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Refinancing pros and cons a car: Is it right for you? 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 goal is to help you make smarter financial decisions by providing you with interactive financial calculators and tools as well as publishing objective and original content. We also allow you to conduct research and compare information for free - so that you can make informed financial decisions. Bankrate has agreements with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are advertised on this site come from companies that compensate us. This compensation could affect how and when products are featured on this site, including for instance, the order in which they may appear within the listing categories and other categories, unless prohibited by law for our mortgage, home equity and other home loan products. But this compensation does not influence the information we provide, or the reviews appear on this website. We do not contain the vast array of companies or financial offerings that could be open to you. Westend61/Getty Images

4 min read Published March 02, 2023.

Authored by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the ways and pitfalls of borrowing money to buy a car. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain the confidence to take control of their finances with concise, well-studied information that breaks down otherwise complicated subjects into digestible pieces. The Bankrate guarantee

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

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

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

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

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

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

We make sure that everything we publish ensures that everything we publish is accurate, objective and trustworthy. The loans journalists and editors focus on the things that consumers care about most -- the various types of loans available as well as the best rates, the most reliable lenders, ways to pay off debt and more -- so you can feel confident when making your decision to invest your money. Editorial integrity

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 produce honest and reliable content to help you make the right financial decisions. The key principles We respect your confidence. Our goal is to provide our readers with reliable and honest information, and we have established editorial standards to ensure that this happens. Our reporters and editors thoroughly check the accuracy of editorial content to ensure the information you're reading is true. We maintain a firewall 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 staff writes in the name of YOU - the reader. Our aim is to provide you the best advice to aid you in making informed personal finance decisions. We follow strict guidelines to ensure that our editorial content isn't influenced by advertisers. Our editorial team is not paid directly from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So whether you're reading an article or reviewing, you can trust that you're getting credible and dependable information. What we do to earn money

You have money questions. Bankrate has answers. Our experts have helped you understand your finances for more than four decades. We continually strive to give our customers the right advice and tools needed to make it through life's financial journey. Bankrate follows a strict , so you can trust that our content is honest and reliable. Our award-winning editors and reporters create honest and accurate content that will help you make the best financial decisions. The content created by our editorial team is factual, objective, and not influenced through our sponsors. We're honest about how we are capable of bringing high-quality content, competitive rates, and useful tools to our customers by explaining how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the promotion of sponsored goods and, services, or by you clicking on certain links posted on our site. This compensation could impact how, where and when products appear within listing categories, unless prohibited by law for our mortgage or home equity products, as well as other home loan products. Other elements, like our own rules for our website and whether or not a product is available within your area or at your own personal credit score can also impact the manner in which products are featured on this website. Although we try to offer a wide range offers, Bankrate does not include the details of each credit or financial item or product. It is expensive to keep your car in the garage each month is a major challenge for many. Car payments have increased dramatically with an average monthly payment of $526 for used cars and $716 if you buy new . Many consumers consider -- or replacing their current loan with a new one -- to make these costs less burdensome. Refinancing may reduce your monthly payments in the event that your situation has changed or market conditions have changed since you obtained the current loan. However, refinancing does not come without the risk of being costly in some instances. It is therefore important to consider the benefits and drawbacks of refinancing and analyze your financial situation to determine if it's the right move. Benefits of refinancing your vehicle Your current car loan focus on saving you money. It is also possible refinance to pay more than what you owe, if you require cash. Take these into consideration when deciding whether refinancing is the right option for you. Lower interest rates. Your interest rate significantly impacts your each month's car loan payment. This number is based on your credit score, as well as other things. If your since you took out your loan and you're not sure, this could be the case if you've been making punctual loan payments and effectively dealt with other debts, it may be the perfect time to explore refinancing options. You'll likely get more favorable terms and rates. Reduced monthly payments If you are struggling to make your monthly payments Refinancing your mortgage can help make your monthly payments less costly and free up cash to your budget. You can opt for lower rates and a longer duration or both. While the signing off of a loan means you can save money every month, it will also mean a higher total cost as you'll pay more in interest over the course of your loan. Make sure you pay off your loan sooner Refinancing can be a way of having to pay off your loan earlier. If your earnings have increased after taking out your auto loan, it may be an ideal time to refinance to a shorter-term. If you pay your loan early, you'll save on interest as long as the lender's fees don't exceed your savings. But if you'd prefer not to refinance, you can pay more in monthly installments to lower the balance more quickly. The same goals will be achieved and could reduce costs by avoiding origination fees that may accompany refinancing. Get cash fast Some lenders offer this service, which is ideal when you require quick cash. It's the same process as traditional refinancing, but instead of a new loan that is a replacement for your current loan, you'll receive an amount of cash in one lump based on the equity you have in your car. While you may also secure more favorable loan terms or a lower monthly installment however, this kind of refinancing comes with the risk. By pulling out the equity you've accrued in cash, you run the risk that you'll become upside-down in your loan which means you'll be owing more than the amount it's worth. This can make it harder to turn a profit if it's your intention to market. Plus, you'll take on extra debt, as your current auto loan balance will be greater. Cons of refinancing your car The process of refinancing not without risk. Be aware of the disadvantages. High interest rates Refinancing also comes with the risk of greater interest rates. If your credit rating has dropped or interest rates have gone up, you may find interest rates higher than the one you currently have. In today's market the high rates of interest aren't unusual. Recent events have driven interest rates up to record highs. It's therefore recommended that you look around for various options to do your best to avoid sky-high interest rates, or just wait until the market conditions improve. Additional fees If you are in a tough financial situation be aware that refinancing a loan is not without cost. They could be applied to for prepayment, title transfer, prepayment and origination charges. Since these fees can add up, calculate the amount that refinancing will cost you , and also how the rate and term compare to your current loan. Could become upside down If you refinance the term of your loan in any way, you're more likely to end up owing more than your vehicle's worth. This is commonly described as being the result of your loan. How to determine whether refinancing your car an excellent idea? The main factor to determining if is an option that is worth your time comes down to the amount of money you could save. Consider both the advantages and disadvantages while taking advantage of an . Here are some scenarios where it might make sense to refinance: Your credit improved. When your score is better, you might get better rates and terms by refinancing. You received dealer financing. Typically, the terms offered by dealerships aren't the best available. Consider other loan options if you currently have . You can't make payments . Failure to pay can lead to charges, damaged credit, or worse: being able to take possession of your car. If you cannot make payments, refinancing may get you lower monthly payments. You qualify for a better interest rate. If market rates are better than when you initially applied, you may qualify for an interest rate lower. But this isn't likely to be the case since the market rate isn't declining because of recent Fed rate increases. If you decide to refinance your auto loan begin by looking around with multiple lenders to find the best available rate. There are many lenders that offer pre-qualification tools on their websites, which allow you to view possible loan offers, including estimated loan terms as well as interest rates and monthly payments, without affecting your credit score. Consider getting pre-approved with at least three lenders so you can make a formal application with confidence. The next step is to, prior to looking for the best option, consider the benefits and disadvantages, and consider how they will affect you in order to make an informed choice. Ideally, you want to save money rather than simply stretching out your loan time. If you're struggling financially it might be beneficial to consider an easier monthly auto loan installment. Ask the lender to or consider trading your car and selling the vehicle privately to obtain the relief you need. However, if refinancing seems like the right choice for you, for the most reliable auto lender.

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This article is written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ways and pitfalls of taking out loans to buy a car. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain confidence to control their finances by providing precise, well-studied information that break down complex topics into manageable bites.

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Should you take an auto loan? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by offering you interactive financial calculators and tools, publishing original and objective content. This allows users to conduct studies and compare information at 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 deals that are displayed on this site are from companies that compensate us. This compensation can affect the way and where products appear on this site, including such things as the sequence in which they be listed within the categories of listing and other categories, unless prohibited by law for our mortgage, home equity and other products for home loans. However, this compensation will affect the information we publish, or the reviews you see on this site. We do not include the universe of companies or financial offerings that could be open to you. SHARE: Standret/Shutterstock

5 min read published March 02, 2023

The article was written by Ben Luthi Written by Contributing writer Ben Luthi is a personal travel and finance writer who loves helping people learn how to live life more completely. His writing has been featured in several publications that include U.S. News & World Report, USA Today, Yahoo! Finance and more. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain confidence to take control of their finances by providing clear, well-researched information that breaks down otherwise complicated topics into bite-sized pieces. The Bankrate promise

More details

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

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

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

You can rest assured that we're putting your interests first. All of our content is written with and edited ,

who ensure everything we publish will ensure that our content is reliable, honest and reliable. Our loans reporters and editors concentrate on the points consumers care about most -- the various kinds of loans available, the best rates, the best lenders, how to pay off debt and more -- so you can feel confident 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 put your interests first. Our award-winning editors and reporters provide honest and trustworthy content that will help you make the right financial choices. Our main principles are that we appreciate your trust. Our goal is to offer readers truthful and impartial information. We have standards for editorial content in place to ensure that this happens. Our editors and reporters rigorously check the accuracy of editorial content to ensure the information you're receiving is true. We keep a barrier between our advertisers and our editorial team. Our editorial team doesn't receive compensation directly by our advertising partners. Editorial Independence Bankrate's team of editors writes for YOU - the reader. Our goal is to give you the most accurate advice to help you make smart personal finance decisions. We follow the strictest guidelines in order to make sure that content is not affected by advertisements. Our editorial staff receives no direct compensation from advertisers, and our content is fact-checked to ensure accuracy. So when you read an article or a report, you can trust that you're getting reliable and dependable information. What we do to earn money

If you have questions about money. Bankrate can help. Our experts have been helping you manage your finances for more than 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 a strict code of conduct , so you can trust that our content is truthful and precise. Our award-winning editors and journalists produce honest and reliable content to help you make the right financial choices. The content we create by our editorial team is objective, truthful, and not influenced through our sponsors. We're open about how we are capable of bringing high-quality information, 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 receive compensation for the promotion of sponsored goods or services, or by you clicking on certain hyperlinks on our website. So, this compensation can influence the manner, place and in what order products are listed in the event that they are not permitted by law. This is the case for our mortgage, home equity, and other products for home loans. Other elements, such as our own website rules and whether a product is offered in your region or within your self-selected credit score range could also affect how and when products appear on this website. While we strive to provide an array of offers, Bankrate does not include details about each credit or financial product or service. More time-bound terms translate to lower monthly payments for an auto loan. They can have some benefits when you are the right buyerhowever, expect to pay more overall. So, before you opt for an 84-month contract be aware of the trade-offs and alternatives. What's an 84-month auto loan? In essence, they're the same as any auto loan. An 84-month auto loan stretches the repayment period by seven years. Your lender is able to amortize the loan over the course of this time to determine how much you'll pay each month in principal and interest. For instance, let's consider a $20,000 auto loan with a 3.49 per cent interest. If you choose to go for a 60-month repayment term then your monthly installment is $364. You can extend the term to 84 months, but your monthly installment would fall to $269. However, that 60-month period will only cost you $1,825 in interest. Since there's more space for the interest rate to pile up, an 84-month term is naturally more expensive: You'll wind up paying $2,571 - almost $750 more. Reasons to avoid 84-month auto loans While a longer loan period means a lower monthly payment however, it could cause problems in the future. Here are some potential pitfalls to avoid: More expensive Although your monthly payments are lower when you have the length of the loan however, the total amount of interest will be more expensive. However much or how little you borrow, you're going to pay more interest for the longer loan. This may not suffice to be an issue when you're confronted with a less expensive payment every month however it's money that could be put to use elsewhere. Additionally the 84-month auto loan rates are generally higher because longer terms are more risky for lenders. And that's if you're offered the option in any way. Depreciation On an average an automobile that is brand new can drop more than 10 percent of its value within the first month following your take it off the dealership, according to . You'll lose 20 percent -- or more -- during the first year and 60 percent in the fifth year. With a lower monthly payment there is a greater risk of . If you decide to sell your vehicle or have it totaled, you'll need to pay the difference out of pocket. Repair issues : The older the car is, the more expensive repairs are. With an 84-month term it's more likely that you'll have a greater likelihood that you'll have to pay for repairs while you still have the monthly installment. If you have a tight budget and low reserve, it can put a big pressure on your finances. Expired warranty There are some new cars that offer long warranties, but most are three years or 36,000 miles. If you take out an 84-month loan, you'll still being paying the balance of your car long after the warranty expires. Beware of a loan period that exceeds the time frame of your car's warranty. If you're buying a it's likely that you don't have any warranty issues to think about. This makes depreciation expected and average repair costs even more crucial, so don't skimp on research. Kelley Blue Book and Edmunds both offer estimates on the total cost of ownership that go beyond general repairs covered by a warranty. Benefits of an 84-month auto loan There isn't all negatives and doom. There are a few advantages of an 84-month term you should take into consideration: lower monthly payments. Seven years is an extended period and you could take out more loans and still have a relatively small monthly expense. If you're working on limited funds and a 84-month contract could help keep month-to-month costs down. Lower debt-to-income ratio. With an 84-month car loan, your monthly payments will be less than your earnings. Also, a lower rate can help you qualify to get future loans. Rates that are competitive. If interest rates are low it's logical to borrow funds for as long as possible. You could use the savings to pay off higher-interest debt. Just know that the 84-month auto loans will carry higher interest rates than auto loans with shorter durations. If you are considering an 84-month car loan There are circumstances where you have a tight budget or do not have a lot of room to negotiate with your car dealer. If you're faced with a limited selection that are available, a longer-term auto loan could be the most suitable alternative. A longer term is the only way to incorporate regular payments into your budget. There's no penalty when the auto loan is paid off early. The term length lets you afford an improved, more reliable vehicle. The car you own has a lengthy warranty that will reduce the overall cost of repairs. You may get a lower interest rate and would like to invest the difference for an increase in the value of your investment. Other auto loan options Use an to understand the amount a longer-term loan costs. If you're unsure if a longer term is right for you, even with the most favorable 84-month option, here are some alternatives to consider: Wait and save. If you're stuck with a specific model but can't afford it without a more long-term, consider waiting to accumulate enough cash to pay for a larger down amount. Make use of the auto loan to find out the extent to which it will lower your monthly payments. Opt for a cheaper car. If you don't have time to save enough for a larger down payment, you might want to change your plans to a lower-cost vehicle that allows you to finance for a shorter term. Find room for savings in the budget. If you haven't done so, take a look at your earnings and expenses over the last few months and determine whether there are areas in which you can cut back to allow for an increased monthly payment. Lease instead of buying. have shorter time frames than auto loans on average approximately three years, according to . Despite the shorter term they offer lower monthly costs due to the car's depreciation, not its sales price. How to choose an auto loan term length ? Consider your loan amount, the interest rate as well as your financial budget. It's not unusual for car buyers to opt for longer terms for their auto loans However, it's not a good idea to give in to sales pressure. The shorter you can get your auto loan duration, the more advantageous. Not only does it ensure that you pay less interest but it will also result in the repayment of the loan sooner. You'll also have extra cash every month to put toward other debts and expenses. If you're not able to afford a higher monthly installment, you can opt for a longer repayment term at the start and when your budget allows. If your lender doesn't charge a prepayment cost, you can also make the payment on your loan early and save money on interest. When you think about the length of your term take your current financial situation as well as your long-term goals and needs in your mind. There's no auto loan length that's ideal for everyone, so understanding your financial situation will allow you to discover the best route to take. In the end, even though you'll have smaller monthly payments with an 84-month car loan, you'll ultimately pay more interest. There's also the risk of owing more on the loan than the vehicle is worth, and possibly large repair bills. If you are considering a long auto loan time frame, consider an earlier term to save money in the long run. Find out more

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Written by Contributing writer Ben Luthi is a personal travel and finance writer who enjoys helping people understand how to live life more completely. His work has appeared in a variety of publications that include U.S. News & World Report, USA Today, Yahoo! Finance, and many more. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain confidence to manage their finances through providing clear, well-researched facts that break down otherwise complex subjects into bite-sized pieces.

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How to calculate interest on a car loan Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by providing you with interactive financial calculators and tools, publishing original and objective content. This allows you to conduct research and compare data for free and help you make informed financial decisions. Bankrate has agreements with issuers such as, but not restricted 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 who pay us. This compensation may impact how and where products appear on the site, such as such things as the order in which they be listed within the categories of listing in the event that they are not permitted by law. Our loan products, such as mortgages and home equity, and other products for home loans. But this compensation does not influence the information we provide, or the reviews that appear on this website. We do not contain the entire universe of businesses or financial offers that may be accessible to you.

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3 min read Published on October 17, 2022.

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

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who ensure 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 the most -- various kinds of loans available as well as the best rates, the top lenders, ways to repay debt, and more -- so you'll be able to feel secure when investing your money.

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Automobile loan rates are the cost for borrowing funds to purchase a car. The lender will scrutinize your credit scores, debt-to-income ratio , and other aspects to determine the interest rate it offers. To craft your budget, be aware of your rate and how much goes toward the loan balance monthly. How does interest work for a car loan? The majority of lenders offer auto loans. Interest is calculated based on the amount that you owe the principal- each month. As you pay down your loan, you will spend less on interest and pay more money towards the principal. This isn't as popular and could be used on auto loans for those with bad credit. The lender will determine the amount of interest that is paid over the loan duration. That total is in addition to your principal, and then is divided into monthly payments. Since interest isn't amortized evenly, you will have to pay the same amount interest no matter what. If you aren't planning on paying off your loan in the near future, there's no distinction between basic and precomputed interest. If you do pay off your loan in advance, you'll benefit more from a simple interest auto loan. How do you determine car loan payment for interest There's several ways to determine your monthly auto loan installments. You can utilize an online loan payment, or you can work directly with the lender. If you are aware of the principal and interest rate, you'll be able to calculate your monthly payment as well as the amount of interest you'll pay. Use an online auto loan calculator. Free, online auto loan calculators let you bypass the pencil and paper and immediately calculate the interest rate. Calculators allow you to determine the monthly installment that is based on different percentages of interest as well as loan conditions. They also give you a full amortization schedule to show how much interest you pay each month as well as the total interest paid over the course of your loan. Speak directly with a lender You may also speak to a lender directly to . A loan officer means you can receive a custom-designed concept of what your loan will be like, and even the potential interest rates that are based on your and how much you'll need to borrow. Factors that influence the car loan interest rates To get an idea of what rates of interest are offered to you, you can with several lenders. You must be prequalified with at least three lenders . The auto loan price is determined by factors including credit score. Lenders weigh your heavily when setting your rates. The lower your score the more expensive your rate. According to Experian data, the median rate for a person with excellent credit who bought a brand new car was . People who have bad credit paid significantly more -- with an average rate that was 12.84 percent. Debt-to-income ratio. A can mean a better rate as lenders will view the risk of being in default. Loan term. Generally, longer loan terms . It also means a larger amount of money that is paid over the duration of the loan but it could also have lower monthly installments. Down payment. A big down payment means that you're borrowing less and are less likely to be a burden on your loan. The age of the car. Typically, the older the vehicle, the more the cost. If you want to buy a car over 10-years-old, then you may be unable to locate auto financing at a reasonable interest rate. Experience in education and work. Some lenders now look at your education and work history in determining your interest rate, which means you could qualify for a decent rate without the best credit score. How to stay away from paying excessive interest With the right strategy you will save money on interest. Here are a few suggestions to help you save cash. Compare offers to find the best deal. Like other kinds of loans the total cost of a car loan comes down to one key element: The annual rate of interest. The APR includes both interest and lender fees, which are expressed in percentages. Knowing what the APR of each lender will be charging can help you locate the car loan that has the lowest total cost. The interest rate shown on the main page could be only the beginning rate. It is likely that you will need 740 or higher and a stable income to get the low interest rate. To finance and buy at the same time. However, often, a dealer will not provide the best interest rate. Instead, get preapproved with several lenders before you can negotiate like an individual cash buyer. Also, you should look into the requirements of the lender and the restrictions. You can check these on the lender's site or by using the quote form or application. You may also want to look at . Save up before you buy If you have cash of your own or have some savings, you could use it to pay for a down payment on your vehicle, which can reduce your monthly payment as well as interest costs. A higher down payment could be more economical over a longer loan period because you'll have a lower amount of principal and will pay less interest over the course of. Experts generally recommend you put at minimum 20% down, however that's not a hard requirement in most instances. Because both used and new automobile prices have been rising by more than $6,000 by 2022, According to Edmunds.

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This article was written using automation technology and thoroughly edited and fact-checked by an editor on our editorial staff.

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

Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to manage their finances through providing detailed, well-studied facts that break down otherwise complex topics into manageable bites.

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 for placement of sponsored products and services or by you clicking on specific links on our site. This compensation could influence the manner, place and in what order items appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Other factors, like our own proprietary website rules and whether the product is offered in the area you reside in or is within your self-selected credit score range can also impact how and where products appear on this website. We strive to offer the most diverse selection of products, Bankrate does not include details about every credit or financial product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |

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(image: https://c.pxhere.com/photos/9e/1b/wisconsin_nature_landscape_midwest_scenic_water_sky_outdoors-786474.jpg!d)What happens when you refinance a car loan & tips to follow 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 goal is to help you make smarter financial decisions by offering interactive financial calculators and tools that provide objective and original content, by enabling you to conduct your own research and compare information for free and 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 products that are advertised on this site come from companies that pay us. This compensation may impact how and when products are featured on the site, such as such things as the sequence in which they be listed within the categories of listing in the event that they are not permitted by law. This applies to our mortgage, home equity and other home lending products. But this compensation does affect the content we publish or the reviews that you see on this site. We do not cover the entire universe of businesses or financial deals that might be open to you. VGstockstudio/Shutterstock

5 min read Published 12 January 2023

Allison Martin Written by Allison Martin Written by Allison Martin's work began over 10 years ago as a digital content strategist. Since then, she's been featured in a variety of top financial outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com. Edited by Helen Wilbers Edited by Helen Wilbers Editing for Bankrate since late 2022. He is a firm believer in transparent reporting that allows readers to easily get deals and make most informed decisions regarding their financial situation. He is a specialist in small business and auto loans. The Bankrate promise

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

This post could contain references to products from our partners. Here's an explanation for how we earn money . The Bankrate promise

In 1976, Bankrate was founded. Bankrate has a proven track record of helping people make smart financial choices.

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

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who ensure everything we publish will ensure that our content is reliable, honest and trustworthy. Our loans reporter and editor focus on the points consumers care about the most -- different types of lending options as well as the most favorable rates, the most reliable lenders, the best ways to repay debt, and more -- so you can feel confident when making a decision about your investment. Integrity of the editing

Bankrate has a strict policy standard of conduct, which means you can be confident that we're putting your interests first. Our award-winning editors, reporters and editors provide honest and trustworthy content to assist you in making the right financial choices. The key principles We respect your confidence. Our aim is to offer readers truthful and impartial 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 the information you're receiving is correct. We have a strict separation between advertisers as well as our editorial staff. Our editorial team doesn't receive any direct payment from our advertisers. Editorial Independence Bankrate's editorial staff writes in the name of YOU the reader. Our aim is to provide you the best advice to help you make smart personal financial decisions. We follow rigorous guidelines that ensure our content isn't affected by advertisements. Our editorial team is not paid any compensation directly from advertisers and all of our content is fact-checked to ensure accuracy. Therefore, whether you're reading an article or a report, you can trust that you're getting credible and dependable information. What we do to earn money

You have money questions. Bankrate has the answers. Our experts have been helping you manage your money for over four years. We continually strive to give our customers the right guidance and the tools necessary to make it through life's financial journey. Bankrate adheres to strict standards policy, which means you can be confident that our content is honest and accurate. Our award-winning editors and journalists provide honest and trustworthy content that will help you make the right financial choices. The content created by our editorial staff is objective, truthful and is not influenced through our sponsors. We're open about how we are capable of bringing high-quality content, competitive rates and useful tools for our customers by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products and, services, or through you clicking certain links posted on our website. This compensation could impact how, where and when products are listed in the event that they are not permitted by law. This is the case for our mortgage, home equity and other home loan products. Other elements, like our own proprietary website rules and whether or not a product is available in the area you reside in or is within your self-selected credit score range can also impact the manner in which products appear on this site. Although we try to offer the most diverse selection of products, Bankrate does not include the details of each credit or financial item or product. Refinancing involves the replacement of an old loan with a fresh one, typically with an alternative lender. A majority of people utilize it to reduce their monthly payments whether it's by getting an interest rate that is lower or by extending their loan term. is generally a good idea when it lets you save money on interest. However, it's not always the best financial decision, especially as interest rates continue to rise, so consider carefully before applying. 4 tips to follow when refinancing your car loan Refinancing can be a fantastic option to cut down on interest and potentially lower your monthly installment. Be sure to compare lenders and getting a good bargain -- it could mean greater savings later on. 1. Shop around Before you apply to the lender look around and compare rates as well as compare terms with multiple lenders. Check out big banks, credit unions and online lenders for the most competitive auto loans. Every lender has its own formulas for calculating your rate, so having multiple quotes is crucial. In the majority of cases, you can before you complete your application receive a rate estimate without affecting your score on credit. If you've received preapproval from several lenders, you can select the best offer and complete the refinancing process. If you don't have preapproval make sure you submit your applications in a limited period of time. Multiple inquiries that appear at the top of your credit reports will be merged into one for the purposes of calculating your credit score as long as they all occur within a short timeframe usually 14 days. 2. Consider fees Before refinancing, you should consider how the fees will impact the overall savings. Certain auto loans have a in place and a penalty for paying off the loan in the early stages could cost you more than you'd save by cutting your interest. Some lenders may also charge an astronomical origination fee when you apply for a loan in order to refinance. Like a prepayment penalty, it could eat away at potential savings and make refinancing difficult instead of remaining to the current lender. Both your previous and the new lender may charge transaction fees, covering administrative or processing costs for terminating the old loan and establishing your new loan agreement. You may be able to negotiate these fees. Certain states will require state fees for registration and transfer of title to re-register your vehicle following refinancing. 3. Be aware of how your credit will be affected Virtually every when you make a credit application and a hard inquiry can decrease the score of your credit by couple of points. If you later open another loan account, it could lower the average age of your accounts which may also lower your credit score. But both of these aspects are significantly less important terms of your payment historypaying on time for your new loan can boost your score as time passes. If you've not previously applied for credit or don't have a long history of credit Refinancing won't have a significant impact. 4. Check where you already have an account. Start your search for refinancing financial institutions you already have accounts with or relationships with. There are numerous benefits of this strategy. You may be eligible for a loyalty discount on some loan charges due to your existing relationship with the lender like a bank or credit union. In the event that your institution has information that you regularly pay your bills punctually or have good balances on your accounts this can boost the likelihood of being accepted for refinancing. Alternatively, if you have a credit rating on a low side or is not as high, an lender with whom you already have a relationship might still be willing to cooperate with you and even offer refinancing. When is the right time to refinance your car loan? There isn't a perfect moment to do it, but when it can save you money this is an ideal time to do it. As an example, let's say that the balance remaining of your auto loan is $18,000, the current monthly payment is $450, and you've got four years left on the loan duration. You get approved for an auto loan, but the interest rate is 5 percent instead of 8 percent that you currently pay. Your monthly payment will fall to $414.53 You'll also reduce $1,702.69 on interest for the duration of the loan when refinancing. There are certain scenarios where refinancing can make an ideal sense. Rates on auto loans have decreased. A majority of automobile loan interest rates vary according to the prime rate, as well as other variables. Although interest rates are currently increasing, based on when you bought the vehicle, you may still be able to find a slightly lower rate. You have raised your credit score. Even if rates haven't changed dramatically, you may suffice to secure a lower rate. You could be eligible for better loan conditions that can lower your out-of-pocket costs. You got your initial loan from a dealer. Dealers typically have higher fees than credit unions and banks to earn a higher profit. If you took out your first loan by refinancing it using a different lender can result in a lower rate. You need lower monthly payments. In certain situations refinancing your car loan may be your ticket to a lower payment, or with an interest rate that is lower. If your budget is tight and you're forced to make a refinancing decision, you can convert your loan to the extent that you are willing to pay higher interest since you're extended the loan. Refinancing when it isn't a good idea. Refinancing a car loan isn't always the right choice. If you're close to the end of your loan it is unlikely that refinancing will save you money. Keep it in mind unless you desperately need to lower your monthly payments. The majority of lenders will not approve when you owe more on the vehicle than it is worth. This is also known as"being "underwater" which means it will make refinancing difficult. The lender may not be able to approve a refinance if the car is old or has quite a few miles. This usually looks like a vehicle that is 10 model years old or has more than 100,000 miles, but the specifics vary by lender. In addition as interest rates are rising, you may pay more by refinancing in the current economic climate. It is true that the Federal Reserve has been working to control inflation by increasing the , which leads to interest rate increases on everything from credit cards to auto loans. The average APRs for new and used cars were 5.16 per cent and 9.39 percent in the 2022's third quarter, according to . Requirements for refinancing Lenders assess their eligibility in a different way. When you are refinancing, it is important to consider you, your vehicle and the current loan. The majority of lenders requirea regular sources of revenue, small debt-to-income ratio , and good credit evidence of residency, such as the lease agreement or mortgage statement, or a utility bill. Your vehicle's make, model, year, vehicle identification number (VIN) and the mileage in order to evaluate your car's worth Your loan's current balance, monthly payment and payoff amount to determine if you meet the minimum loan requirements In most instances you'll also have to have completed at least six payments to the loan and at least six months left on your loan term before you can refinance. The lenders also have minimum and maximum balance thresholds in order to qualify for refinancing- typically between $3000 and $50,000. Furthermore, the car should not exceed 10 years old -- certain lenders restrict the maximum age to 8 -- and the mileage should not exceed 100,000 or 150,000 depending on the lender. The main reason to think about refinancing is to see if you get a lower interest rate and you will save on costs in the long term. Consider how much longer you can pay for a loan before proceeding with a refinance. Depending on where you are on the repayment plan the savings you will receive could not be significant or even worth the effort. Use a to see how much refinancing can reduce your expenses. If not, there are options. It's probably better requesting a with your lender when your car payments are stretched to the limit or you're suffering from financial difficulties.

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Written by Allison Martin's career began around 10 years ago, as a digital content strategist, and since then she's been published in various top financial media such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com. Edited by Helen Wilbers Edited by Helen Wilbers is editing for Bankrate since the end of 2022. He believes in the clarity of reporting that can help readers successfully get deals and make best decisions for their financials. He is a specialist in small and auto loans. The next step is refinancing a Car Loan Auto Loans

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Credit Direct

Auto loans 2023 review published 2023-01-01 00:00:00

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 details of taking out loans to purchase 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 the confidence to control their finances by providing precise, well-studied information that breaks down complicated subjects into digestible chunks.

Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by offering interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare data for free to help you make informed financial decisions. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit 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 be listed within the categories of listing in the event that they are not permitted by law for our mortgage home equity, mortgage and other products for home loans. This compensation, however, does affect the content we publish or the reviews that you see on this site. We do not cover the vast array of companies or financial offers that may be accessible to you.

About our reviews . Editorial disclosure Reviewers are supervised by staff. Opinions expressed therein are solely those of the reviewer , and have not been reviewed or accepted by any advertising company. The information that is included, including rates and fees provided in the review is correct at the time when the review first appeared. Look over the information in the upper right hand corner of the page and the lender's site for the most current information.

A glance 4.0 Rating 4 stars out five

Bankrate Score

Availability Rating: 3.5 stars out of 5

Affordability Rating: 3.4 stars out of 5

The Customer Service Rating is 3.8 five stars of five

Transparency Rating 5 stars out of 5

Compare rates on auto loan rates

About Credit Direct Loan amount $1,000 to $40,000

Min. credit score Not specified

APR ranging from 5.99%-29.99 percent

Funds available in between 48 and 72 hours

Credit Direct pros and cons The credit direct personal loans for purchases of cars are accessible by borrowers who have different financial histories and are able to be prequalified without impacting the credit rating. But, they're restricted to a few states.

PROS Flexible loan amounts

No specific inquiry

Range of acceptance criteria

CONS is only Available in the 11 US states

A small maximum loan amount

Credit Direct is a personal loan marketplace that offers loans directly and through its trusted partners to borrowers who are seeking loans. The vehicle purchase loans that are offered by Credit Direct have a lower minimum loan amount than other lenders, perfect for drivers looking to finance a smaller purchase. The loans are not secured, which means that the rates of interest advertised tend to be slightly higher.

Do you qualify? Credit Direct doesn't specify eligibility criteria on its website or via phone. However, it does state that all borrowers in the range of credit scores are eligible to apply. In fact, you could get approved if your score falls between 500 and 600. Also, you must have a steady, verifiable source of income that allows you to pay on time monthly payments. What we like and what do not like? Consider the risk and the benefits that a loan through Credit Direct brings.

We love flexibility: Drivers can get loans of as little as $1000 which is perfect for purchasing a car in poor condition for parts. Additionally, you'll own the car outright because it's . No hard inquiry: You can look at potential rates and terms without having to undergo an in-depth credit assessment. Acceptance criteria vary: Credit Direct uses underwriting criteria which take more than the credit history into account. What we don't like Limited availability by state: Credit Direct's personal loans are only available in 11 states. Small maximum loan amount: A maximum loan amount of just $40,000 will not even cover the average that surpassed $48,000 by late 2022. How do I contact Credit Direct Credit Direct Credit Direct offers limited support 24 hours a day via its call center at 866-414-4198. All support is available in its regular working hours, which are 9 a.m. until 6 p.m. ET Monday through Thursday and 9 a.m. to 5 p.m. ET for Fridays.

Auto loan types offered Credit Direct provides personal loans, which can be used to buy new or used cars.

Loan quick facts Amounts: $1,000-$40,000 Terms: 12-60 months APR: 5.99%-29.99%

Credit Direct offers personal loans for repairs and purchases of vehicles. An auto purchase personal loan through Credit Direct can be used to finance your next vehicle or buy another to replace parts. In contrast to a typical auto loan, by the car you're purchasing. The minimum loan amount is less than the majority of other auto loan service providers, so you won't need to take out more than you need. Additionally, you'll be able to take your cash to the dealership you prefer. How do you apply for an loan with Credit Direct The application process is fully automated via Credit Direct's website. Credit Direct site and takes just minutes and requires no inquiry. According to Credit Direct's Credit Direct website, the process is simple and you can get funds in as little as up to 72 hours through direct deposit. Choose the loan amount. Complete the online form with the required information to determine your anticipated rates. Review loan options. In just a few just a few minutes Credit Direct will present you with various loan options for you to consider. Pay close attention to APR and term lengths. Sign and accept. If you think the loan offerings fit your needs You can complete the loan through the internet. You will receive the funds. In the end, you will receive the funding via direct deposit.

Information required for the application: Social Security number and vehicle information Loan amount Two months of statement from banks One month's pay stubs. Most recently issued W2 government ID

Credit Direct FAQs

Is Credit Direct a direct lender or does it offer loans through third-parties? Credit Direct both originates personal loans and depends on its network of lenders to assist borrowers in finding the best deal.

Can you use a co-signer to apply for credit through Credit Direct? Yes, co-signers are able to be included in loan applications to help or be eligible for more favorable terms.

Does Credit Direct do a hard pull? A credit pull that is hard is only required when you accept the loan request and then proceed with a formal application. However, you can view possible rates using not affecting the score of your credit.

What are the rates of Bankrate? Credit Direct

Overall score

4.0

The availability

3.8

Credit Direct only offers loans in 11 states. Its low max loan amount is offset by flexible terms and a small minimum amount.

Affordability

3.4

Credit Direct scores decently due to its flexible underwriting criteria but still holds steep APRs in comparison to its competitors.

Customer experience

3.6

While there is limited 24/7 call center support customers are able to contact the center for assistance during the workweek.

Transparency

5.0

Credit Direct discloses expected rates and terms in order to encourage prequalification.

Methodology Bankrate considers 18 data points when choosing the best auto loans. Criteria for acceptance, whether charges and rates are available and the range of APR all affect lender scores. These scores are split into 4 categories. The availability of loans, repayment options, dealership requirements, and availability in the state all are a part of this category. Accessibility: This section includes APR ranges acceptance criteria, discounts and fees. Customer experience: How long you have to shop, customer service availability, whether there's an app and autopay availability are accounted for in this section. Transparency: This section accounts for the accessibility of rates and fees along with the availability of prequalification.

Disclosure of author: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely the opinions of the reviewer and have not been reviewed nor acknowledged by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Look over the information on the right and the lender's website for the most current information.

Written by

Rebecca Betterton

Auto Loans Reporter

(image: https://i.ytimg.com/vi/6mEcgW76-jY/hq720.jpg)Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ins and outs of securely taking out loans to purchase an automobile.

Edited by Rhys Subitch Edited by Auto loans editor

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

Auto loans editor

About

Help

Legal Cookie settings Do not sell my personal information

How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the promotion of sponsored goods and, services, or for you clicking certain hyperlinks on our website. This compensation could impact how, where and in what order the products are listed within categories, unless prohibited by law for our mortgage, home equity and other home loan products. Other factors, like our own rules for our website and whether or not a product is available within your region or within your self-selected credit score range can also impact the manner in which products appear on this site. While we strive to provide a wide range offers, Bankrate does not include specific information on every credit or financial product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |

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(c) 2023 Bankrate, LLC. A Red Ventures company. All Rights Reserved.

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Can you return a vehicle you purchased recently? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by offering interactive tools and financial calculators, publishing original and objective content. This allows you to conduct research and compare information for free - so that you can 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 may impact how and where products are displayed on the site, such as such things as the order in which they may appear within the listing categories, except where prohibited by law for our loan products, such as mortgages and home equity and other products for home loans. But this compensation does affect the information we provide, or the reviews you see on this site. We do not include the entire universe of businesses or financial deals that might be open to you. Westend61/Getty Images

6 minutes read. Published January 31, 2023

Written by Allison Martin Allison Martin Written by Allison Martin's work began over 10 years ago as a digital media strategist, and she's since been featured in a variety of top financial media outlets, such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to manage their finances by providing concise, well-researched and well-written facts that break down complex subjects into digestible pieces. The Bankrate promises

More info

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

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

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

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

process, and giving individuals the confidence to know what actions to take next. Bankrate follows a strict ,

so you can trust you can trust us to put your needs first. All of our content is created in the hands of and edited by

who ensure everything we publish is objective, accurate and trustworthy. The loans reporters and editors are focused on the points consumers care about the most -- the different kinds of loans available as well as the best rates, the top lenders, how to repay debt, and many more -- so you're able to be confident about investing your money. Integrity of the editing

Bankrate has a strict policy standard of conduct, which means you can be confident that we put your interests first. Our award-winning editors and reporters provide honest and trustworthy content to aid you in making the best financial choices. Key Principles We appreciate your trust. Our mission is to provide readers with truthful and impartial information, and we have editorial standards in place to ensure this happens. Our editors and reporters rigorously check the accuracy of editorial content to ensure the information you're reading is accurate. We have a strict separation between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers. Editorial Independence Bankrate's editorial team writes on behalf of YOU the reader. Our aim is to provide you the most accurate guidance to make intelligent financial decisions for your personal finances. We adhere to strict guidelines in order in order to make sure that the content we publish isn't in any way influenced by advertising. Our editorial team receives no any compensation directly from advertisers and our content is thoroughly fact-checked to ensure accuracy. Therefore, whether you're reading an article or a report, you can trust that you're getting credible and reliable information. What we do to earn money

There are money-related questions. Bankrate can help. Our experts have been helping you manage your finances for more than four decades. We are constantly striving to give our customers the right guidance and the tools necessary to make it through life's financial journey. Bankrate follows a strict standard of conduct, so you can rest assured that our information is trustworthy and reliable. Our award-winning editors and reporters create honest and accurate content that will help you make the best financial decisions. The content we create by our editorial staff is objective, factual, and not influenced by our advertisers. We're honest about how we are able to bring quality content, competitive rates, and useful tools for you by explaining how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the promotion of sponsored goods or services, or through you clicking specific links on our website. Therefore, this compensation may impact how, where 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, such as our own website rules and whether or not a product is available within your area or at your personal credit score can also impact the way and place products are listed on this website. While we strive to provide a wide range offers, Bankrate does not include details about each financial or credit item or service. If you've purchased a brand-new or used car , and are having doubts about it, you usually won't be able to return the vehicle. The seller who sold you the vehicle is generally not legally obligated to return the car and give you a refund or exchange after you've signed the sale contract. There are some exceptions to this rule. Some dealerships may permit you to return the vehicle under specific circumstances. If the vehicle has significant mechanical issues, the dealership might be required by law to accept the return. It's still better to avoid having to return your vehicle in the first place. Reasons to return your car Apart from buyer's remorse motives to return your vehicle include financial or mechanical issues. Dealers may be willing to assist you if you cannot make payments. When you encounter mechanical problems, whether you can return the vehicle to the dealer is contingent on how and the terms and conditions of the vehicle return policy. You got ripped off If you believe that this is the case , you should consider meeting with the manager of the dealership. When you meet with the supervisor, bring documents to support your claim that you have been wronged. For example, if you think the dealer overcharged you show evidence of the car's fair market value from a reliable source (like Edmunds or Kelley Blue Book) to prove your case. Make your argument clear to the manager calmly. Be aware that, since you've signed the contract Your options aren't as wide in the event that the manager decides not to respect your request. You can also contact the office of your state attorney general and discuss options. File a complaint with the Better Business Bureau. Find an attorney to take action against the dealership. Review a negative experience on the website of the dealership. Make a complaint to the consumer protection agency in your state or the Federal Trade Commission. Bankrate tip

To research whether you've paid the wrong amount You can check the worth of cars that have identical make, model, and similar mileage on or .

Your car's monthly payments are too high you're looking to sell your car because your monthly car payments are high, you'll have a greater difficulty in getting the argument to return the vehicle. The manager at the dealership's general office could argue that you should have figured out whether you could pay the monthly installments before purchasing the car. It's the dealership's decision whether to allow you to return the vehicle and trade it in for something more affordable. Speak with the salesperson who sold your car in the first place. If that doesn't work, get in touch with the sales manager, or the general manager of the dealership. If you've exhausted your alternatives, consider different options for . your auto loan with an interest rate that is lower or a longer term can lower the monthly cost. A tip from Bankrate

Utilize an application to determine the amount you could save and compare different loan options.

Your car is a lemon If you want to build a case for returning a car that doesn't perform as it should, you must first collect evidence of the mechanical issues you've encountered. It is possible to require multiple visits to the service department of your dealer. Make sure your complaints are recorded in full on all repair orders. If the problem still isn't resolved, you may determine the car is a lemon - a vehicle beyond repair. Because the laws are different between states so you'll need to conduct a thorough investigation to see whether you can be able to make a valid claim under the lemon law. In the majority of states, laws pertaining to lemons apply to new vehicles with an issue that seriously affects your ability to drive it. Other lemon law provisions that vary from state to state include the length of time that you have to wait after buying the vehicle, its mileage and the amount of times the dealership attempted to repair the vehicle. It is possible to research the laws in your state, and it outlines each state's required actions and timeframes to return a vehicle under lemon laws. Upon a successful claim, you'll be able to secure a refund or comparable vehicle exchange. There are only seven states that have lemon laws on used vehicles: Connecticut, California, Massachusetts, Minnesota, New Jersey, New Mexico and New York. Limitations apply, and these laws will not give some relief for you in your circumstance. Tips for banks

You could be entitled to reimbursement for attorney fees if you hire an attorney to help make your case. Be sure to keep track of your legal fees as you go through the course of the case.

You changed your mind Dealers do not generally find buyer's remorse persuasive. Very few dealerships have a return policy. After you've signed the contract of sale it is your responsibility to pay the note as promised. Even though the FTC includes the "cooling-off rule" which is a law that gives you 3 days in which to cancel an agreement made at your office, home, or temporary address -- a purchase of a car is one of its exceptions. Even if a dealership sells you a car at an in-between place, the rule applies to them as long as they are in a permanent place. Certain states also offer an "right to cancel" period that lets you return the vehicle within a specified time without incurring any penalty or any damage to your credit score. However, the vehicle must be in the same condition as when you bought it. Other limitations may also apply. Tip for Bankrate

Make sure you avoid this scenario by researching ahead of time. Use these tips before signing off on a new vehicle.

Your dealer has a return policy few dealerships have return policy. For example, they have 30 days of return time. If you aren't happy with the car, you can exchange it for one you would like or request the money back. Some dealerships offer exchange programs in which you have a limited amount of time to return the car. Remember that other restrictions could keep you from being able to turn the vehicle into. If you're able to turn it in however, you'll likely need to pay the difference between what the vehicle is worth today and what the vehicle is currently worth. Bankrate tip

Always get a dealership's return policy in written form. This way, you'll be aware of the terms and conditions and will be able to navigate any attempt to deny your claim.

How can you avoid returning your car to avoid the troublesome process of returning your car, you should properly prepare to purchase an automobile. This is the process . Review car reviews on the car you're considering on sites like . It's an excellent idea to conduct price research by using Kelley Blue Book or Carfax as well as an estimate of your budget and then test-drive the vehicle. It's equally crucial to research dealerships in advance by reading online reviews. Use sites like BBB.com to ensure that dealerships have an excellent reputation and offer top customer service. In addition, you'll need to spend some time researching the history and condition of the vehicle you're thinking of purchasing. It is possible to begin by looking up history reports for the vehicle through websites like Carfax or AutoCheck which provide information on the vehicle is accessible using its . If you're purchasing a car from a dealer, ask the dealer for the car's history for your review. It's recommended to bring the vehicle for a thorough inspection by a professional independent assessment of the car and any problems it might have. If the mechanic finds mechanical problems, request the seller to pay the cost of repairs. Options for returning the car Can't return your car? You still have options. You can sell it. By to someone else, you might be able to avoid having a car you don't like. It's possible that you won't be able to recover the entire amount you paid the dealer because a car depreciates as soon as it's driven off the car lot. The buyer is responsible to pay an amount that is different between dealer price and the price the buyer pays for the car. Request a the repossession to be voluntary. If you're unable to make the monthly payment You can contact the lender and ask for the repossession to be voluntary. While this will reduce your monthly payments, you should think twice before taking this step. A lender may still be able to report the repossession to credit bureaus. The repossession can negatively impact your credit score for up to seven years. This makes it more costly to take out a future auto loan. You can refinance the auto loan. If your monthly installments are too high, you can by extending your term or securing an interest rate that is lower. While taking this step will have an effect, it is only temporary. In fact, after some months of payments, your credit score should rebound or even improv e. The most important thing to remember is that prior to you purchase a vehicle make sure you do some research on the price of the cars that you like, as well as reading the dealership's return policy and car reviews. In the absence of research, you could find you with a car. In the majority of cases it's impossible to return the car you purchased -- the majority dealerships don't permit the return of a vehicle. If you're not able to return a car, there are other ways to dispose of the vehicle. You can either sell it or submit a lemon law claim in certain circumstances. If you are suffering from buyer's remorse as a result of the excessive payments, but you want to keep the car you can refinance the auto loan to reduce your monthly costs.

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Allison Martin's writing began more than 10 years ago, as a digital content strategist and she's since been featured in a variety of top financial publications which include The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to control their finances with precise, well-studied information that break down complex topics into manageable bites.

Auto loans editor

Related Articles Auto Loans 4 min read Nov 28 2022. Auto Loans 3 min read September 30 2022. Loans Read 3 minutes on Aug 18 2022 Auto Loans 5 min read Aug 09, 2022.

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Auto Loans Before getting in the driver's seat of your new car look into auto loans estimates of payments, and choose a financing plan which is right for you. Let Bankrate guide you through the procedure.

The Bankrate staff of car loan experts did the heavy lifting to find the best lender for every type of driver. We weighed a lender's available APR rates, loan amount, funding timeframes as well as charges, repayment terms, and customer support to choose our choices. Best overall Est. APR 8.99%-16.44 percent with AutoPay

The loan amount is $5k to $100k. The term is 2-7 years*

Credit score 700+ on Bankrate

Pros and cons Pros Fast financing The highest loan amount Large selection of repayment options Cons No-secured loan Excellent to excellent credit is not required. No prequalification offered Our take Who's it for: Those seeking to finance their vehicle in the shortest time possible who prefer an entirely online experience. Why we like it: Lightstream offers quick funding for drivers in a pinch and offers a variety of loan amounts. Lender perks:

The terms for repayment range from 24 to 84 month You can borrow up to $100,000 0.50 Autopay discount of 0.5 percent available Fees: None . Time to receive funds: The funds become available as soon as the day that you apply. Requirements:

Several years of credit history Stable income Excellent payment history Variety of account types in credit history

The best option for convenience. Bankrate Score

Est. APR Not disclosed

Loan amount $5k-$200k Term: 2-7 yrs*

Credit score 300+ on Bankrate

Advantages and disadvantages Pros Prequalification possible Shop using Auto Navigator Perfect credit not required Cons Limited vehicle inventory Undisclosed rates Two applications are required. Our target audience is: Buyers who aren't confident of their financial standing. Buyers looking to compare rates before applying. What we like about it We love it: The Capital One Auto Navigator site allows you to search for available the inventory available in your area. It also allows you to determine how different brands models, models and features impact your overall cost.

Lender perks:

More than 12,000 dealers can be prequalified online to understand eligibility Fees: Late fees When you can receive the funds: On the day you submit your application. Requirements:

Purchase from a dealer that is participating. The used vehicle must not be older than 10 years, or more than 120,000 miles. Refinancing: You must pay at least $7500 and have 12 months left on your loan

The best way to shop for multiple loan offers Bankrate Score

Est. APR 4.49%

Loan amount $5k-$8k Time period: 2-6 years*

Credit score 575+ on Bankrate

Pros and cons Flexible acceptance criteria Fast loan funding Many loan types Cons State-specific availability limited online customer support Max rates aren't disclosed. Who's it for? Buyers looking to look at different alternatives. Why we like it You are able to easily evaluate multiple loan offers on the myAutoLoan website with no hard credit pull. This platform lets you enter your details once and then receive multiple loan offers at a single location.

Lender perks:

Hard credit pull only after an official application. Online application Fees: Not specified. The time to receive the funds: as soon as possible on the next business day. Requirements:

You must be at least 18 years old . You must have at least a FICO credit score of at least 575 annual gross earnings of at least $21,600 Select an automobile that is not older than 10 years with less than 125,000 miles outside Alaska and Hawaii

What is an auto loan? An is a type of loan which allows you to borrow money to purchase a car. The vehicle is usually used as collateral for the loan. The loan will be repaid with the same rate of interest with monthly installments for up to 84 months until the vehicle is completely yours. How to obtain an auto loan It's a matter of the same care in choosing the car you'd like to purchase. Every type of lender comes with its own pros and disadvantages. Consider both affordability and your personal needs. The dealer financing option for your car loan offers the benefit of exiting the car lot with a brand-new car and financing. Dealerships can advertise perks known as promo financing. However, keep in mind that these are reserved for those with good credit. In other words, dealership loans typically do not offer the best rates. Credit unions and banks loans that are offered by banks and credit unions are an excellent option for those who want recognition. And if you have had a prior banking relationship, it can result in lower rates. Traditional lenders are ideal for borrowers who are financing a greater amount, and have good credit. Online lenders Financing carries the benefits of a completely automated experience but can also mean less competitive rates. This option is best for an experienced online driver that doesn't require any in-person support. Different types of auto loans You can choose from more than the traditional loans. Each type of loan has its own uses and is designed for a specific kind of borrower. Consider which is best for your personal financial situation. New car loan Financing for your car can be found on the lot of the dealership or through banks as well as credit unions, and online lenders. The most important factor to consider when choosing the best loan is to compare the rates of interest and the terms.

Used car loan Drivers can get a loan in the same locations as new car loans. Remember that used car loans have restrictions around car size and age.

Auto refinance If you are seeking to make a change to your existing loan, may give you the opportunity to pay a lower monthly fee or rate. Refinance is not available on loans at dealerships.

Bad credit car loans offer assistance to those with poor credit scores or poor credit histories. Rates tend to be higher, but you can find the best rates by comparing multiple deals.

Cash-out refinance of autos, in addition to the benefits of refinancing, provides borrowers with additional funds from their equity found in the car.

Private party If you are purchasing your vehicle from someone else, you'll need to organize an . Credit unions, banks and online lenders can provide these loans.

Purchase of the lease is coming close to expiring and you'd like to make the vehicle yours, you can help you achieve that dream.

Auto loan fundamentals Before taking out a loan and putting your car into drive, make sure you have the right answers to these FAQs.

What do I need to know about getting an auto loan? The first step is to consider your loan needs. Take care to get your paperwork in order and make an application rate lock-in prior to signing off. Can I get a car loan with having a bad credit score? Yes. While the lowest rates go to those with strong credit, bad credit borrowers can nevertheless get an auto loan. In this instance, look specifically for . To secure the lowest rates for a bad credit borrower, consider making a large down payment, and adding a co-signer, and making a payment to pay off debt.

Should I get an auto loan at the dealership or an institution? The best choice here depends on your needs. The majority of dealership rates are more expensive than banks, but that is not always true for used vehicle loans. In addition, the secret to obtaining the lowest rate is to get several quotes and the comparison of loan rates, terms, and additional fees.

How can a car loan affect my score on credit? Any sort of loan can adversely affect your credit score by a few points when the lender does an inquiry into your credit. But as long as you keep up with payments your credit remains strong. It could even improve because credit history is responsible for about 35 percent of FICO score. Editor's Selections

3 minutes of reading

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What's new? Finding your auto loan online can be much more convenient than going in person. 3 minutes read March 21, 2023 . might be wondering if you'll require the down payment to repay your auto loan. 2 min read March 21, 2023 You might not have to sell your car when you file bankruptcy. Find out how you can stay clear of it, and when it's best to simply surrender the vehicle. 5 min read on Mar 20th, 2023. This article discusses where you can buy an automobile that has bad credit to get the most affordable price. 3 minutes read on March 14, 2023 Choosing not to keep your vehicle in good condition can cost you money -- and risk your safety. 5 min read March 13, 2023 If the dealer is offering prepaid maintenance, consider the advantages and disadvantages. 3 min read Mar 13 2023. An alignment will keep your vehicle safe. Know the factors that go into the cost. 4 minutes read March 09, 2023 If certain conditions are met, you are able to take a portion or all of the interest payments you make on your car loan from federal tax. 2 minutes read March 08, 2023 If you're willing to risk the elements in order to car shop it's possible to negotiate a bargain. 4 min read Mar 07, 2023 Get familiar with the current status of auto lending with a full rundown of average car loan rates according to credit limits for new and used cars. 4 minutes read Mar 07 2023. Previous Page 1 ...

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Gas prices are likely to continue climbing through 2022: Here's how to save at the pump Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by offering you financial calculators and interactive tools that provide objective and original content, by enabling you to conduct research and evaluate information for no cost - so that you can make sound financial decisions. Bankrate has partnerships with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this website are provided by companies that compensate us. This compensation may impact how and when products are featured on this website, for example for instance, the order in which they may appear within the listing categories in the event that they are not permitted by law for our mortgage, home equity, and other products for home loans. However, this compensation will have no impact on the information we provide, or the reviews appear on this website. We do not include the entire universe of businesses or financial offers that may be available to you.

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4 min read Published August 14, 2022

Writen by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the details of taking out loans to purchase an automobile.

Editor: 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 by providing clear, well-researched information that breaks down otherwise complex topics into manageable bites.

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They ensure that what we write ensures that everything we publish is accurate, objective and reliable. Our loans editors and reporters focus on the things that consumers are most concerned about most -- different types of lending options, the best rates, the top lenders, how to repay debt, and much more. So you'll be able to feel secure when making your investment.

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Bankrate has a strict policy and rigorous policy, so you can rest assured that we put your interests first. Our award-winning editors and journalists create honest and accurate information to assist you in making the right financial decisions. The key principles We value your trust. Our goal is to provide our readers with truthful and impartial information. We have established editorial standards to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you're reading is correct. We keep a barrier between our advertisers and our editorial team. Our editorial team doesn't receive any direct payment through our sponsors. Editorial Independence Bankrate's team of editors writes for YOU as the reader. Our aim is to offer you the best advice that will help you make smart financial choices for your own personal finances. We follow strict guidelines to ensure that our editorial content isn't influenced by advertisers. Our editorial team receives no directly from advertisers, and all of our content is fact-checked to ensure accuracy. Therefore, whether you're reading an article or review, you can be sure that you're getting credible and reliable information.

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There are money-related questions. Bankrate can help. Our experts have been helping you manage your finances for more than four decades. We strive to continuously give our customers the right guidance and tools required to be successful throughout their financial journey. Bankrate follows a strict standard of conduct, so you can rest assured that our content is honest and precise. Our award-winning editors, reporters and editors provide honest and trustworthy information to assist you in making the right financial decisions. Our content produced by our editorial team is objective, factual and uninfluenced from our advertising. We're honest regarding how we're able to bring quality content, competitive rates and useful 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 or services, or through you clicking specific links on our website. So, this compensation can impact how, where and when products appear within listing categories, except where prohibited by law. This is the case for our credit, mortgage, and other home loan products. Other factors, such as our own rules for our website and whether or not a product is offered in the area you reside in or is within your personal credit score can also impact how and where products appear on this site. We strive to provide the most diverse selection of products, Bankrate does not include details about every financial or credit product or service.

People all over in the U.S. have been dealing with record high gas prices at the pump this year. However, over the last month, with a declining demand, prices have finally started to decrease and give motorists a sigh of relief. The average price for one gallon of regular gasoline has dropped to $4.13, . In the beginning of the month, gas prices were lower by 64 cents compared to the same time frame. But the harm has been done in many ways, since gas prices remain far more expensive than they were one year ago. AAA discovered that a lot of drivers have made significant lifestyle changes to cope with the rising cost of gas, including driving less, combining errands and reducing shopping or dining out. Here are some additional ways to cut down on gas. 5 ways to save money at the gas pump To save fuel and spend less on gas, think about making some changes to your regular drive. 1. Drive the speed limit No whatever the fuel efficiency of your vehicle, driving within the speed limit will help conserve fuel. The mileage of your gas will drop when you travel at speeds of more than 50 miles per hour. Alongside driving the official speed it's recommended to stay clear of excessive acceleration or braking -- which can result in fuel consumption that is low. 2. Shop around for the cheapest options Before pulling into the first gas station you pass, research the lowest-priced gas stations in the region. Download apps like GasBuddy, Gas Guru and the AAA app to determine where the lowest gas costs are in your vicinity. 3. Stick with regular gas options unless your car requires premium gasoline, there is no reason to pay the additional money for the top choice. Regular gasoline can reduce your expenses by fifty cents each gallonan amount which can quickly add up. 4. Join a rewards program Many supermarkets offer rewards to motorists for filling up at their stations. Certain credit cards will also give points when used at the pump. If a traditional gas station is more your style then look for rewards options specific to the brands you favor -- like the one 7-Eleven offers. 5. Make a plan of your routes in advance to save money on gas and time in the car, use apps like Waze to choose an efficient path available. Also , plan your route prior to time to make sure you don't waste the fuel going back and forth to various locations. 6. Make sure you have the correct tire pressure. If your tires aren't properly inflated, it can impact your vehicle's gas mileage, which could reduce fuel economy. Making sure your tires are properly aligned will help improve the gas mileage of your vehicle. 7. Utilizing cruise control cruise control can help you keep a steady speed, which can decrease the amount of gasoline that is used. 8. Cut down on the use of air conditioners as the air conditioner drains gas faster due to the power needed by engines for the operation of its cooling mechanism. Other ways to save money on vehicle costs It's true that the expense of powering your car can be quite expensive -- particularly in recent times -- the is comprised of a variety of elements. And there are still other methods to reduce your expenses as a driver. Maintain your vehicle Keeping up to date on the is a great way to prevent any unexpected issues. Make sure to have your car checked by a professional every year or two to avoid costly issues likely to arise on the road. Reduce the time spent on long journeys. The more miles you have on your odometer mean more trips to the gas station -- but it also increases the risk for mechanical problems. If you're able to steer clear of it, this isn't the best time for a long road trip. It could be a good time to carpool or take advantage of public transportation when it is there is one available. Look for insurance that is less expensive if you've had the same insurance for more than a year or two this could be the perfect time to shop around and see what other options are available. Make sure you compare multiple companies to ensure that you are receiving the best price. Refinance your current vehicle loan You might be able to negotiate more favorable terms and reduce the monthly cost of your payment . This is particularly applicable if you have made improvements to the credit rating of your. Compare your to see whether you could save money by refinancing. The volatility in gas prices is due to a combination of elements. Even though prices have slowed however, the cost of one gallon of gasoline remains one cent more than one year ago. And in many regions where the price for gasoline is well above $4. California residents are still paying over $5.50 per gallon. The high prices that the country continues to face is due to the Russian attack on Ukraine and subsequent sanctions. These sanctions have caused an astronomical increase in the cost for crude oil. It is used as the primary fuel for powering many vehicles. When the cost of crude oil goes up, so do prices at the pump. The bottom line When it comes to vehicle ownership the costs can be high - and the fluctuating price tag associated with the gas pump can create a huge amount of stress. While gas prices are outside that of your reach, focus on the decisions you can make to save. The changes that you can make include searching for the lowest prices for gas in your area making sure you combine your errands with excursions when you can, and keeping your vehicle properly maintained.

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Authored by Auto Loans Reporter

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

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

Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping readers gain the confidence to take control of their finances through providing clear, well-researched information that breaks down complicated topics into bite-sized pieces.

Auto loans editor

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Auto Down Payment Calculator

The more powerful your car, the higher rates you'll receive. Use Bankrate's auto down payment calculator to estimate how much you can save on your by putting down money using cash, trade-in or both. How much of a down payment should you make for a vehicle? A down payment that is between 10-20 percent of the cost of the car is the most common suggestion. If you are able to afford a larger down payment, you can save even more money on interest over the duration that of the loan. By dropping the amount financed in the beginning, you can save some before you start the car cost. For drivers with poor credit the down payment could be a key factor in getting approval and obtaining competitive rates. It's a great way to show potential lenders your commitment to the purchase and paying your loan off. If you're still not able to secure the best rate after you've bought with a down payment you may be able to later for a better rate. In either case, . By making sure the vehicle is suitable, not only the price, you'll save money in the end. What to consider when choosing the down payment is the money you deposit upfront to a vehicle purchase. It could include cash or the trade-in. The more you spend the more advantageous you will be. Be aware of the differences between the two vehicles when deciding how much money to put down. Down payment on a new car New vehicles depreciate at a faster rate than if you were to buy used. A large down payment of 20 % or more could help safeguard you from that loss of value. However, simply because you are able to make a larger cash payment upfront, it doesn't mean you should sign off on a vehicle which you aren't able to truly . Check that your monthly payment including insurance, fuel and maintenance costs are within your budget for the month. The down payment for a second-hand car A , on the other hand will require a smaller down payment. Because the price of a used car has already undergone most of its depreciation. Your down payment should be a minimum of 10 percent. Bankrate suggests that if you do not possess the stability and financial urgency for a new vehicle, it may be worthwhile to save money for the down payment before purchasing your car. Create a budget with between 10 and 20 percent number in mind before making your plans for the possibility of purchasing a .

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