision-making

process and giving customers confidence in which actions to do next. Bankrate has a very strict ,

You can rest assured you can trust us to put your needs first. Our content is authored with and edited

They ensure that what we write is objective, accurate and reliable. We have loans journalists and editors are focused on the areas that consumers are concerned about most -- the various types of loans available, the best rates, the top lenders, the best ways to repay debt, and many more -- so you'll be able to feel secure when making a decision about your investment. Editorial integrity

Bankrate follows a strict standard of conduct, which means you can be confident that we're putting your interests first. Our award-winning editors and reporters create honest and accurate content to assist you in making the right financial decisions. Key Principles We appreciate your trust. Our aim is to provide our 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 that the information you're reading is true. We keep a barrier between our advertisers and our editorial team. Our editorial team doesn't receive direct compensation by our advertising partners. Editorial Independence Bankrate's team of editors writes for YOU the reader. Our goal is to provide you the best advice to help you make smart financial decisions for your personal finances. We adhere to strict guidelines in order to ensure that our editorial content is not influenced by advertisers. Our editorial team is not paid any compensation directly from advertisers and our content is fact-checked to ensure accuracy. Therefore whether you're reading an article or a review, you can trust that you're getting credible and dependable information. How we make money

You have money questions. Bankrate can help. Our experts have helped you understand your finances for more than four decades. We strive to continuously give consumers the professional guidance and the tools necessary 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 journalists create honest and accurate content that will help you make the right financial decisions. Our content produced by our editorial staff is objective, truthful, and not influenced from our advertising. We're honest regarding how we're in a position to provide quality information, competitive rates and helpful tools for you by explaining how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for placement of sponsored products and services or by you clicking on specific links on our site. So, this compensation can influence the manner, place and when products appear in listing categories in the event that they are not permitted by law for our mortgage or home equity, and other home lending products. Other elements, like our own rules for our website and whether a product is available within the area you reside in or is within your own personal credit score may also influence the way and place products are listed on this site. We strive to offer an array of offers, Bankrate does not include details about each credit or financial products or services. Purchasing a used car over an entirely new one is a good alternative for many drivers. As the rates within the U.S. soar to record high numbers, Americans are seeing its impacts at the grocery store checkout and at the . Also, with new vehicle costing close to $47,000 by the time 2022 begins, as per Kelley Blue Book this is the ideal time to save some money and purchase a used . A used car can save you money. Buying a second-hand car instead of buying a brand new one can make a huge difference in many ways. A used vehicle will cost less than the price on the sticker alone, however, that's not where the savings stop. Additionally, you'll be reaching to your wallet smaller than you would if you owned the brand new car in terms of costs, insurance and vehicle depreciation. The in the fourth quarter of 2022 the price for a used car is $526. Drivers purchasing a brand-new car pay $716, according to . Saving over $180 a month can add up quickly and you could save thousands by going for an older vehicle instead of a new one. While paying a lower purchase price for the same car model of a different year is the obvious motive to buy used cars There are other benefits as well. 5 advantages to buying used Not all used cars aren't identical. It is important to determine if a used car can be considered in decent or poor condition. With that in mind Here are five of the best advantages of buying a secondhand car. 1. Less vehicle depreciation Vehicle is an unavoidable reality of the road, but an used car has lower depreciation than a brand new vehicle. New cars generally depreciate around 20 percent after they've been removed from the dealership. The majority of cars also lose 10 percent of their value in the initial year. That's a loss in value of 30 percent during the first one-year period of ownership. The value of a used car decreases at a lower rate than a brand new one. This is because once you're driving of the vehicle, it will have already undergone its major depreciation. Brand new vehicles depreciate at when they leave the dealership, but a used vehicle is more depreciated so you'll be able to have higher stability for your loan-to-value ratio. 2. Lower insurance costs Insurance costs depend on your age, driving history as well as your the credit score of your,, and your location. In general -- as the vehicle will cost less -- insurance for a used car will be less expensive than the cost of a brand new car. One of the main factors in determining the is the value of the vehicle. Because it is less expensive than a more modern version, the cost of insurance will be lower. For coverage recommendations for your vehicle, if it is older , you might be able to think about liability in the event that your state permits it, and not add collision and comprehensive insurance if your vehicle is newer. But insurance rates are not always uniform, so to save money, make certain to research the estimated cost of your auto insurance before leaving the dealership. 3. Lower dealership fees Just as insurance rates differ by zip code, the expected costs associated with your used vehicle are not created identical across all 50 states. However, they are much less than those associated with a new vehicle because the cost for the car is lower in the first place. This is especially true of any sales tax you may have to pay. To prepare for the additional fees that come with used the state DMV site for details on the registration fee and title tax and documentation fees. 4. A lot more bang for your buck Making the most of your car purchase is another major benefit when you buy used cars. You can buy more car by buying second-hand rather than new. If you're set on a luxury vehicle but you're not able to afford this year's model. However, one that is 2 or 3 years old could better fit your budget. Also, it is important to take into consideration the fact that automakers are no longer redesigning their vehicles each year, which means that the technological and design differences could be less noticeable. Estimate the savings you could save and compare which best suits your needs with a . 5. More peace of mind In the past, using used vehicles was viewed as a risk and many people saw it as a danger however, the accessibility of car history reports has altered the landscape. The drivers now have access to information about the vehicle's ownership history, accident history and status on the title, mileage, and more. Before approving an used car, take advantage of websites such as Carfax or AutoCheck to review the history report of the car. Based on the car's vehicle identification number, also known as a VIN. The reports give an array of valuable information such as proof of mileage of the vehicle and whether it was ever declared a complete loss by an insurance company. A certified pre-owned vehicle is an option if you're worried about potential hidden problems in an older vehicle buying a certified pre-owned vehicle could be a great option for you. You'll still save money when you purchase an older car, but also gain additional confidence in the reliability of the car. Certified pre-owned -- also known as CPO -- programs vary from one manufacturer to the next. In essence, CPO cars are vehicles that meet a manufacturer's established standards and carry some form of warranty against defects, similar to a warranty for new cars. For this, you must check the inventory of the dealership for the CPO car you're looking for. Each dealership has its own lingo when it comes to pre-owned options so be sure to explore online before visiting the showroom. Most of these vehicles also include additional warranties, so check the warranty to know the scope of. Next steps Buying a used vehicle is an excellent option to drive without spending the same amount as you would for a brand new car. You will be met with lower depreciation costs and less on insurance and registration and still have assurance that your car is in good condition. When the time comes to finance a car that is used ensure that you check for the latest rates to ensure that you're getting the most favorable price available. This is what financing will bring. More SHARE with Leanr:

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 a car. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are enthusiastic about helping readers gain confidence to manage their finances with clear, well-researched information that breaks down complicated topics into digestible pieces.

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Related Articles Auto Loans 3 minutes read March 02 2023. Auto Loans Read 6 minutes Dec 01 2022 Auto Loans 5 minutes to read October 10, 2022. Loans 3 min read May 12 2022

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(image: https://s3-eu-west-1.amazonaws.com/static.anygator.com/static-anygator2/thumbs/uk/dd/ddc9d355c1c8249afe0f618c308bd7726fdbd9df/big.jpg)Common car refinancing mistakes to avoid Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by providing you with interactive financial calculators and tools that provide objective and unique content. We also allow you to conduct research and evaluate information for no cost and help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are advertised on this site are from companies who pay us. This compensation may impact how and where products are displayed on this site, including such things as 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 loans, mortgages,, and other home lending products. But this compensation does not influence the information we provide, or the reviews that you see on this site. We do not include the universe of companies or financial offerings that could be open to you. Tom Werner/Getty Images

3 min read Published February 24, 2023

Writer: Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ways and pitfalls of taking out loans to purchase an automobile. 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 the confidence to manage their finances with concise, well-researched and informative facts that break down complicated topics into bite-sized pieces. The Bankrate promise

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

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

In 1976, Bankrate was founded. Bankrate has a proven track experience of helping customers make wise financial decisions.

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

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who ensure everything we publish is objective, accurate and trustworthy. We have loans reporter and editor concentrate on the areas that consumers are concerned about most -- the various types of loans available and the most competitive rates, the best lenders, how to repay debt and many more -- so you can feel confident when making your decision to invest your money. Editorial integrity

Bankrate has a strict policy 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 content to assist you in making the right financial choices. Key Principles We value your trust. Our mission is to offer readers reliable and honest information. We have standards for editorial content in place to ensure that happens. Our editors and reporters rigorously check the accuracy of editorial content to ensure that what you read is accurate. We keep a barrier between advertisers as well as our editorial staff. Our editorial team does not receive compensation directly from our advertisers. Editorial Independence Bankrate's editorial team writes on behalf of YOU the reader. Our aim is to offer you the best advice to help you make smart financial decisions for your personal finances. We adhere to strict guidelines in order to make sure that the content we publish is not in any way influenced by advertising. Our editorial team is not paid direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So whether you're reading an article or a review it is safe to know that you're receiving reliable and dependable information. How we make money

If you have questions about money. Bankrate can help. Our experts have helped you understand your finances for more than four decades. We strive to continuously give consumers the professional guidance and the tools necessary to succeed throughout life's financial journey. Bankrate follows a strict policy, which means you can be confident that our content is honest and reliable. Our award-winning editors, reporters and editors create honest and accurate information to assist you in making the right financial decisions. The content created by our editorial staff is objective, factual and is not influenced from our advertising. We're transparent about the ways we're capable of bringing high-quality content, competitive rates, and useful 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 placement of sponsored products andservices or when you click on certain hyperlinks on our site. This compensation could affect the way, location and in what order products appear within listing categories and categories, unless it is prohibited by law. This is the case for our mortgage home equity, mortgage and other home lending products. Other factors, such as our own website rules and whether 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 site. While we strive to provide an array of offers, Bankrate does not include details about each credit or financial product or service. If you are having trouble paying your current loan payments, changing your current auto loan with a new one an excellent way to save money and keep driving your vehicle. However, there are a few common mistakes to avoid in order to ensure you don't end up in yet another precarious financial spot. Top 7 car refinancing mistakes Avoid these common traps when refinancing your vehicle loan. 1. Don't check the refinancing requirements. Lenders have specific requirements regarding refinancing. Be on the lookout for criteria around the vehicle's mileage, age and the amount left on the loan. For instance, lenders usually require at least six months' worth of payments for your loan and a remaining amount of $3,000-$5,000 to refinance. Tips from Bankrate

You can find refinancing requirements from banks' websites as well as Bankrate's .

2. Do not contact your current lender first . While your current lender might not have the lowest interest rates, it's the best place to begin. Before you look into refinancing options that aren't offered by the current lender it is advisable to approach them and discuss your situation with them and see if they could assist. Some lenders offer this, that alters the terms, the due date for payments or interest rate , to provide borrowers with financial relief. Bankrate tip

If you do go the process of refinancing your loan It is possible that they will offer more than an existing lender could.

3. The extension of the loan term too long The purpose of refinancing is to reduce costs, however should you extend the term of your loan excessively it could cost you more over the loan's lifetime. While it could mean lower monthly payments but you'll also be paying more interest. Tip from Bankrate

Before term adjustment, take advantage of auto refinances to ensure you save money.

4. Don't take into account your credit score As with most cases regarding loans, the credit score serves as the main determinant for approval. Therefore, you must improve your credit and prior to you refinance your loan. You'll be more likely to get the loan you want and get more money in the end. loan overall. A credit score of 670 or higher usually qualifies for borrowers with the best interest rates. Tips from Bankrate

Check your credit ahead of loan applications by using AnnualCreditReport.com.

5. Only shopping with only one lender Similar to when you are shopping for your first auto loan We suggest comparing at least three lenders. While deciding on the initial loan offer might be appealing, not all loans are all created equal. Ultimately, the lower your interest rate the lower your car payment. You want to ensure you're getting the best offer that is available. Tips for Bankrate

Compare the current rates offered by a range of lenders. Be aware of the conditions for approval, the repayment options and how it compares to your current loan.

6. Being upside down on your loan Prior to refinancing, you should determine where the equity of your car is by comparing it to a . Equity is the amount at which the value of your vehicle is greater than the amount you have to pay on the auto loan. If you are owed more than what your car is worth, or hold negative equity, refinancing is likely not a good idea. Bankrate tip

Do not refinance a car you're not able to pay for. Examine the areas where you might be in excess and calculate the expected costs prior to signing a new loan.

7. Giving up after your first rejection Auto loan refinancing requirements vary between lender to lender Therefore, the fact that you've been denied by one lender doesn't mean you'll be rejected by all. If you're asking, "Why can't I refinance my vehicle?" you have the right to inquire with the lender under the (ECOA). They must tell you why your application was denied. Bankrate tip

Understanding why you were denied will help improve your chances of being approved for the next time. For instance, if the credit rating of yours is low it is possible to work on improving it before you apply again.

The bottom line: While refinancing your vehicle loan could be risky, it is a great option to reduce the cost of your monthly payments and keep financing your vehicle. Be aware of these mistakes common to all in mind and stay up-to-date on the latest trends for you to be sure you leave with the most suitable loan to meet your needs.

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This article is written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ins and outs of securely borrowing money to buy a car. 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 take control of their finances with precise, well-researched and well-informed details that cut otherwise complicated topics into digestible pieces.

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Other Articles Related to Auto Loans 5 min read January 12 2023 Mortgages 6 minutes read Dec 12 2022 Auto Loans five minutes read November 16, 2022 Mortgages 4 min read September 23, 2019

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Can you refinance a car in someone else's name? 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 financial tools that provide objective and original content, by enabling users to conduct research and compare information for free - so that you can make informed 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 Earn Money The deals that are advertised on this site come from companies who pay us. This compensation can affect the way and when products are listed on this site, including such things as the sequence in which they appear in the listing categories, except where prohibited by law. Our mortgage, home equity and other home lending products. However, this compensation will not influence the information we provide, or the reviews that you read on this site. We do not cover the vast array of companies or financial deals that could be accessible to you.

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3 min read . Published February 06, 2023

Written by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the ways and pitfalls of taking out loans to purchase an automobile.

The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain confidence to take control of their finances with clear, well-researched information that dissects complex subjects into digestible pieces.

The Bankrate promise

More information

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

This post could contain references to products from our partners. Here's how we make money .

The Bankrate promise

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

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

process and giving people confidence about what actions to take next. Bankrate follows a strict ,

You can rest assured you can trust us to put your needs first. All of our content is written by and edited by

They ensure that what we write ensures that everything we publish is accurate, objective and reliable. Our loans reporters and editors concentrate on the things that consumers care about the most -- different types of lending options and the most competitive rates, the top lenders, the best ways to repay debt, and more -- so you can feel confident when making your investment.

Integrity in editing

Bankrate follows a strict , so you can trust that we'll put your needs first. Our award-winning editors, reporters and editors produce honest and reliable information to help you make the right financial choices. The key principles We respect your confidence. Our aim is to provide readers with accurate and unbiased information. We have editorial standards in place to ensure that happens. Our editors and reporters rigorously check the accuracy of editorial content to ensure the information you're reading is true. We maintain a firewall between advertisers as well as our editorial staff. Our editorial team does not receive compensation directly from our advertisers. Editorial Independence Bankrate's editorial staff writes in the name of YOU the reader. Our aim is to offer you the best advice that will assist you in making smart financial choices for your own personal finance. We adhere to strict guidelines to ensure that our editorial content is not affected by advertisements. Our editorial team receives no directly from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you're reading an article or a review, you can be sure that you're getting reliable and dependable information.

How can we earn 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 give our customers the right 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 reliable. Our award-winning editors, reporters and editors produce honest and reliable content to help you make the right financial decisions. The content created by our editorial team is objective, truthful and uninfluenced from our advertising. We're transparent regarding how we're in a position to provide quality content, competitive rates, and useful tools to our customers by explaining how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods and, services, or through you clicking specific links on our site. Therefore, this compensation may influence the manner, place and in what order items appear in listing categories and categories, unless it is prohibited by law. This is the case for our mortgage or home equity products, as well as other home lending products. Other factors, such as our own proprietary website rules and whether a product is available within your area or at your own personal credit score could also affect how and where products appear on this site. We strive to provide an array of offers, Bankrate does not include details about every financial or credit product or service.

If you've found that your car's payments are high and you are tempted to get rid of the loan completely and instead have someone else take responsibility. This isn't an easy task and can't be done by just the vehicle that has a new owner instead of you. You should consider alternative ways to dispose of the vehicle. Important takeaway

It is technically possible to refinance a car in the name of someone else, but it's a lengthy process that requires refinancing twice, and could not be successful. Selling the car is typically an option that is more beneficial.

How do you transfer a car loan to someone else In order to transfer the car loan to someone else, you also need to transfer the vehicle in itself, which legally considered selling the car. Here are two options to transfer ownership of the vehicle to another person. Sell the vehicle If you are looking to transfer vehicle ownership but have not yet completed the repayment of the loan, you have a lien on the vehicle. This means that the lender has a legal right over the vehicle until it's paid off or transferred to another person. In this case the most efficient way to sell it is through a dealership, but you may also sell the vehicle privately. If you are selling privately, you must prepare the title of the vehicle yourself. Bankrate insight

Selling your car is the best choice if you are looking to transfer the car loan to another.

Refinance the vehicle twice If you're planning to refinance the vehicle into someone else's name, you will have to follow two steps. First, refinance the car using the help of . Refinance it again to eliminate yourself from the loan. The first step is to make an application for loan along with the co-borrower. Then, sign off with new equal responsibilities. Then, you'll refinance the loan once again, but this time take your name off the loan. Be aware that this could be ineffective and not recommended. Remember that lenders have set their own rules . If the loan is not a new one and not yet approved, the lender will likely not approve this particular step. Also note that while there's no limit to the amount of loans you can take , repeating the process in rapid succession can ding your score on credit. There are also loan origination and title transfer fees. Other ways to save on your auto loan Here are more practical options if you want to save money on the current loan or even get rid of your car. Request a modification To discuss the possibility, you'll have to speak to your existing lender. Typically, modifications are offered as an option that benefits both the borrower and the lender. The borrower will still have access to the car and the lender will not be required to cover the cost of repossessing the car. Find out information about your financial situation and prepare to present arguments for why your loan must be altered. It's not good enough to claim that you need it adjusted. It is essential to demonstrate that you can keep paying the bills once the adjustments are completed. Transfer your car to a different owner if the issue is related to the ability to afford your current loan payment and refinancing is no option for you, can be a great idea. If you can find an affordable car that is still able to meet your needs and that is the same or less than what you're currently paying, then you'll be able to pay off of your current loan and drive away with a more affordable monthly cost. Refinance your loan on your own. Refinancing on your own is the best option if you want to hold on to your current vehicle while . If you are considering the current loan and the amount you are able to afford, it is wise to seek loan prequalification and shop around for various alternatives. Credit unions, banks as well as online lending institutions are the best available when you are looking to get started . Next steps It is not simple to refinance your car in the name of another person -- and sometimes it's not even possible. If you're thinking of giving your vehicle and loan to someone else, they need to undergo the typical buying and financing process. Another option is to refinance the auto loan twice in order to add an owner new to the loan and remove yourself. Alternate your loan when you decide to keep the car.

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Authored by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ins and outs of securely borrowing money to purchase a car.

Editor: 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 confidence to take control of their finances through providing precise, well-studied facts that break down complex subjects into digestible pieces.

Auto loans editor

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Is buying a luxury car worth the price? 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 financial calculators and interactive tools, publishing original and objective content. We also allow you to conduct your own research and analyze data for free and help you make financial decisions with confidence. Bankrate has agreements with issuers, including 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 are from companies who pay us. This compensation could affect how and where products appear on this site, including, for example, 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 have no impact on the information we provide, or the reviews that appear on this website. We do not cover the universe of companies or financial deals that might be accessible to you. SHARE Peter Cade/Getty Images

4 minutes read Read Published March 02, 2023.

Authored by Dan Miller Written by Points and Miles Expert Contributor Dan Miller is a former contributor to Bankrate. Dan wrote about loans, home equity and the management of debt in his work. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to manage their finances with clear, well-researched information that breaks down otherwise complex subjects into digestible pieces. The Bankrate guarantee

More information

At Bankrate we strive to help you make smarter 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 proven track record of helping people make wise financial decisions.

We've earned this name for over four decades by demystifying the financial decision-making

process and giving people confidence in which actions to take next. process that is a strict ,

So you can be sure that we're putting your interests first. All of our content is authored by and edited by ,

who ensure everything we publish is objective, accurate and reliable. We have loans reporters and editors are focused on the areas that consumers are concerned about most -- different types of lending options and the most competitive rates, the best lenders, ways to repay debt, and much more. So you can feel confident when making your decision to invest your money. Editorial integrity

Bankrate has a strict policy standard of conduct, which means you can be confident that we're putting your interests first. Our award-winning editors and journalists provide honest and trustworthy content that will help you make the right financial choices. Our main principles are that we respect your confidence. Our mission is to provide readers with truthful and impartial information. We have established editorial standards to ensure this happens. Our reporters and editors thoroughly verify the truthfulness of content in order to make sure that what you read is true. We have a strict separation between our advertisers and our editorial team. Our editorial team doesn't receive direct compensation through our sponsors. Editorial Independence Bankrate's editorial team writes on behalf of YOU as the reader. Our aim is to provide you the most accurate advice to assist you in making smart financial decisions for your personal finances. We adhere to strict guidelines in order to make sure that the content we publish is not in any way influenced by advertising. Our editorial team is not paid direct compensation from advertisers, and our content is verified to guarantee its accuracy. So when you read an article or a report, you can trust that you're getting credible and dependable information. How we earn money

There are money-related questions. Bankrate has the answers. Our experts have helped you understand your finances for more than four years. We continually strive to provide our readers with the professional advice and tools needed to be successful throughout their financial journey. Bankrate adheres to a strict code of conduct , so you can trust that our content is honest and accurate. Our award-winning editors, reporters and editors create honest and accurate content that will help you make the best financial decisions. The content created by our editorial team is objective, truthful and is not influenced from our advertising. We're transparent regarding how we're capable of bringing high-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 are compensated for the placement of sponsored products and services or when you click on certain hyperlinks on our site. Therefore, this compensation may influence the manner, place 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, such as our own proprietary website rules and whether the product is offered in your region or within your personal credit score may also influence how and where products appear on this website. While we strive to provide the most diverse selection of products, Bankrate does not include the details of every financial or credit product or service. If you're in the market to buy a new car or you might be considering if purchasing a luxurious car is worth the cost. Because there's no minimum cost or number of features that define the car"luxury car, "luxury vehicle," you will have numerous options. How do you determine if a luxury car is right for you There are a couple of aspects you'll need to consider when shopping for the right car for your needs. Are the features better? If the car's performance is especially important to you, then you will want to pay close attention to the car's performance ratings. Using them, you can assess factors such as acceleration, handling and braking power. While this may not be the case all the time that some premium car brands boast better performance. Bankrate tip

Look up ratings from third-party sources such as J.D. Power or Kelley Blue Book to see whether the handling is worth the price. Cars that aren't as expensive can be a pleasure to drive.

Do the safety ratings surpass those of other brands? Another factor to consider when considering a luxurious car is the maker's safety ratings. These cars are known for being made of better parts and manufacturing standards. That can often translate into higher safety ratings for side or front collision, roof strength and features for avoiding crashes like headlight brightness or safety systems to prevent crashes, as well as other factors that affect rating. It is the Insurance Institute for Highway Safety (IIHS) is an independent third-party organization that is aimed at reducing deaths, injuries and property damages caused by collisions with motor vehicles. The IIHS gives ratings to most new vehicles in various safety-related categories each year. When comparing luxury car models or models IIHS ratings for safety is a different standard to compare against non-luxury models. Bankrate tip

Before you sign off on an expensive vehicle, think for the most secure options under $25,500.

Are there features that are available in a car that is not luxurious? From leather seats to sunroofs Comparing different brands or models means the comparison of a myriad of features. What is important to you might not line up completely with the standard package options of a specific type of vehicle. Consider putting in writing specifically what features mean the most to you this will assist you when you search for the right car . Some higher-end features that many buyers are seeking when they are considering a luxurious car include a top-end entertainment system as well as heated or massaging seats, or even smartphones that integrate. It is crucial to determine what is important to you will allow you to keep your emotions in check when you are going on a car shopping. Bankrate tip

Be aware that the advancements in cars continue to advance. And more than that, today's luxury car features tend to become tomorrow's standard features.

Is the investment worth the cost? Although there's no set minimum price point that determines what constitutes a luxurious car, a luxury car will command a price premium when compared to other cars. They are generally depreciating assets which means that their value declines with time. Also, consider that it's normal for the maintenance of luxury cars to be higher than the maintenance of cars that aren't as luxurious. Repairs, parts, labor and like will generally be more expensive. Plan for increased ongoing costs as well as the cost of the purchase. Tip for Bankrate

Make use of this opportunity estimate of how much your luxury car will cost each month.

What is the difference between a fully loaded vehicle differs from one that is a luxury model? Luxury cars don't have a specific definition. What is thought of as a luxurious car is contingent on the manufacturer of the vehicle. Brands such as Lexus, BMW, Mercedes or Jaguar are considered "luxury" in many people's minds. And while it's true that cars from these companies come with top-of-the-line options, you're paying a little to get the prestige associated with the name. Instead of choosing a high-end brand, consider purchasing a standard car. Even a basic car such as the Honda Civic has many different trim options. Although the base package comes with standard features, pricier trims include a variety of higher-end features you might think are exclusive to luxury cars. Think about what types of features you are interested in and make your decision based on this. Luxury vehicles depreciate at a faster rate All vehicles depreciate the moment that you exit the dealership lot. But luxury vehicles depreciate more quickly than middle-tier competitors. Depreciation that is faster means you're likely to not get the amount you paid on the car when it's time to sell it. Take note of the following factors that can lead to a more rapid depreciation. More on the market. Luxury drivers typically purchase new cars every couple of years. This means that the number of vehicles available can sometimes be greater than the number of buyers. Some models are outdated. Those doling out the extra cash for a luxury car tend to want to have all of the bells and bells. Therefore, a model that is older will not receive the high cost that you initially purchased it for. As models become outdated much faster. Maintenance for your vehicle. Trips for a body repair are likely to be more expensive for the latest or foreign models, negatively impacting the value of the vehicle's resale. If you're looking for luxury with no excessive depreciation, think about buying a car that is instead of brand new. That way, you can enter the luxury space without the burden of money lost. Finance a luxury vehicle based on the type of luxury vehicle you purchase You may be able to finance it the same way as you finance any other brand new car. But if your new luxury vehicle is greater than what traditional auto lenders will loan to you, you may need to think outside the box. Talk to the dealer. Car dealers with luxury cars may offer you can take advantage of. Consider making a bigger deposit. If you're having difficulty getting an auto loan for the full amount of your purchase, you might need to . Arrange your own financing. You may be able to finance your luxury car using a personal loan or home equity loan. Look into a luxury car lease. If you're looking for a new car, but aren't sure you want to buy then you could consider leasing a new model. The truth is that a fully loaded car or the luxury vehicle are two options that are viable, and no one solution is right for everyone. Look at the different options that come with the vehicles you're interested in and ask yourself whether you're paying for the brand name that's on the car. That can help you decide which option is best for your needs.

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The article was written by Points and Miles Expert Contributor Dan Miller is a former contributor to Bankrate. Dan was a writer for Bankrate who covered loans, home equity , and debt management in his writing. 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 passionate about helping readers gain confidence to control their finances through providing precise, well-studied information that breaks down complicated topics into digestible chunks.

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Lendingclub

LendingClub: 2023 Auto loan review published 2023-01-01 at 00:00:00

Authored by Emma Woodward Written by Contributing writer

Emma Woodward is a former contributor for Bankrate and a freelance writer who enjoys writing to help people understand personal finance topics. Emma has contributed to businesses and publications such as Finch, Toast, JBD Clothiers and The Financial Diet.

The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to take control of their finances with precise, well-studied information that breaks down otherwise complex topics into manageable bites.

Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content. This allows you to conduct research and compare data for free - 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 Earn Money The deals that are displayed on this site come from companies that pay us. This compensation can affect the way and where products are displayed on the site, such as for instance, the sequence in which they appear within the listing categories and other categories, unless prohibited by law. This applies to our mortgage, home equity and other home loan products. This compensation, however, does not influence the content we publish or the reviews that you see on this site. We do not cover the vast array of companies or financial deals that may be available to you.

Reviewer's disclosures The reviews are written by staff. The opinions expressed are only those of the reviewer , and are not checked or approved by any advertiser. The information, including rates and fees provided in the review is accurate at the time that the review was written. Check the data in the upper right hand corner of the page, and the lender's website to find the most recent information.

At a look 3.8 Rating: 3.8 stars out of 5

Bankrate Score

Rating of Availability: 3.5 stars out of 5

Affordability Rating: 3.6 stars out of five

Customers Experience Score: 4.4 stars out of five

Transparency Rating 5 stars out of 5

Find out about rates for auto loan rates

About LendingClub's Loan amount of $4,000-$55,000 $55,000

Min. credit score of 600

APR from 2.99 percent to 24.99%

Funds available in Typically within 2 days

Pros and cons of LendingClub auto loans The fact is that not every auto loan qualifies for a refinance using LendingClub If your credit isn't strong then it might not be the best choice.

PROS No origination fees

Apply online and receive an instant offer

CONS High maximum APR

Not all vehicles are available.

Vehicle and state restrictions

You may have heard of LendingClub to be a peer-to peer (P2P) lending source for personal loans However, it could assist you with auto loan refinancing. LendingClub offers a non-traditional method to financing. Instead of private financing as a traditional bank, LendingClub features a streamlined online application process that connects lenders to individual customers to assist with various funding requirements.

Do you qualify? LendingClub has a few requirements for auto loan refinances. The applicant must be 18 years old with a vehicle that meets the following basic requirements: Vehicle must not be more than 10 years old. Vehicle must have 120,000 miles or less Remaining auto loan total must amount to between $4,000 and $55,000. The existing automobile loan must be at the least one month old. Existing auto loan must be at least 24 months remaining. The vehicle must be registered and titled in the state in which you currently reside. residence.

Ineligible vehicles Aston Martin Chevrolet Express G-Series Van Cross Lander Daewoo Ferrari Hummer Isuzu Lamborghini Maserati Mercury Nissan Leaf Oldsmobile Pontiac Saab Saturn Suzuki Volkswagen Diesel

What we like and what we do not like about LendingClub makes it easy to assess your credit score and choose a loan that is suitable for your needs however, some restrictions apply that may make you ineligible to refinance your auto. We like the fact that there are no origination charges. A lot of lenders charge high loan origination charges -- which will cover the costs of processing an initial loan application -- but LendingClub doesn't charge any charges for automobile loan refinance. Apply online and receive an instant quote. Applying for an LendingClub car loan refinance is straightforward and you'll get an offer with rates that are available to you in just some minutes. What we do not like is the high maximum APR. If your credit score isn't in top shape, you could be stuck with an 24.99 percent APR. Not available for all cars. If you have a car that is older than 10 years, you won't qualify for an loan refinance through LendingClub. The car must also not have more than 120,000 miles and be not among the prohibited models or models. Vehicle state registration restrictions. Refinancing is not available for consumers in Alaska, District of Columbia, Hawaii, Maine, New Hampshire, North Dakota, Vermont, West Virginia and Wyoming. Contact LendingClub LendingClub offers a few options to help with your auto loan refinance queries. You can visit its Help page to determine the answer to your question. If not, you may get in touch by phone or via email. The customer service line is open between 5 a.m. between 5 p.m. on Monday through Friday and 7 a.m. until 5 p.m. PT on Saturday.

Auto loan types available LendingClub offers lending via P2P for a wide range of loan kinds. In the case of auto loans the company only provides loan refinancing at low rates. The average borrower saves $86 per month on their monthly payments as per the website. LendingClub doesn't offer auto loans to aid in the purchase of a new automobile at this moment.

How to apply for a loan with LendingClub Applying through LendingClub starts on its website. On the site, you'll need to enter some personal info, like your complete name, address and income. In addition, you'll need to provide information about the current auto loan which includes details about the VIN (vehicle identification number) the year, year, make, model, color and the trim level. If you're qualified for an auto loan, you'll need to submit the required documents to confirm the information that you have included in your loan application and receive an official loan approval.

Required application information Driving license, registration of vehicle proof of insurance Documents that confirm the income of the applicant, such as the pay stub

LendingClub FAQs

Are you able to get preapproved for an loan using LendingClub? You can find out your rate within minutes, without impacting your score on credit. However, if you decide to go ahead through the loan inquiry, you will be subject to a hard inquiry into your credit will be made.

Does LendingClub have any credit score requirements? LendingClub doesn't provide the minimum credit score requirements in auto refinancing. However, the lowest rates are usually offered to those with good or excellent credit scores.

How Bankrate rates LendingClub

Overall score

3.8

Availability

3.5

LendingClub has the following list of manufacturers and a few models that aren't eligible for refinancing, and has restrictions on mileage and age. It also doesn't provide loans for borrowers whose vehicles are registered in 15 states.

Affordability

3.6

The absence of an origination fee is a major advantage for LendingClub, however its high APR maximum as well as the stringent eligibility requirements and lack of discount for autopay put it down to middle of the pack.

Customer experience

4.4

LendingClub has an app, online access with a quick funding time and customer service that is available 24 hours a day, seven every day of the week.

Transparency

5

Rates and charges are freely available on LendingClub's website and allows the prequalification of applicants.

Methodology Bankrate considers 18 data points when deciding on the top auto loans. Acceptance criteria, whether the rates or fees offered and APR range all influence lender scores. These scores are split in four different categories. Availability : Loan amounts as well as repayment options, dealer requirements, and availability in the state all play a role in this category. Affordability: This section houses APR ranges, acceptance criteria, discounts and fees. Customer experience: How long you have to shop for, the customer service hours, whether there's an app and autopay availability are accounted for in this section. Transparency: This category is responsible for the accessibility of rates and fees and whether or not prequalification is offered.

Editorial disclosure The reviews are written by Bankrate.com staff. The opinions expressed in the review are only those of the reviewer and have not been reviewed or accepted by any advertising company. The information such as rates and charges provided in the review is accurate as of the date of the review. Check the data at the top of this page and the lender's website for the most current information.

Written by

Emma Woodward

Contributing to the writing

Emma Woodward is a former contributor to Bankrate and a freelance writer who enjoys writing articles that help to simplify personal finance topics. Emma has contributed to businesses and publications like Finch, Toast, JBD Clothiers and The Financial Diet.

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 the confidence to manage their finances by providing precise, well-studied information that break down complex subjects into bite-sized pieces.

Auto loans editor

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How the Fed affects auto loan rates Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by offering you interactive tools and financial calculators, publishing original and objective content. We also allow you to conduct your own research and compare data for free and help you 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 displayed on this site are from companies that compensate us. This compensation could affect how and where products are displayed on this website, for example for instance, the order in which they appear within the listing categories and other categories, unless prohibited by law. This applies to our mortgage home equity, mortgage and other home lending products. But this compensation does have no impact on the information we provide, or the reviews appear on this website. We do not cover the entire universe of businesses or financial deals that might be accessible to you. SHARE: Adam Parent/Shutterstock

3 min read Published February 1, 2023

Authored by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the ways and pitfalls of taking out loans to buy a car. Written by Chelsea Wing Edited by student loans editor Chelsea has been with Bankrate since the beginning of 2020. She is invested in helping students navigate the daunting cost of college as well as dissecting the complexity of student loans. The Bankrate promise

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They ensure that what we write will ensure that our content is reliable, honest and reliable. We have loans journalists and editors are focused on the areas that consumers are concerned about most -- the different types of lending options, the best rates, the most reliable lenders, the best ways to repay debt and many more. This means you're able to be confident about investing your money. Editorial integrity

Bankrate has a strict policy and rigorous policy, so you can rest assured that we'll put your needs first. Our award-winning editors and reporters produce honest and reliable content to aid you in making the best financial choices. Our main principles are that we respect your confidence. Our goal is to offer readers truthful and impartial information, and we have standards for editorial content in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure that the information you're reading is accurate. We keep a barrier with our advertising partners and the editorial team. Our editorial team doesn't receive direct compensation from our advertisers. Editorial Independence Bankrate's editorial staff writes in the name of YOU the reader. Our aim is to offer you the best advice to aid you in making informed financial decisions for your personal finances. We adhere to strict guidelines for ensuring that editorial content isn't influenced by advertisers. Our editorial team receives no any compensation directly from advertisers and all of our content is verified to guarantee its accuracy. Therefore whether you're reading an article or a review, you can trust that you're receiving reliable and reliable information. What we do to earn money

You have money questions. Bankrate can help. Our experts have been helping you manage your money for more than four decades. We strive to continuously give consumers the professional guidance and the tools necessary to succeed throughout life's financial journey. Bankrate follows a strict policy, therefore you can be confident that our content is honest and accurate. Our award-winning editors, reporters and editors provide honest and trustworthy information to assist you in making the best financial decisions. Our content produced by our editorial staff is factual, objective and uninfluenced through our sponsors. We're honest regarding how we're able to bring quality content, competitive rates, and useful tools for our customers by revealing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products and, services, or when you click on 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 loan products, such as mortgages and home equity, and other home lending products. Other factors, like our own rules for our website and whether the product is available in your area or at your self-selected credit score range could also affect the way and place products are listed on this site. Although we try to provide a wide range offers, Bankrate does not include specific information on every financial or credit product or service. The Federal Reserve is a complex component of the American economic system. At what's typically eight times per year The Fed determines how much it costs to borrow money. Its primary task is setting a benchmark interest rate for consumer loans that are short-term, which private lenders use to set their rates. If the Fed increases its federal fund rate during the time of one of its meeting -like they did in the most recent December meeting -you could be expected to pay more for a personal or auto loan. How do Fed rates affect auto loans The auto loan rates are determined by the time of year and the kind of car, the borrower's credit score and other factors. However, the Fed sets the on which auto loan lenders . The decisions made members of the Fed meetings are not the rates that consumers will be offered; rather, they impact the cost for banks to lend to one another. Due to this, lenders and banks could alter the rates they offer to consumers if rates for federal funding fluctuates. When the Fed raises interest rates, auto loan rates could rise as well, or vice versa. February 2023 Fed rate increase in response to the disruptions in the economy caused by the pandemic, the central bank aims to control inflation through the introduction of a rate increase. The updated goal range for the federal funds rate is fixed to 4.5-4.75 percentage as of February. 1, 2023. This number does not control car rates in any way. Instead, it is linked to prime rates. Simply, this steep rate hike means that car financing might be more expensive. However, lenders have the power to determine the amount charged to customers based on their credit record. However, Sarah Foster, senior U.S economic reporter at Bankrate, notes that right now it is just costly to buy car regardless of this rate increase. "The Federal Reserve raising interest rates for the year is just one of many factors likely cause buying cars more costly." The combination of the chip shortage and the pandemic caused sky-high prices for new and used vehicles through 2021 and into 2022. But this rate hike isn't all bad for drivers, Foster says, "If you're hoping for some hope the higher rates might be beneficial for those who are thinking of buying a car, particularly when it makes demand even out with supply. The easing of the pandemic can also boost production. This means that the prices of vehicles in 2022 may come down, even though rates are expected to rise." The reason Fed meetings are so important Fed meetings are crucial because they permit anyone to have a transparent look into the economy -- more specifically, how interest rates fluctuate and are likely to change. If the Fed announces it is raising prices, it could expect to encounter more expensive loans or see a rise on any variable rate loans that you already have. Check out to see how the FOMC will affect your finances and you. How to prepare for the possibility of future Fed rate changes Preparation is the most effective way to save money. For the best preparation be aware of the and how shifting rates could affect your budget. In the case of federal funds and automobile loan rates aren't the same but there's an effect of dominoes that affects the lenders, which in turn influences the rates you pay. Even though the current federal funds rate determines the general range for auto loan rates, your credit score still serves as the primary factor in determining how much you'll pay. In order to get a loan with the most favorable terms, you must have a credit score of generally 660 or above, and good credit history. The Federal Funds rate is out of your control, however you can prepare yourself for the possibility of financing your vehicle in the future. What next steps should you take after the Fed adjusts rates, available auto loan rates may change too. Even though the Fed's decision will affect the rate of your auto loan however, the rate you will receive is primarily dependent on your credit history. No matter how the federal funds rate is changing, you can benefit from the by working to improve your credit score and finances. It is also important to stay up-to-date on the current loan rates before applying for an auto loan. Learn more

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Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in understanding the details of taking out loans to purchase a car. Written by Chelsea Wing Edited by Student loans editor Chelsea has been with Bankrate since the beginning of 2020. She is invested in helping students manage the steep cost of college as well as simplifying the complex world of student loans.

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Related articles Loans 4 minutes read February 01, 2023 Auto Loans five minutes read Feb 01, 2023 Automobile Loans 3 minutes read Dec 19, 2022. Auto Loans 3 min read Aug 10 2022

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How to buy a certified pre-owned car 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 tools that provide objective and original content. This allows you to conduct research and compare information for free to help you make sound 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 products that are advertised on this site are from companies that compensate us. This compensation can affect the way and when products are featured on the site, such as such things as the order in which they may appear in the listing categories in the event that they are not permitted by law. This applies to our mortgage or home equity products, as well as other products for home loans. But this compensation does have no impact on the information we provide, or the reviews you see on this site. We do not cover the vast array of companies or financial deals that could be available to you.

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Certified pre-owned vehicles are an excellent choice for anyone who is looking for an affordable car that doesn't come with the new car price tag. They offer a variety of benefits, including and lower overall costs. To find a quality certified pre-owned car, you only need to follow some steps. Three steps to buy a certified used car pre-owned cars are generally offered at a lower markup than new vehicles. They may also come with factory-backed warranties as well as the assurance that a trusted dealer can provide. Step 1: Do your research . You'll want to have an idea of what you require from a car before you even begin shopping. Pick out a vehicle that will meet your needs and . You can do this by researching the prices and key characteristics, such as whether the vehicles come with a backup camera or thermostats for the seats along with their size, and many more. Step 2: Shop for it There are numerous sites to locate certified used cars, but inventory might be limited in the present market. Once you've narrowed your options, it's time to shop. You can shop , at brick and mortar dealerships, or a combination of the two. Check out all the choices available and then compare the services they provide. Step 3: Check its certification Certified pre-owned vehicles could come with a history report. The report will provide complete details about the life of the car and any prior incidents, damages or mechanical issues. Where can you buy a certified pre-owned car Certified used vehicles are available at various dealerships. Franchise dealerships. If you have a certain model you want to drive, take a look at car dealerships owned by specific auto brands. Rentals. Dealerships specializing in former rental vehicles, like Hertz or Enterprise can be a good option to shop for CPO vehicles. But rentals may be subject to more stress than the typical used car. Online dealerships. The internet serves as a great CPO shopping spot. Visit sites such as Edmunds, Kelley Blue Book and TrueCar. Pre-owned car dealerships. You can also find certified pre-owned cars. The benefits of buying certified pre-owned There are a number of benefits to buying certified used vehicles. Extended warranty A certified pre-owned vehicle might be covered by the benefit of a warranty that provides protection for an extended period. The warranty will likely include a limited powertrain warranty that covers the transmission, engine and drivetrain components, as well as a limited bumper-to bumper warranty for parts of the body and interior. Bankrate advice: Examine to find out how long the warranty on your vehicle is valid for and ask for warranty exclusions. Check for an inventory of the components which aren't covered -- like tires -- under the CPO warranty. If the vehicle has electronic components that need lots of components, such as wear sensors for tires and brakes, ask the dealer if the warranty will cover replacements. A better value Another advantage of purchasing certified pre-owned vehicles is that it will generally lower the total cost of the vehicle. This is due to the fact that the vehicle is inspected by the dealer and comes with some kind of warranty. Both of these could result in a lower price . It's not necessary to worry about the possibility of future repairs or mechanical issues like you would with a second-hand vehicle that's not certified. This allows you to concentrate more on the car itself, and less on the possible issues that may be hidden. Exchange programs Depending on the dealer and the manufacturer, you may be able to return your car within a specified period of time in case it doesn't meet your expectations. This isn't available for all CPO vehicles though, so check with the dealer before signing up if you'd like this benefit. What to be aware of If you're planning on purchasing an auto, you must be ready to wait in order to secure the best vehicle. Be patient. Used cars are in high demand in the present. It may take some time to locate the ideal car, so keep searching and search for . Be sure to research the car. Make sure the vehicle you're looking at has the features you are looking for and then compare the prices to similar cars in your local area. You can also compare cars and locate for local dealerships online. Check it out. Having your vehicle inspected by a mechanic before purchase is one of the best ways to ensure you are getting a quality vehicle, even if it's a CPO. You can also check the vehicle's history with the help of the number of the vehicle identification number (VIN). Test drive the car when you take the vehicle for a test drive, notice how it handles and note if there is anything that seems out of place, like unusual knocking noises or whining. Request a test drive at night, if possible, to get a feel for how the headlights work. Be aware that, as you are buying a second-hand vehicle, you'll have greater bargaining power. Next steps Deciding to purchase used cars that are certified requires some research and planning However, with a little patience, you could find an excellent car at the best cost. When you have found the perfect vehicle, make sure you make sure you qualify for financing before you make the purchase. Coming in with a is a way to give you more space to .

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This article was written with the help of automation technology, and then verified and edited by an editor from our editorial staff.

Edited 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 manage their finances with clear, well-researched information that breaks down otherwise complex subjects into digestible pieces.

Auto loans editor

Reviewed by Mark Kantrowtiz Reviewed by Nationally acknowledged student financial aid expert

Mark Kantrowitz is an expert on student financial aid including the FAFSA and scholarships, 529 plans, education tax benefits and student loans.

Nationally acknowledged expert in student financial aid

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