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2022 guide to Memorial Day car sales Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by offering you interactive tools and financial calculators, publishing original and objective content. This allows you to conduct research and analyze information for no cost and help you 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 products that are featured on this website are provided by companies that compensate us. This compensation can affect the way and when products are featured on this website, for example for instance, the sequence in which they appear within the listing categories, except where prohibited by law for our mortgage and home equity products, as well as other home lending products. However, this compensation will have no impact on the information we publish, or the reviews you read on this site. We do not include the vast array of companies or financial deals that could be available to you.

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3 min read Published April 7, 2022.

Written by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ways and pitfalls of borrowing money to purchase the car they want.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain the confidence to manage their finances with precise, well-researched and detailed data that can break otherwise complex topics into manageable bites.

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

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

The Bankrate promise

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

We've maintained our reputation for more than 40 years by demystifying the financial decision-making

process, and giving people confidence in the decisions they will take next. Bankrate follows a strict ,

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

We make sure that everything we publish is objective, accurate and reliable. Our loans reporters and editors focus on the things that consumers are most concerned about the most -- the various types of loans available and the most competitive rates, the best lenders, how to repay debt, and more -- so you can feel confident when making your investment.

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Bankrate follows a strict , so you can trust that we'll put your needs first. Our award-winning editors and journalists produce honest and reliable content that will aid you in making the best financial choices. Key Principles We appreciate your trust. Our mission is to provide our readers with accurate and unbiased information. We have editorial standards in place to ensure that this happens. Our editors and reporters thoroughly check the accuracy of editorial content to ensure that the information you're reading is true. We have a strict separation between our advertisers and our editorial team. Our editorial team doesn't receive direct compensation by our advertising partners. Editorial Independence Bankrate's editorial team writes on behalf of YOU the reader. Our aim is to provide you the best advice to help you make smart personal finance decisions. We adhere to strict guidelines for ensuring that editorial content isn't influenced by advertisers. Our editorial team is not paid directly from advertisers, and our content is thoroughly checked for accuracy to ensure its truthfulness. Therefore, whether you're looking at an article or review, you can trust that you're receiving trustworthy and dependable information.

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If you've been browsing through channels in recent times, you've probably seen ads for Memorial Day sales at car dealerships. While Memorial Day weekend is known for steep vehicle discounts however this year's sales requires a bit more thought. The average used vehicle is around $28,000, and the average for a new car is even higher at nearly $47,000 . However, the high cost of a car partly due to the fact that it's a bit expensive, doesn't mean a deal is out of the realm of possibility. Just prepare certain preparations prior to the time. This year's Memorial Day sales will be limited Historically, Memorial Day has been one of the best times to find a great car deal. However, this year's Memorial Day sales will leave drivers with less luck in making a purchase. Limited vehicle stock The industry isn't able to catch up with the demands of the consumer. Dealers are selling cars at lightning-fast speed due to the small quantity of vehicles available. a 1.5 million decline in the supply of vehicles for March as compared to 2021. Since factories stopped production, the lack of semiconductor chips directly led to fewer cars at the dealership. This led to a period of greater demand and a shortage supply. If you are shopping this Memorial Day weekend, you will likely still be met with less vehicle availability. There are fewer incentives with fewer vehicles available, dealers are likely not feeling as much pressure to sell their vehicles like they did in years ago. With the number of drivers desperate for cars, they're not as inclined to offer incentives such as cash back or rewards. In previous years the holiday weekend was filled with different incentives, but dealers will not really require for incentives to sell cars by 2022. J.D. Power reports that incentive spending per unit is expected to reach $1,044 -- down from $3,334 just one year earlier. A lower supply of vehicles also means more drivers vying for the same car. This will result in obtaining the dream car more of a challenge. Many buyers are willing to spend over the asking price in order to purchase the car they want before another driver will. This significantly alters the playing field and gives dealers the advantage when it comes to pricing. The median price for an used car is for around 28 percent higher than this time the year before. And with a finding that 42 % of consumers are willing to pay over the price of the vehicle, you're likely to be in the middle of a lot of competition. How can you get the best bargain despite the limitations are set on driving away with a new set of wheels following the coming Memorial Day weekend, there are a few guidelines to follow to secure the most value for money even with fewer vehicles available in the lot. Try a test drive prior to the weekend. One way to save time and ensure you're getting to and from the car dealership prior to the arrival of the competition will be there is by testing the car ahead of the time. This way you can arrive ready to purchase rather than feel you're being pressured to sign for a car that you're not completely sold on. To schedule a test drive, research the cars on the internet and contact your dealer to arrange an appointment ahead of time. Explore other ZIP codes Although the pandemic led to difficulties with supply of vehicles however, it also increased the change . Use this latest opportunity to determine whether there are cars available outside of your area. It's an identical process of an in-person purchase and you may save additional cash in the process. With some places offering cheaper prices, it may be worth your while to travel to a to look for your next vehicle. Be flexible with your vehicle choice With fewer vehicles lining showrooms, it could be the perfect opportunity to broaden your horizons when it comes to vehicle model, size and style. Many drivers are only focused on one particular type or make, so flexibility could mean getting a vehicle while others don't. Look into the most reliable cars while shopping. What next steps should you take when buying a car is a major financial investment. After weighing the various changes to this year's holiday weekend, consider if the car is worth the money and effort. If you're not making money buying something this Memorial Day weekend, and you can afford to wait, being patient may be a better bet. Take a break from the huge holiday shopping rush and wait for additional car inventory to become available. You could be greeted with shorter lines, more options and potentially lower rates.

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Authored by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the ways and pitfalls of using loans to buy an automobile.

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

Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to take control of their finances with concise, well-studied facts that break down otherwise complicated topics into bite-sized pieces.

Auto loans editor

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How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the placement of sponsored products and services or by you clicking on certain links posted on our site. Therefore, this compensation may influence the manner, place and when products appear in listing categories, with the exception of those the law prohibits it for our mortgage, home equity, and other home loan products. Other factors, such as our own rules for our website and whether the product is available within the area you reside in or is within your own personal credit score could also affect how and where products appear on this site. Although we try to offer an array of offers, Bankrate does not include information about every credit or financial product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |

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Can I refinance a car loan when I have bad credit? Part Of Refinancing a Car Loan In this series Refinancing a Car Loan Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling users to conduct research and compare information for free to help you make sound financial decisions. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site come from companies who pay us. This compensation can affect the way and when products appear on the site, such as for instance, the order in which they appear in the listing categories and other categories, unless prohibited by law. Our mortgage or home equity products, as well as other home lending products. However, this compensation will affect the information we provide, or the reviews you read on this site. We do not contain the entire universe of businesses or financial offers that may be available to you. PeopleImages/Getty Images

4 min read Published 13 January 2023

Written by Allison Martin Written by Allison Martin's career began more than 10 years ago as a digital content strategist. She's been featured in numerous leading financial publications, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com. Editor: Rhys Subitch The editor is Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain confidence to control their finances with precise, well-researched, and well-researched data that breaks down complicated subjects into bite-sized pieces. The Bankrate guarantee

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

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

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

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who ensure everything we publish will ensure that our content is reliable, honest and reliable. The loans journalists and editors focus on the areas that consumers are concerned about the most -- the different types of lending options, the best rates, the most reliable lenders, the best ways to pay off debt and more -- so you'll be able to feel secure 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, reporters and editors provide honest and trustworthy content that will assist you in making the right financial choices. The key principles 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 happens. Our editors and reporters thoroughly check the accuracy of editorial content to ensure that what you read is correct. We maintain a firewall between advertisers as well as our editorial staff. Our editorial team doesn't receive compensation directly through our sponsors. Editorial Independence Bankrate's editorial staff writes in the name of YOU the reader. Our goal is to give you the most accurate advice to help you make wise financial choices for yourself. We follow strict guidelines to ensure that our editorial content is not affected by advertisements. Our editorial team is not paid directly from advertisers, and all of our content is checked for accuracy to ensure its truthfulness. Therefore when you read an article or reviewing you can be sure that you're getting reliable and dependable information. How we earn money

You have money questions. Bankrate can help. Our experts have been helping you manage your money for over four years. We are constantly striving to provide our readers with the professional guidance and the tools necessary to be successful throughout their financial journey. Bankrate adheres to strict standards standard of conduct, which means that you can be sure that our content is honest and precise. Our award-winning editors and journalists provide honest and trustworthy information to assist you in making the right financial choices. Our content produced by our editorial team is objective, factual, and not influenced through our sponsors. We're transparent about the ways we're in a position to provide quality content, competitive rates and useful tools for you , by describing how we earn 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. So, this compensation can impact how, where and in what order items appear within listing categories, except where prohibited by law. We also offer mortgage or home equity products, as well as other home lending products. Other factors, like our own rules for our website and whether a product is offered in your region or within your own personal credit score can also impact how and where products appear on this site. Although we try to offer a wide range offers, Bankrate does not include specific information on every credit or financial item or product. Are your car loan payment putting your budget? You might have thought about refinancing your loan in order to lower your monthly payments or maybe get a better interest rate. If your credit score is low, it may not be possible or even save your money. Instead, consider alternatives first. Can I refinance my car loan even if I have bad credit?

While yes, you can refinance the car loan even with bad credit it can put you in a financial precarious situation, so it's best to first consider alternatives like requesting loan modification or trading in your car.

Why you shouldn't refinance the car loan with bad credit Lenders start a new loan term when you . In reality, you may get a more affordable monthly payment. But there's a catch that if you have improved your credit rating since you took out the initial loan, you likely won't be able to get a better rate of interest. In addition, you may pay more over the life of the loan due to the fact that the lender will have more time to collect interest from you. If you need to lower your monthly payment you can do it. In other cases, prolonging the loan duration without getting an interest rate that is lower could mean paying far more than the vehicle is worth. It's also important to know whether your current lender has prepayment penalties. If it does, the disadvantages of refinancing your auto loan might outweigh the benefits of a lower monthly payment. Refinancing the car loan for those with bad credit If you already have a credit score that has decreased the amount you pay for your vehicle or you are in need of a lower payment it could be worth refinancing. Similar to shopping for new or used cars refinancing requires a lot of study. Examine your credit credit score and report to avoid any unpleasant surprises prior to searching for a new loan. If you find any incorrect or outdated data, make a complaint immediately with the credit bureaus- Experian, TransUnion or Equifax and report the inaccurate data. You can request a copy of your credit report free of charge by contacting . Explore your options You can inquire with your current lender on refinancing possibilities that might be offered to you. Consider banks or credit unions you are currently doing business with. As well as Caribou, RefiJet and Ally that are geared towards customers with less than perfect credit may be a viable alternative. If you are a lender, you may be able check your rate without affecting your credit score. Bankrate Tip

When shopping pay close at the conditions for approval and repayment options specifically for your vehicle's age and mileage.

Apply for a new loan Prior to submitting the loan application, collect any documents the lender needs to speed up the process of review. Most will request evidence of your the income, residency and details regarding your current loan. Additionally, you will need to provide the mileage in addition to the make, model, and the vehicle identification number for your vehicle. When applying, you must be sure to fill in the correct information on the application forms to avoid any errors that could result in a denial to your request. The lender will confirm the information you provide. Finalize the loan Review the loan documents to ensure that the conditions and terms are acceptable to you. If yes, you must sign the dotted line to complete the loan. The money will be sent direct to your existing lender or to you to allow you to pay off the initial loan off. Bankrate Tip

Check with your lender to see the date you will begin making payments. From here, you'll follow the new monthly payment schedule until you have paid off your refinanced loan.

How to improve your credit before refinancing It is in the best interests of you to increase your credit score prior refinancing your vehicle loan. The lowest interest rates are generally offered to borrowers with excellent or outstanding credit scores, and an improved credit score can mean the difference between getting the loan or not . Here are some tips to pay all your bills in time. Be current on past due loans. Reduce the amount of your credit card balance by 30 percent to less than 30% of your credit limit. Do not close credit accounts that you have closed. Only apply for new credit as needed. It is also important to monitor your credit score to track your growth. Some credit cards or lenders will offer you free credit checks on your monthly statements. Otherwise, you may need to rely on checking frequently or making payments to see your score. Alternatives to the car loan refinancing There's a variety of options if you run the numbers and determine that refinancing your car loan isn't a smart financial move. You can trade it in. Based on the value of your vehicle is worth and how much is due to the loan it is possible to trade it into a less expensive alternative and then roll the outstanding balance into an entirely new loan. Request a modification. Since most lenders don't refinance their own loans You can request this in the form of . This lets you adjust payment terms -- and sometimes interest rates -without going through a whole new application procedure. It is possible to defer payments. This option is only available when you're in a financial crisis that is short-term, but it is an option. You can cut off up to 3 months of installments. But, they'll be added onto the final month to your loan and you will still being charged interest. Make adjustments to your budget. If you're struggling , consider changing your budget so that your monthly payments are more affordable until you qualify to refinance. You should also increase your credit score in the meantime in order to secure an interest rate that is better when you apply for a new loan. If you're experiencing financial hardship and are at risk of having to pay a penalty problems if you don't reduce the cost of the loan, refinancing a mortgage using bad credit may not be the best financial option. Instead, look into alternatives, like adjusting your spending plan temporarily until you get your finances and credit back to normal. You may also be able to exchange your vehicle for a more affordable ride, depending on how much it's worth.

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Allison Martin's writing began more than 10 years ago, as an online content strategist and she's since been featured in a variety of top financial publications, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to manage their finances with concise, well-studied facts that break down complex topics into manageable bites.

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Next Part of Refinancing a Car Loan Auto Loans

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Should you buy a new or used car? Part Of Buying a Car In this series Buying a Car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by providing you with interactive tools and financial calculators as well as publishing original and impartial content. This allows users to conduct research and evaluate information 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 Earn Money The offers that appear on this site come from companies that compensate us. This compensation could affect how and where products appear on the site, such as for instance, the order in which they may appear in the listing categories and other categories, unless prohibited by law. Our loans, mortgages, and other home lending products. However, this compensation will not influence the content we publish or the reviews you read on this site. We do not contain the entire universe of businesses or financial offers that may be accessible to you. Peter Cade/Getty Images

6 minutes read. Published on December 1, 2022.

Written by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in helping readers with the ways and pitfalls of taking out loans to buy cars. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers to control their finances with clear, well-researched information that breaks down otherwise complex topics into manageable bites. The Bankrate guarantee

More details

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

this post may contain the mention of products made by our partners. Here's how we earn money . The Bankrate promise

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

We've kept this reputation for over four decades by simplifying the process of financial decision-making

process, and giving people confidence about the actions they should do next. Bankrate follows a strict ,

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

who ensure everything we publish ensures that everything we publish is accurate, objective and reliable. We have loans reporters and editors are focused on the areas that consumers are concerned about most -- various types of loans available and the most competitive rates, the top lenders, ways to repay debt, and much more. So you'll feel safe investing your money. Integrity of the editing

Bankrate adheres to a strict code of conduct standard of conduct, which means you can be confident that we're putting your interests first. Our award-winning editors, reporters and editors produce honest and reliable content to help you make the right financial choices. 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 reporters and editors 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. Our editorial team does not receive compensation directly by our advertising partners. Editorial Independence Bankrate's team of editors writes for YOU the reader. Our aim is to offer you the best guidance to make wise financial choices for yourself. We adhere to rigorous guidelines that ensure our content isn't in any way influenced by advertising. Our editorial staff receives no direct compensation from advertisers, and all content is verified to guarantee its accuracy. So, whether you're reading an article or a report you can be sure that you're receiving reliable and dependable information. How we earn money

You have money questions. Bankrate can help. Our experts have been helping you manage your finances for more than four decades. We are constantly striving to provide our readers with the professional advice and the tools required to make it through life's financial journey. Bankrate follows a strict , so you can trust that our content is truthful and precise. Our award-winning editors, reporters and editors produce honest and reliable information to assist you in making the right financial decisions. Our content produced by our editorial team is accurate, truthful and uninfluenced through our sponsors. We're transparent about how we are in a position to provide quality content, competitive rates, and practical 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 the promotion of sponsored goods andservices or when you click on certain links posted on our website. Therefore, this compensation may influence the manner, place and in what order products are listed and categories, unless it is prohibited by law. This is the case for our mortgage or home equity products, as well as other products for home loans. Other factors, like our own proprietary website rules and whether the product is available within the area you reside in or is within your personal credit score could also affect how and where products appear on this site. Although we try to provide the most diverse selection of products, Bankrate does not include the details of every financial or credit product or service. This is the decision that millions of car owners make each year: Do you purchase a brand-new car or choose to purchase an older vehicle to save money? The decision between a brand new car's smell or a pre-owned vehicle is more than priceand it's a significant factor. New cars cost $716 per month while used cars average at $526 according to Experian's for the fourth quarter of 2022. If you're trying to lower the cost of your initial purchase, a pre-owned car is a great option. However, you must consider the cost over the life of ownership, which includes maintenance and repairs. You might find that purchasing new is the best option to save money. The most important thing to remember

A new purchase is an excellent option if you require the most recent features as well as cheaper initial maintenance costs. A used purchase might be better when you're willing to sacrifice certain features in order to save money on the initial purchase as well as insurance.

Compare costs: New vs. used cars There are options for scouting the best deal, new or used. You can find new cars at local dealerships or by searching on sites like or Edmunds. Used cars are offered at dealerships, however you can also locate them and possibly cheapervia independent dealers and private-party sellers, or through superstores such as . In general used vehicles are more affordable than new cars. However, both have seen a dramatic increase in price over the last few years. New car loans have increased from a monthly average of $554 in the year 2019 to $667 by 2022, which is an 18.5% difference. Also, used cars experienced a drastic jump from $391 on average to $515 which is an increase of 27.4 percent difference. In order to be prepared for the costs of owning a carwhether it's new or usedand give you an idea of the cost of buying and maintenance costs for five years. Here's the breakdown of prices by Edmunds for a brand-new Honda Accord versus a used one. New 2022 Honda Accord EX-L

Used 2017 Honda Accord EX-L

Price of the typical listing

$35,338

$22,895

Estimated monthly payment

$668

$449

Estimated first year of ownership maintenance costs

$140

1 371 monthly installments are built on average interest rates for new and used cars as of Q1 2022, and a 60-month term. Maintenance and repair expenses in during the initial year are according to Edmunds. The price shouldn't be the only thing you consider when selecting a car. It is also important to consider depreciation and safety features, as well as reliability as well as your own preferences. When buying a brand new car. Buying a brand new car will require less maintenance in the newest technology. Benefits of purchasing a new car is equipped with a wide range of features that you can choose from when you find the perfect dealership. Customization: One of the main benefits of buying a new vehicle is that you can have it outfitted to your preferences You can pick the color and style you prefer and ask for any extras that appeal to you. Technology advancements: There are practical advantages as well. You will be driving away with the most recent technologies as well as safety equipment. More favorable interest rates: When you make an investment in a brand-new car, you are more likely to receive an interest rate that is better when you take out an auto loan than with an used vehicle purchase usually by a few percentage points. Reliability: You don't have to worry about any issues with your mechanical system when purchasing a brand new. Additionally, it will reduce your expenditure on maintenance and repairs in the first few years of ownership. Cons of buying new Unfortunately purchasing a brand new car is more expensive and has some negatives that could cost you your wallet. The cost is higher: New cars are often several thousands of dollars more expensive than used counterparts, which could cause a down payment or monthly loan payment more expensive to pay for. Depreciation: You'll also have to contend with , or the rate at which your car loses value. As the saying goes, new cars are worthless the moment you drive them off the lot. that new vehicles will lose 20 percent of their value during the first year, and depreciation will continue over at least 10 years following the purchase. Higher insurance costs: New cars often cost more to insure because of their greater risk of theft, higher value , and other aspects. If you do think that this is the best choice for you, think about and consider . Making the right decision about when to buy your car will help you cut down on initial costs. When buying used, you should consider the following considerations. vehicles typically have a lower price tag and are more depreciating, but have other shortcomings to be aware of. Advantages of buying used a used car, you will save money on your monthly payments, insurance, and other charges. Plus, depreciation will likely occur at a slower pace. Consider these key benefits below less expensive The main benefit is that they tend to be less expensive than their new counterparts. The same model you're looking for a few years old could help you save some thousand dollars. Costs and insurance fees are lower A lot of pre-owned cars have lower , titling fees and sales taxes. It can save you money on the lot and over the car's life. A slower depreciation rate: Older cars also depreciate slower. Rather than losing 20 percent of its value within the first year of ownership, the car that is three years old will likely only lose close to 10. The negatives of purchasing used could require you to adjust your priorities when you are ready to purchase your next car and research the history of the car and put aside money to keep the car in good condition. Making compromises: You will need to look for the style, color and you're looking for. In the end, you may have to make compromises. The market for cars is highly competitive at the moment and you might not be able to tick all the mark. Car history: You will have to also check the car's maintenance records to confirm you know that previous owners was responsible for the vehicle. It is recommended to take the car to a trusted mechanic for a thorough check-upfor example, a brake test and engine test -- prior to concluding any deal. Expect to shell out around $100 for the services of a mechanic however it's worth the cost. Costs for maintenance will increase even if your car is in good shape an older car will require more maintenance and repairs over time. This could reduce the savings you get from your first purchase, so be sure to consider your long-term budgeting when selecting new or used. If you are trying to lower the cost of your initial purchase, a pre-owned car is an excellent option. But , you'll have to consider the costs over the life of ownership -- including maintenance and repairs. Certified pre-owned options If you're thinking of purchasing a used car but are uncertain about trusting the vehicle's history it's an excellent choice. A certified used car is a pre-owned vehicle that has been subjected to a thorough inspection by either the dealer or manufacturer. These vehicles are considered to be an equalizer between new and used vehicles in terms of upfront price since you'll pay extra to have the vehicle inspected. This extra certification is ideal for a driver who wants security from a car in mint condition without the price tag of a brand new vehicle. Which is the best way to decide between a brand new or used car Deciding between a brand-new or used car will come from a combination of financial considerations and your tastes and needs. Take into consideration these factors when deciding the type of vehicle that is the best choice for you. Budget Multiple costs are typically lower when you buy a used vehicle rather than buying a brand new one. Everything from dealer costs is less expensive when you purchase an older vehicle. The vehicle you select the price of purchase is usually lower for a used car. If you are calculating the numbers to determine much car you can afford, look beyond the monthly installment and insurance. Include annual registration fees, fuel expenses, maintenance and repairs. Bells and whistles One advantage of buying a brand new vehicle is that it will include the latest technologies and safety features. Furthermore, if you want to be capable of choosing a particular vehicle color or interior finishes is essential to you, a new car purchase can make this easier. If you buy a used car it is possible to spend a long time searching to get precisely what you desire. Still, the luxury of selecting the most suitable package for tires, sound system or seating may not outweigh the cost savings by avoiding these add-ons and buying used. And if you have concerns regarding the safety of the car you're thinking about buying using the tools on the to check its safety ratings. Maintenance needs A slightly older may have higher maintenance costs, which is important to consider if you're on a tight household budget. The majority of the maintenance involved with a brand-new car will likely be under warranty. If you're thinking of an old car that's not longer under warranty, it's not a deal breaker. You can to get the extra protection you require. The typical extended warranty is approximately $1,480. However, you could spend far more or less, depending on the model of your car and the protection you choose. How to find the best bargain on your car, regardless of whether you opt to buy a new or used, remember that conducting a thorough research on the car is the most crucial element in . Research should include checking the model's safety record along with the cost of insurance and the cost-to-own for five years. It is important to consider these factors when making a decision. It is also advisable to take the time to test-drive several vehicles and compare prices with a few dealers by getting estimates from several . Be sure to get the lowest monthly payment and most competitive financing terms to save more of your hard-earned dollars in your pocket. The main thing to consider is whether you want new and used cars comes down to several factors, including the concerns you have regarding depreciation, your budget, your decision to purchase specific features, and the length of time you're hoping to own your vehicle. When you've got a car in your mind, research prior to heading to the dealer for the most affordable price. Learn more

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This article is written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the ins and outs of securely borrowing money to purchase cars. Written 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 the confidence to control their finances by providing clear, well-researched facts that break down complicated topics into digestible pieces.

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How the leasing market is changing Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by offering you interactive tools and financial calculators that provide quality and impartial content by allowing users to conduct research and compare information for free to help you make informed financial decisions. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The offers that appear on this website are provided by companies that pay us. This compensation could affect how and where products are displayed on the site, such as, for example, the order in which they may appear in the listing categories and other categories, unless prohibited by law for our mortgage, home equity and other home loan products. This compensation, however, does not influence the content we publish or the reviews you see on this site. We do not cover the universe of companies or financial offerings that could be open to you.

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3 minutes read. Published on December 8, 2022.

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 ins and outs of securely using loans to buy a car.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain the confidence to manage their finances through providing concise, well-studied and well-organized facts that break down otherwise complicated subjects into digestible pieces.

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At Bankrate we are committed to helping you make better financial decisions. We adhere to the highest standards of journalistic integrity ,

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

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who ensure everything we publish ensures that everything we publish is accurate, objective and trustworthy. Our loans journalists and editors concentrate on the points consumers care about most -- the various types of loans available as well as the best rates, the best lenders, the best ways to pay off debt and much more. So you'll be able to feel secure when investing your money.

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You have money questions. Bankrate can help. Our experts have been helping you master your finances for more than four years. We continually strive to provide consumers with the expert advice and tools required to be successful throughout their financial journey. Bankrate follows a strict , so you can trust that our information is trustworthy and accurate. Our award-winning editors, reporters and editors produce honest and reliable information to assist you in making the right financial choices. The content created by our editorial team is factual, objective, and not influenced by our advertisers. We're honest regarding how we're capable of bringing high-quality content, competitive rates and helpful tools to you , by describing how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products and services or through you clicking specific links on our site. So, this compensation can impact how, where and in what order products appear within listing categories, except where the law prohibits it for our mortgage home equity, mortgage and other home loan products. Other factors, like our own website rules and whether a product is offered in your region or within your self-selected credit score range may also influence the way and place products are listed on this website. We strive to provide an array of offers, Bankrate does not include details about every financial or credit product or service.

Many motorists opt to have the ability to switch out their car more frequently and also avoid a significant financial commitment. However, while leasing is a popular choice however, there's been a drop in its availability. In the peak, nearly 30% of sales were leased vehicles between 2015 and 2019. The percentage of leases is closer to , according to Cox Automotive. This decrease should cause pause to those , as it could cost more. Why has vehicle leasing decreased? Leasing has seen a drop for three primary reasons. All of them were caused by the supply chain and pandemic problems that followed. 1. Leasing has become too expensive The most appealing benefits of leasing is benefits it gives as compared to purchasing an equivalent car. In general, leasing is cheaper since you only pay for the depreciation of your vehicle throughout the lease, the tax and rental costs -as well as possibly some . Additionally, leasing historically carries the lowest upfront cost when compared to buying. In the second quarter of 2022, for instance, renting an Honda CR-V cost to lease rather than purchase according to Experian. But as vehicle prices have increased, leasing no longer holds the promise of a lower monthly expense. Last year, consumers have paid the same amount to lease a car as one spent on a brand new car loan in 2020 as per Cox Automotive. Many find that this cost negates the primary benefit of leasing and leaves the option out of reach. 2. Increased number of lease buyouts. With fewer vehicles being sold at dealerships and becoming more expensive, many are opting to keep their lease cars instead of signing up for a new one. This is known as a . As long as they owned the vehicle, the owners were able to stay clear of the competition of the leasing market and the higher vehicle prices for purchasing. However, as more and more drivers agree to lease buyouts, it is a threat to the leasing industry. This interference in the leasing process increases the shortage of vehicles. 3. Lower leasing incentives. With lower numbers of vehicles available for lease, dealerships must make back any money which is lost through other means. One way is to remove any incentive which was previously in place. This is particularly applicable to leasing vehicles. So with higher costs and less incentives to help sweeten the deal, leasing loses much of its appeal. Buying used might cost more. The shift in the leasing market could have ripple effects on cars as well. If more motorists hold onto their lease cars, it limits the market for used vehicles to a degree. Leased vehicles that aren't recirculated to be leased again often end in the used car market. Since there are less of those vehicles reentering the round and recirculating, there'll likely be fewer cars for used to buy. If you -- like the majority of drivers don't have the luxury of waiting to buy, consider . Taking the extra step to apply for preapproval or could help you save money in the long term. Should you buy or lease in 2023? The decision to purchase or lease will depend on your individual preferences and requirements. Think about leasing versus purchasing your next vehicle. Leasing

Purchase

Cost

Leasing typically has lower monthly payments and lower initial deposits.

You might have to pay more at first and spend more every month.

Ownership

You will not be fully possessed of the vehicle unless you follow up with an agreement to buy out the lease.

After the loan is paid back, you are fully owned by the car.

Restrictions

There are restrictions regarding the amount of miles you can drive in your ownership, generally between 10,000-15,000 miles.

There aren't any restrictions for the vehicle's miles or other restrictions regarding driving.

Additional costs

Depending on the lease you may have to pay "wear and wear" fees based on general vehicle upkeep.

You will be responsible for any long-term maintenance costs that may arise in the course of ownership.

While either option comes with advantages and negatives. Whatever you decide to go with, prepare to spend more in the following year. This is especially true when leasing, since unlike in the past, could cost as much as the cost of buying an automobile.

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Written by Auto Loans Reporter

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

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

Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping their readers to manage their finances through providing precise, well-studied information that breaks down otherwise complex topics into digestible chunks.

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Check reliability ratings when 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 providing you with interactive tools and financial calculators as well as publishing high-quality and impartial content. We also allow users to conduct research and compare information at no cost to help you make sound financial decisions. Bankrate has partnerships with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The products that appear on this website are provided by companies that compensate us. This compensation may impact how and when products are listed on this site, including the order in which they may appear in the listing categories in the event that they are not permitted by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we provide, or the reviews that appear on this website. We do not contain the universe of companies or financial offers that may be available to you. nd3000/Getty Images

3 minutes read. Published August 25, 2022

Written by Mia Taylor Written by Contributing Writer Mia Taylor is a contributor to Bankrate and an award-winning journalist who has two decades of experience and worked as a staff reporter or contributor for some of the nation's leading newspapers and websites including The Atlanta Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and Credit.com. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain confidence to manage their finances through providing clear, well-researched information that breaks down complicated topics into bite-sized pieces. The Bankrate guarantee

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At Bankrate we strive to help you make smarter financial decisions. While we are committed to strict ethical standards ,

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

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

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

process, as well as giving customers confidence in the decisions they will do next. Bankrate has a very strict ,

so you can trust you can trust us to put your needs first. All of our content is authored in the hands of 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 are focused on the things that consumers are interested about the most -- different kinds of loans available and the most competitive rates, the best lenders, ways to pay off debt , and many more. So you'll be able to feel secure when investing your money. Integrity of the editing

Bankrate adheres to a strict code of conduct and rigorous policy, so you can rest assured that we're putting your interests first. Our award-winning editors, reporters and editors provide honest and trustworthy content to assist you in making the right financial decisions. The key principles We appreciate your trust. Our mission is to provide readers with reliable and honest information. We have editorial standards in place to ensure that happens. Our reporters and editors thoroughly fact-check editorial content to ensure 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 by our advertising partners. Editorial Independence Bankrate's team of editors writes for YOU the reader. Our aim is to offer you the best advice that will help you make smart personal finance decisions. We adhere to rigorous guidelines that ensure our content is not in any way influenced by advertising. Our editorial team receives no direct compensation from advertisers, and all of our content is verified to guarantee its accuracy. So, whether you're reading an article or reviewing you can be sure that you're getting credible and dependable information. How we make money

There are money-related questions. Bankrate has the answers. Our experts have helped you understand your finances for more than four years. We are constantly striving to give our customers the right guidance and the tools necessary to make it through life's financial journey. Bankrate adheres to a strict code of conduct , so you can trust that our content is honest and precise. Our award-winning editors and journalists create honest and accurate information to assist you in making the right financial choices. Our content produced by our editorial staff is factual, objective and uninfluenced by our advertisers. We're open about the ways we're able to bring quality content, competitive rates, and useful tools for our customers by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the placement of sponsored products and services, or when you click on certain links posted on our site. So, this compensation can affect the way, location and when products are listed in the event that they are not permitted by law. This is the case for our mortgage or home equity products, as well as other products for home loans. Other factors, like our own rules for our website and whether or not a product is offered in your area or at your personal credit score can also impact how and where products appear on this website. While we strive to provide a wide range offers, Bankrate does not include specific information on every credit or financial product or service. The reliability ratings for cars are published by industry publications and consumer organisations each year. These rankings, which are built on extensive research and vehicle owner feedback, provide a strong indicator of how much money you're likely spending on repairs -- a key factor in determining what your overall ownership costs will be. The most important thing is that car reliability ratings can help you determine the best options for buying and help you make a better purchase decision. The current reliability ratings are two major reliable reports within the auto industry: the annual auto reliability brand rankings and J.D. Power's U.S. Vehicle Dependability Study. Consumer Reports The Consumer Reports annual brand reliability ranking is designed to demonstrate the durability of vehicles over time and provide details on the probability that the owner will be impacted by issues or require repairs. The annual ranking contains an estimated reliability score for each car, which is calculated on a scale from one to 100. The average score for vehicles for the year's report generally falls between 41 and 60 points. For a manufacturer to be considered to be ranked, Consumer Reports must have survey information for at least two models. The most recent ranking issued by Consumer Reports from February 2022 featured Asian automobile makers in the top spot of all the competitors by large margin. Asian vehicles are rated with an overall reliability score of 62, whereas vehicles from European manufacturers are in a distant 2nd place with an overall average of 44. Domestic brands are in last place having an average of just 42. The top five most reliable brands of the year 2022 Consumer Reports ranking are: Subaru Mazda BMW Honda Lexus When ranked by car type by itself (cars versus SUVs, versus pickups and minivans -- cars are found to be the most reliable all-around. They have an average reliability score of 57. SUVs are second with an average score of 50. Pickups and minivans tie for the last spot, both with an average score of 43. When you consider domestic vehicles The rankings show that SUVs and pickups are more reliable, scoring 41 and 45 respectively. Domestic vehicles score lower, at just 38. J.D. Power Now in its 33rd year, J.D. Power's 2022 U.S. Vehicle Dependability Study measures problems experienced by original owners of three-year-old cars. The study examines the causes of problems across a broad range of categories including: Exterior Driving experience Features, controls and displays (FCD) Information and assistance for driving Seats Climate Interior Powertrain The J.D. Power study was recently redesigned to include all the technologies and features that are now available in modern vehicles. It now covers a few problems that have not been addressed before and gives new insight into customer expectations regarding deterioration, vehicle appeal and updates to software. The recently resigned J.D. Power's study also reveals if customers are satisfied with how their vehicles withstood the test of time with regards to deterioration and appeal. Additionally, it looks at how a vehicle's technology functions are performing three years after the purchase. The report includes a vehicle dependability score that's based on the number of reported problems per 100 vehicles -- or PP100. Based on this measure, those five brands that are the most trustworthy car manufacturers in the 2022 report are: Kia Buick Hyundai Toyota Dodge Do not overlook checking safety ratings To obtain a full picture of a car's security and reliability, look up the safety ratings of vehicles published every year by the Insurance Institute for Highway Safety (IIHS) which is an independent, non-profit research and educational organization. The IIHS's mission is to decrease the number of deaths, injuries as well as property damages caused by vehicle accidents. As part of this mission, it conducts and publishes studies on the safety of vehicles. Every year, the company announces the Top Safety Pick -- the cars which perform the best in tests. This Top Safety Pick has been released since the model year. The IIHS also has been releasing Top Safety Pick+ awards since 2013. The awards are designed to highlight the best vehicle choices annually for safety within different sizes, including small, midsize, midsize luxury, large, large luxury, small SUVs, midsize SUVs, midsize luxury SUVs, large SUVs minivans as well as large and small pickup trucks. A few of the vehicles that receive either the Top Safety Pick+ or Top Safety Pick award in 2022 include: Small automobiles Honda Civic hatchback and sedan Honda Insight sedan Hyundai Elantra sedan Kia Soul wagon Mazda 3 hatchback and sedan Midsize cars Honda Accord sedan Hyundai Sonata sedan Kia K5 sedan Nissan Altima sedan Nissan Maxima sedan Small SUVs Buick Encore GX Chevrolet Trailblazer Ford Bronco Sport Ford Escape Honda CR-V Midsize SUVs Ford Edge Ford Explorer Ford Mustang Mach-E Hyundai Palisade Hyundai Santa Fe The final word is that buying cars is an enormous cost both upfront as well as in the later time of owning. Conducting your own research prior to purchasing a vehicle is a crucial step. Spend time investigating reliability rankings from reputable organizations in order to save money and avoid needless repair-related headaches over the long run. Learn more about

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Written by Contributing Writer Mia Taylor is a contributor to Bankrate and an award-winning journalist who has two decades of experience and worked as a staff reporter or contributor for some of the nation's leading newspapers and websites including The Atlanta Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and Credit.com. 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 the confidence to manage their finances with clear, well-researched information that breaks down complex subjects into bite-sized pieces.

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Related Articles Related Articles Loans five minutes read Oct 10 2022. Auto Loans 3 minutes read Sep 27 2022. Loans 3 min read on May 12, 2022 Auto Loans 3 minutes read Mar 29, 2022

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Should you buy a new or used car? 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 providing you with interactive tools and financial calculators that provide objective and original content. We also allow you to conduct your own research and compare data for no cost to help you make informed financial decisions. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site are from companies who pay us. This compensation can affect the way and where products appear on this website, for example, for example, the sequence in which they appear in the listing categories in the event that they are not permitted by law. This applies to our loan products, such as mortgages and home equity and other products for home loans. This compensation, however, does affect the information we provide, or the reviews that you read on this site. We do not include the vast array of companies or financial offerings that could be available to you. Peter Cade/Getty Images

6 min read . Published on December 1, 2022.

Authored by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in helping readers with the ways and pitfalls of taking out loans to buy a car. Written 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 to take control of their finances by providing precise, well-researched, and well-written information that breaks down otherwise complicated subjects into digestible pieces. The Bankrate promise

More information

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

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

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

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

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

So you can be sure you can trust us to put your needs first. All of our content was authored in the hands of and edited by

We make sure that everything we publish will ensure that our content is reliable, honest and trustworthy. Our loans reporter and editor focus on the areas that consumers are concerned about most -- various kinds of loans available as well as the best rates, the best lenders, the best ways to pay off debt and many more -- so you can feel confident when making a decision about your investment. Integrity of the editing

Bankrate has a strict policy , so you can trust that we put your interests first. Our award-winning editors and journalists provide honest and trustworthy information to assist you in making the right financial choices. Our main principles are that we respect your confidence. Our goal is to provide readers with truthful and impartial information. We have established editorial standards to ensure this is the case. Our reporters and editors thoroughly fact-check editorial content to ensure that the information you're reading is accurate. We have a strict separation with our advertising partners and the editorial team. Our editorial team does not receive any direct payment through our sponsors. Editorial Independence Bankrate's editorial team writes on behalf of YOU the reader. Our aim is to offer you the best information to assist you in making wise financial choices for yourself. We follow rigorous guidelines that ensure our content is not in any way influenced by advertising. Our editorial staff receives no any compensation directly from advertisers and our content is thoroughly verified to guarantee its accuracy. So, whether you're reading an article or a review you can be sure that you're getting reliable and dependable information. What we do to earn money

You have money questions. Bankrate has the answers. Our experts have been helping you master your finances for more than four years. We are constantly striving to provide consumers with the expert advice and the tools required to be successful throughout their financial journey. Bankrate follows a strict policy, which means you can be confident that our content is honest and accurate. Our award-winning editors and reporters provide honest and trustworthy information to assist you in making the right financial decisions. The content created by our editorial staff is objective, factual and uninfluenced through our sponsors. We're transparent about the ways we're in a position to provide quality content, competitive rates and practical tools for you , by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for placement of sponsored products or services, or when you click on certain links posted on our website. Therefore, this compensation may affect the way, location and in what order items are displayed within the categories of listing in the event that they are not permitted by law for our mortgage, home equity and other home loan products. Other factors, like our own proprietary website rules and whether or not a product is offered in your area or at your own personal credit score could also affect how and where products appear on this site. While we strive to provide an array of offers, Bankrate does not include information about every financial or credit product or service. This is the decision that millions of car owners make each year: Do you buy a brand-new ride or go with an older car to save money? The decision between a brand new car's smell or a pre-owned vehicle will be more than price- but it's an important factor. The cost of a new car is $716 per month while used vehicles average $526, according to Experian's for the fourth quarter of 2022. If you're looking to reduce the cost of your first purchase, a second-hand vehicle is an excellent option. But , you'll have to think about the price over the duration of ownership, which includes maintenance and repairs. It could be that buying new is the most cost-effective option for your finances. What you should take away

New is often an excellent option if you require the most recent features as well as cheaper initial maintenance costs. Buying used might fit better in the event that you're willing to compromise some features to save on the initial purchase and insurance.

Compare the costs of new and. used vehicles There are a variety of options to check for your next purchase, new or used. New cars can be found at local dealerships or through search engines such as or Edmunds. Used cars are available through dealerships, but you can also locate them -- potentially cheaper -through independent dealers and private-party sellers, or through superstores like , or . In general, used cars are cheaper than brand new vehicles. But both have increased dramatically in value over the past few years. New car loans have increased from a monthly median of $554 in 2019 to $667 in 2022. That's an 18.5 percent difference. Used cars also saw the most dramatic jump, from $391 on average to $515, an increase of 27.4% difference. In order to be prepared for the expense of owning a vehicle -- new or used -- and can give you an idea of the cost of buying and five-year maintenance costs. Here's a price breakdown of Edmunds for a brand-new Honda Accord versus a used one. New 2022 Honda Accord EX-L

Refurbished for 2017 Honda Accord EX-L

Price of the typical listing

$35,338

$22,895

Estimated monthly payment

$668

$449

Estimated cost of the first year of ownership maintenance costs

$140

$1,371 Monthly payments are based on average interest rates for both new and used cars as of Q1 2022 and a 60-month period. Maintenance and repair expenses in the first year of ownership are according to Edmunds. Price shouldn't be the only factor that you take into consideration when selecting an automobile. You must also consider factors like depreciation security features, reliability, and your preferences. When buying a brand new car. Buying a brand new vehicle is a less-maintenance investment that is based on the most recent technology. The advantages of buying a new car is equipped with a range of features that you get to pick if you can find the right dealer. Customization: One of the main benefits of buying a new car is the possibility of having it outfitted to your preferences You can pick the color and design you prefer and ask for any extras that you like. Current technology: There are practical advantages too -- you will drive off with the latest technologies as well as safety equipment. Higher interest rates: With a new car purchase it is also more likely to get an interest rate that is better on an auto loan than with an used vehicle purchase, often by a few percentage points. Reliability: You don't have to deal with any issues with your mechanical system in the event that you purchase a new. Additionally, it will reduce your spending on repairs and maintenance in the first few year of your ownership. The disadvantages of buying a new car purchasing a brand new car is more expensive and has some negatives that could cost you your budget. Costlier new cars are typically several thousands of dollars more expensive than their used counterparts, which could make a down payment or monthly loan payments harder to afford. Depreciation: You'll also have to consider the speed at which your vehicle decreases in value. As the saying goes, new cars are worthless as soon as you take them off the lot. New vehicles lose 20% of their value during the first year of ownership, and depreciation will continue for the first 10 years of ownership. Higher insurance costs: New cars often cost more to insure due to the higher risk of theft, their higher value and other related elements. If you do decide that is the right option for you, make a make sure you plan your budget and be aware of . It is important to plan your purchase in advance and could help reduce initial expenses. Considerations when buying used Used vehicles typically have a lower price tag and depreciate more slowly but have other shortcomings to watch for. Advantages of buying used a used vehicle, you can reduce the cost of your monthly installment, insurance and other fees. Additionally, depreciation is likely to happen at a slower rate. Consider these key benefits below less expensive: Used vehicles' primary benefit is that they tend to be cheaper than new counterparts. Getting the same model you're looking for a few years old can save you some thousand dollars. Costs and insurance fees are lower Some pre-owned vehicles have less titling, registration and sales tax. You may save both on the sale and throughout the life of the vehicle. Slower depreciation: Used vehicles also appreciate slower. Instead of losing 20 percent of their value within its first few years of ownership the car that is three years old will likely only lose close to 10 percent. Cons of buying used may require you to adjust your priorities when you are ready to purchase your next car and research the history of the car and invest additional funds to keep the car in good condition. Making compromises: You will have to research to find the color, style and design you desire. In the end you might have to make compromises. The market for cars is highly competitive, and you may be unable to tick every mark. Car history: You'll have to also check the maintenance history of your vehicle to confirm you know that previous owners was able to take good care of the vehicle. It's advisable to bring the vehicle to a reputable mechanic for a routine checkup- including a brake check and engine test -- prior to concluding any deal. It is possible to pay about $100 for the services of a mechanic, but it is well worth the cost. Increased maintenance costs even if your car is in good shape, a used car will require more repairs and maintenance over the course of time. This could reduce the savings you get from the initial purchase, so be sure to consider your long-term budgeting when selecting new versus used. If you are trying to save money on your initial purchase, a pre-owned car is an excellent option. But you'll need to be aware of the expenses throughout the duration of ownership -- including repairs and maintenance. Certified pre-owned alternatives If you're leaning toward purchasing a used car but are uncertain about trusting the vehicle's history, a vehicle is an excellent choice. A certified used car is one that has undergone a complete examination by the dealer or the manufacturer. These vehicles are considered to be an equalizer between brand new and used cars in terms of cost upfront because you'll have to pay for the inspection. This additional certification is perfect for drivers who want the safety of a vehicle that is in excellent condition without the expense of a brand new vehicle. Which is the best way to decide whether to buy a new or used vehicle Deciding between a new or used car will come down to factors including factors like your budget and tastes and preferences. Consider these issues when choosing which type of purchase is best for you. Budget multiple costs are usually lower when you buy an older vehicle instead of a new one. Everything from the to dealer fees are less costly when you buy a used vehicle. Depending on the vehicle you choose the price of purchase will also typically be less when you buy a pre-owned car. When you crunch the numbers to determine how much you can afford for a car take a look beyond the monthly payments and insurance. Include annual registration costs, fuel expenses as well as repairs and maintenance. The bells and whistles one advantage of buying a brand new vehicle is that it comes with the most recent technology in safety and technology. What's more, if being capable of choosing a particular car color or interior finish is important to you, then a new car purchase can help you achieve this. If you buy a used car you might have to spend hours searching to get exactly what you want. However, the pleasure of choosing the right tires such as a sound system, seating or seating may not outweigh the savings of avoiding these accessories and instead purchasing used. If you are concerned about the safety of the vehicle you're looking at using the tools on the site to verify the safety rating. Maintenance needs An older model might have more expensive maintenance costs, and this is an important consideration if you're on a tight budget for your household. Much of the maintenance associated with a new car is likely to be covered under warranty. But if you're leaning toward an old car that's not longer under warranty, this isn't necessarily an issue. You may be able to obtain the added protection you need. The typical extended warranty is roughly $1,480, but you can pay higher or lower, depending on your vehicle and the level of coverage you select. What can you do to get the best bargain on your car, regardless of whether you choose to purchase a brand new or used, remember that research into the vehicle is the most important factor in . Your research should include checking the model's safety record along with the cost of insurance and the cost-to-own for five years. Try to help make an informed choice. Also, make the effort to test drive several vehicles and compare prices with a couple of sellers by getting estimates from several . Make sure you are getting the lowest monthly payment and most competitive financing terms to keep more of your hard-earned dollars in your pockets. The main thing to consider is whether you want new and used is a matter of balancing to many factors, including your concerns around depreciation, your budget, your determination to have certain features and how long you plan on having your vehicle. Once you have a car you want to purchase, do some research and before you head to the dealer for the most affordable price. Find out more

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Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the details of borrowing money to buy 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 passionate about helping readers gain confidence to manage their finances through providing precise, well-researched and clear information that breaks down complicated subjects into bite-sized pieces.

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How to file for bankruptcy and keep your car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by providing you with interactive financial calculators and tools that provide objective and original content. We also allow you to conduct research and compare information at no cost to help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are advertised on this website are provided by companies that pay us. This compensation may impact how and where products are displayed on this site, including for instance, the order in which they be listed within the categories of listing in the event that they are not permitted by law. Our mortgage home equity, mortgage and other home loan products. This compensation, however, does not influence the information we publish, or the reviews that appear on this website. We do not contain the entire universe of businesses or financial deals that may be available to you.

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5 minutes read. Published March 20, 2023

Authored by Mia Taylor Written by Contributing Writer

Mia Taylor is a contributor to Bankrate and an award-winning journalist who has two decades of experience and worked as a staff reporter or contributor for some of the nation's leading newspapers and websites including The Atlanta Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and Credit.com.

Edited by Rhys Subitch Edited by Auto loans editor

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If you're considering the possibility of bankruptcy, there are options to help keep your car from being taken away even if you aren't able to fully repay the auto loan. In several states, you could be able avoid repossession of your car through bankruptcy code exemptions, though the laws differ from state to state. Can you protect your car by filing bankruptcy?

Both Chapter 7 and Chapter 13 bankruptcy have provisions that you could be able to keep the car you purchased with secured loan.

How do you keep your car through Chapter 7 bankruptcy Car loans are , meaning the car is used as collateral to secure the loan. Because the car serves to serve as collateral for the loan, it could be taken by the lender in the event that you fail to keep up with the payments. However under Chapter 7, the most well-known bankruptcy for people, you have a few options for hanging on to your car. "To keep your car while going through Chapter 7, the debtor has to be current and stay current with the lender, perform a 'redemption,' which involves paying off the lender or performing the'reaffirmation', which could mean changing the loan terms, but this will require lender consent," says Lamar Hawkins, a bankruptcy lawyer with Guidant Law. This is how reaffirmation and redemption work: Redemption: Pursuing redemption is a way to pay your creditors for the car's current fair market value. If you can afford to make this happen it could make your life easier in the future since you'll have eliminated car payments. However, because the majority of people file bankruptcy at a time when cash is scarce, this may not be an option that is feasible. Reaffirm: This option permits you to continue to pay on your loan until you file for bankruptcy. When you reaffirm your debt, you agree to continue to pay according to a timetable that you and your creditor that could include amended loan terms. Tips from Bankrate

If neither option is working for your financial situation, you can sell your car to the creditor and have the debt wiped off.

"When you receive a Chapter 7 Discharge, you won't have any personal obligation to pay for your loan," says Pennsylvania-based bankruptcy attorney Dai Rosenblum. "All the creditor can do is seize their collateralthe car. They cannot sue you for money." The bankruptcy exemptions when filing to file for Chapter 7, your assets are liquidated or sold to pay creditors. But a bankruptcy court allows the holder to retain a specific amount of your possessions up to a specific dollar value, according to Debt.org. This is known as the "exemption." It is a federal exemption limit. Federal exemption limit is $4,000. However, some states have their own exemption limit that must be followed Some states' exemptions are higher than $4,000 while some are less. The value of your car when you file bankruptcy is not determined by the amount you paid for it. In the majority of states, value is tied to the actual value of the vehicle based on such factors as the year of the vehicle, its make and mileage. Car industry sources like Kelley Blue Book or Edmunds may also be used to help determine the worth of your car. If the value of your vehicle is found to be lower than the state's exemption limits, then you'll be able to keep the car even when you file for bankruptcy. On the other hand in the event that the car is valued higher than the exemption limit, a bankruptcy trustee may opt to sell the car to help you pay off your creditors. Here's how it works If the state's exemption is $4,000, and your vehicle's value is $2,000, you will likely be allowed to keep the vehicle since it's less valuable than the exemption. If however the exemption for your state is $4,000, and your car is worth $10,000, a bankruptcy trustee may take the car off the market and make use of the funds to pay off debt. There are a variety of reasons why you should not keep your vehicle during Chapter 7 bankruptcy Keeping your vehicle may not be feasible when making a Chapter 7 bankruptcy. Plus, sometimes it simply doesn't make sense financially to try and hang on to the car. In the process of deciding on these issues the worth of your car as well as your equity in the car will play an important role. Car equity and bankruptcy Similar as a mortgage on the property equity is determined by subtracting the amount you owe on the car loan from the vehicle's current market value. "For example, if you have a car with a fair market value of $10,000 and a 1,000 loan balance, you have $9,000 of equity," says Rosenblum. If the equity is greater than the exemption the bankruptcy trustee can decide to sell the vehicle and apply the proceeds toward the repayment of your debts. It doesn't make financial sense for you to hold on to the car. Finally you should keep to your mind the vehicle's current fair market value is reflected on the car loan, then keeping the car won't necessarily be a wise financial move. "Very often, the loan amount is higher than what you can get for the car and, if there is no way or motivation to keep the car the person filing bankruptcy lets go of the vehicle," says Michael Sullivan who is a personal financial advisor working with the non-profit financial counseling firm Take Charge America. How to keep your car through Chapter 13 bankruptcy Chapter 13 bankruptcy provides you with a number of ways to keep your vehicle. "The Chapter 7 framework is the basis of Chapter 13," says Rosenblum. "But in Chapter 13, you reorganize your debt." Creating the payment plan is a an element the Chapter 13 debt reorganization, an initial three to five-year repayment plan will be developed which takes into account your income and assets. The aim in this Chapter 13 process is to enable you to keep your possessions, including your car, while paying back your credit card. Additionally, if you're behind on your payments, the process will need you to catch up and pay your debt on time going forward. Revision of the conditions for the loan The court may also demand that the lender modify the car loan conditions, which could include decreasing the interest rate which can aid in keeping the vehicle. If the terms are changed, the monthly installments will be lower. "A rewrite of the debt owed to the lender can occur via the process of a Chapter 13 plan, and market terms may be imposed upon the lender," says Hawkins. Reduce the loan balance The process of altering your auto loan conditions as part of Chapter 13 may also include what's called"cramdown. "cramdown," which reduces the amount you must pay to the lender in proportion to your car's fair market value. The timeframe of your car purchase is an important factor in the process of cramdown. Particularly, there is the 910 rule which applies to the cramdown process. Cars that are newer If you purchased your vehicle within 910 days of bankruptcy application, you must pay the full value of the loan, though the interest rate could be reduced. Older vehicles: If you purchased your car more than 910 days before filing bankruptcy, you're only required to pay back the vehicle's reasonable market price. Reasons you wouldn't keep your car during Chapter 13 bankruptcy In certain situations, it might not be possible to keep your car when you are pursuing Chapter 13, or hanging on to your car might not be the best option. Examples of when this may be the case include: Your loan is in arrears and you don't have the funds to bring the loan current or to pay the monthly installments. In this case, you may have to give up the vehicle. The vehicle is not in good condition or not reliable. Under these circumstances, simply selling the car could be a better option. The car is particularly valuable, and selling it would provide money for the repayment of your outstanding debts. You have significant equity in the car that exceeds the bankruptcy exemption levels in your state. The bottom line Filing bankruptcy does not automatically mean that a car bought with secured loan will be repossessed. Under the both Chapter 7 and Chapter 13 bankruptcy codes, provisions protect your car. Working with a bankruptcy attorney will help you determine which approach to bankruptcy is most appropriate for your financial circumstances.

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Written by Contributing Writer

Mia Taylor is a contributor to Bankrate and an award-winning journalist who has two decades of experience and worked as a staff reporter or contributor for some of the nation's leading newspapers and websites including The Atlanta Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and Credit.com.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain confidence to control their finances with clear, well-researched information that breaks down otherwise complex topics into manageable bites.

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How the Fed affects auto loan rates Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by offering you interactive tools and financial calculators, publishing original and objective content. This allows you to conduct your own research and compare information for free to help you 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 are from companies that pay us. This compensation can affect the way and where products appear on this website, for example such things as the order in which they may be listed within the categories of listing, except where prohibited by law. Our mortgage or home equity products, as well as other products for home loans. But this compensation does affect the content we publish or the reviews that you see on this site. We do not include the vast array of companies or financial offers that may be accessible to you. SHARE: Adam Parent/Shutterstock

3 minutes read Read Published February 01, 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 in navigating the details of taking out loans to buy a car. Written by Chelsea Wing Edited by student loans editor Chelsea is with Bankrate since the beginning of 2020. She's dedicated to helping students navigate the high costs of college , and breaking down the complexities in student loans. The Bankrate guarantee

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

We've been able to maintain this status for more than four decades through demystifying the financial decision-making

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

They ensure that what we write will ensure that our content is reliable, honest and trustworthy. We have loans reporter and editor focus on the areas that consumers are concerned about the most -- the different types of lending options and the most competitive rates, the best lenders, ways to pay off debt and many more. This means you're able to be confident about making a decision about your investment. Editorial integrity

Bankrate has a strict policy , so you can trust that we'll put your needs first. Our award-winning editors and journalists provide honest and trustworthy information to assist you in making the right financial decisions. Our main principles are that we value your trust. Our mission is to provide our readers with accurate and unbiased information, and we have established editorial standards to ensure that happens. Our editors and reporters thoroughly verify the truthfulness of content in order to make sure that what you read is accurate. We keep a barrier with our advertising partners and the editorial team. Our editorial team does not receive any direct payment through our sponsors. Editorial Independence Bankrate's editorial team writes on behalf of YOU - the reader. Our goal is to give you the best advice that will assist you in making smart 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 directly from advertisers, and all content is fact-checked to ensure accuracy. So, whether you're reading an article or a review you can be sure that you're receiving reliable and dependable information. How we earn money

There are money-related questions. Bankrate has answers. Our experts have helped you understand your finances for more than four decades. We strive to continuously provide consumers with the expert advice and tools required to succeed throughout life's financial journey. Bankrate adheres to a strict code of conduct , which means you can trust that our information is trustworthy and precise. Our award-winning editors and reporters create honest and accurate content to help you make the best financial decisions. Our content produced by our editorial staff is objective, factual and is not influenced by our advertisers. We're open regarding how we're able to bring quality content, competitive rates and useful 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 andservices or when you click on certain hyperlinks on our site. So, this compensation can affect the way, location and in what order products are listed in the event that they are not permitted by law for our credit, mortgage, and other home lending products. Other elements, such as our own website rules and whether or not 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. We strive to offer the most diverse selection of products, Bankrate does not include specific information on every credit or financial product or service. It is important to understand that the Federal Reserve is a complex component of the American economic system. In the course of eight times a year The Fed determines the amount it costs to borrow money. One of its jobs is to set a benchmark interest rate for consumer loans that are short-term, which private lenders use to determine their rates. If the Fed raises rates for federal funding at any of their meetings -like they did at their most recent meeting in Decemberit is possible to pay more for a personal car loan. What are the effects of Fed rates affect car loans Car loan rates are dictated by the time of year and the kind of vehicle, credit score of the borrower and many more. However, the Fed sets the on which auto loan lenders . The decisions made during Fed meeting aren't the rates that consumers can expect to receive however, they affect the cost that banks have to lend each other. Because of this, lenders and banks could alter the rates they offer to customers when rates for federal funding changes. When the Fed raises interest rates then auto loan rates may increase, and reverse. The month of February is 2023. Fed rate hike in response to the disruptions in the economy that result from the epidemic the central bank seeks to curb inflation with an increase in rates. The most recent target of the Federal Funds Rate is determined as 4.5-4.75 per cent as of February. 1 2023. This rate does not influence car rates in any way. It is instead tied to prime rates. In simple terms, this rate increases means that your vehicle financing might cost you more money. However, lenders still have authority when it comes to the amount they will charge to borrowers based on a driver's credit record. But Sarah Foster, senior U.S economy reporter at Bankrate says that at present, it's an expensive time to purchase car regardless of this rate increase. "The Federal Reserve raising interest rates for the year is just one of the factors that's likely cause buying cars more costly." The combination of the chip shortage as well as the pandemic caused sky-high prices for used and new vehicles through 2021 and into 2022. This rate hike isn't necessarily bad for drivers, Foster says, "If you're hoping for an opportunity to make a difference the higher rates might be a good thing for those thinking about purchasing a car, particularly when it makes demand be balanced with supply. A waning pandemic may be a boost to manufacturing. All of that means that automobile prices in 2022 could fall and even though rates are rising." Why Fed meetings are important Fed meetings are important as they let anyone have a transparent look into the economy -- more specifically, how interest rates shift and are expected to shift. If the Fed announces it is raising prices, it could expect to encounter more expensive loans or see rise on any variable rate loans you have. Learn more about how the FOMC could impact your financial situation and personal finances. How can you prepare for the possibility of future Fed rate changes. Preparation is essential to save money. To be prepared learn about the changing rates and how they could affect your budget. In the case of federal funds and automobile loan rates aren't exactly the same but there's a domino effect that reaches the lenders and affects your rates. While the federal funds rate dictates the general range of auto loan rates however, your credit score plays a major role in determining the amount you pay. To get a loan with the most favorable terms, you must have a credit score of generally 660 or higher, and good credit history. The federal funds rate is beyond your control, but you can prepare yourself for the possibility of financing your vehicle in the future. The next steps to take when the Fed changes rates, the available auto loan rates can change as well. While Fed's decisions affect your auto loan, the rate that you will receive is primarily determined by your personal financial history. Regardless of how the federal funds rate is changing, you can benefit from it to be improved, you must work to improve your credit score and finances. It is also important to stay up-to-date with the current loan rates prior to submitting an application for a new auto loan. Learn more

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This article is 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 cars. The article is edited by Chelsea Wing Edited by Student loans editor Chelsea has been with Bankrate since the beginning of 2020. She's dedicated to helping students to navigate the daunting cost of college as well as breaking down the complexities in student loans.

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3 min read Published 10 May 2022

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 in navigating the details of using loans to buy the car they want.

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

Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain confidence to control their finances by providing concise, well-researched, and well-understood data that cuts complicated topics into bite-sized pieces.

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When you're looking to purchase your next vehicle, choices are available from traditional dealers all the way to an online purchase which is delivered right to your front door. A private seller can also be an excellent option to secure an affordable price, however it requires a little more consideration than buying from a reputable business. 1. Secure financing for your vehicle, whether you buy from a traditional dealership or from a private party walking into the store with the vehicle financing that you've been preapproved prior to the time of purchase is key to saving money. Make an application to three different lenders that offer the option of private party auto loans. So you can compare prices the terms and conditions and enter the buying process with a firm grip of the amount . 2. Research Now that you've figured out the amount of car you can afford, it is time to begin searching for your car. There is no need to visit a dealership and will instead be looking for the vehicle online using sites like Craigslist or Facebook Marketplace or searching ads in local classifieds. Check out the details of each vehicle's mileage and background. Also, look up the vehicle model itself to ensure that there is you're not . 3. Contact the seller after you have found the vehicle, you are able to reach out to the seller. If you have any questions, ask them from the ad. Questions about the history of accidents as well as how many previous owners and the reason they're selling are excellent starting points. Set up a car test drive after your questions are answered. Plan this test drive to take place in a public space with a friend or family member present. 4. Review the vehicle a good look at the exterior and interior of the vehicle prior to you take your first test drive. Unlike buying at a used store, it is possible that the owner didn't look over the car prior to the meeting. Test the vehicle's electronics and check for signs of rust on the exterior, low tire tread , or other cosmetic problems. 5. Try a test drive when testing the vehicle, make sure to take a test drive and then get on the road to test how the vehicle performs with greater speeds. Be sure to check the brakes and pay attention to the sound of the engine as you increase the speed. 6. Have the vehicle checked after your experience driving the car, it is wise to have a reliable set of eyes to inspect it. The owner should be asked if the vehicle can be taken to your mechanic. This way you can inspect the hood and make sure the absence of hidden vehicle problems. If the owner has any qualms with this request then it's best to stay clear of the situation as they could be trying to hide a problem with the vehicle. 7. Offer and close the deal once you are certain that the vehicle is in good condition and you're sure that you'd like to purchase it, the time is now to make an offer. While you should use the price they have listed as a starting basis, you can also use any issues that you have discovered in the inspection process as an incentive to negotiate a better price. Go through the Kelley Blue Book to see what the vehicle's typical selling price is, and remember that your greatest power in negotiating is the ability to quit the bargain. The risks of purchasing from a private seller While buying a vehicle from private sellers can make you more money, it's an opportunity to get into scams with vehicles. Look out for like curbstoning, fake ads or the theft of your identity. This type of scam are easily avoided so long as you keep an eye out for red flags that are common. Don't buy from a vendor who seems to be too insistent. There is a lot of emotion to car sales, be a shrewd buyer. Additionally, you should never purchase a vehicle sight unseen and avoid wire transfers. The final word is that purchasing a vehicle through a private dealer is a fantastic option to shop on the internet as well as save some money. But it does come with additional risk so be sure to complete an in-depth vehicle inspection and walk away when you see anything suspicious. Find out more

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Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the details of taking out loans to buy a car.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to control their finances with clear, well-researched information that breaks down complex topics into manageable bites.

Auto loans editor

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