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How to lease a used car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission 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, by enabling users to conduct research and compare data for free - so that you can make informed financial decisions. Bankrate has agreements with issuers, including 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 site come from companies that pay us. This compensation may impact how and where products appear on this site, including for instance, the sequence in which they appear in the listing categories in the event that they are not permitted by law. Our mortgage, home equity and other home loan products. However, this compensation will not influence the content we publish or the reviews that appear on this website. We do not include the entire universe of businesses or financial offerings that could be available to you.

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4 min read. Published on December 11, 2022.

Writer: Kellye Guinan. Written by personal and Business Finance Contributor

Kellye Guinan is a freelance editor and writer who has more than five years ' experience within personal financial matters. She is also a full-time worker at her local library in which she assists the community access information about financial literacy, as well as other topics.

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

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

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The value of used cars decreases more slowly than brand new ones, which makes them a great option if you want a low-cost lease. They're harder to find, but the lack of available used cars have further diminished the market. Additionally, you might not recoup the amount you spend on the down payment -- which you won't get back when the lease expires. Still, you could be able to save quite a bit each month. If you're looking to purchase newer cars that haven't had many years of wear and tear, then a used car lease could be right for you. 3 methods to get a lease on a secondhand vehicle Leasing a pre-owned vehicle is . You'll need to investigate the car, and then negotiate in conjunction with your dealer. Since they're rarer than other vehicles, there's more effort involved in finding an affordable price. 1. Explore lease options. There are a few dealers that offer leases on pre-owned cars. It is more likely that you will find leases on certified pre-owned (CPO) automobiles, which are generally only offered by a franchise dealer. It is also recommended to call or send an email ahead of time to ensure the dealer can arrange used car leases. Research the latest models you may want to lease. Also compare shop. Even if you're not buying the car, take a look at the price they're selling for on websites like Edmunds or Kelley Blue Book. This can be a good base to negotiate from. 2. Contact the dealer for negotiations Once you've found an agent that provides used car leases, and you've looked at prices, it's time to . Like a new lease on a car, the price of an used car lease is based on an amount of money -- like the interest rate for an loan. You can negotiate this with regard to limitations on mileage and residual value. The process of negotiation is similar to buying the car. You need to make sure you're receiving a fair price for the overall cost, including taxes, fees and amount you're putting down. 3. Be aware of the contract. The contract you sign will contain fees for mileage, limits on mileage, the maintenance that is and isn't covered and . Pay attention to any additional fees that you do not would like to include. Extended warranties are useful in certain circumstances, however, the majority of CPO cars have a manufacturer's warranty. It will also include the anticipated depreciation amount and any residual values at conclusion term of your lease. Verify these correspond to your contracted numbers before signing. Drawbacks of leasing a used car Beyond limited inventory, many of the drawbacks of leasing a used vehicle are similar to . A leased car will still cost less monthly than buyingone, however it won't cost you the same amount as . Similar to buying a brand new car instead of used, a lease that is used will have a higher rate of return than a new lease. It is also your responsibility to pay of any damage beyond what the dealer considers "normal." It is contingent on the terms of your lease however, you should expect to pay more for any dings or scratches when your lease ends. Maintenance costs are another big one. Maintenance visits, oil changes and other costs not covered under warranty is your cost. Used car leases aren't common and require additional effort to locate dealers that offer them. Additionally, due to a shortage of semiconductors, there is less inventory overall and this could be a further hurdle to finding a good deal. Limits on mileage is one of the most significant disadvantages for those who are a commuter or love driving. The lease agreement will restrict you to 12,000 to 15,000 miles per year and will charge you extra if you go over. How car loans as well as leases are distinct Car loans require an upfront fee which is then followed by installment payments over a fixed period. Leases have a lower initial expense, but the leasee is responsible only for the depreciation of the car over the lease period. Both leases and loans come with plenty of pros and cons. The key differences are in terms of monthly payments maintenance, usage, mileage , and ownership. Payments for monthly: Monthly payments for leases on cars are generally less because you pay for the use of the vehicle. If you get an auto loan you pay for the right to own the car. maintenance: The cost of maintaining is usually covered by leases for vehicles however, purchasing a car makes you responsible for all charges and maintenance requirements. Use and mileage: Leases have mileage and other fees that are associated with the lease. A car purchase does not have a mileage limit but excessive mileage affects the car's resale or . Options to rent a second-hand vehicle There are two primary alternatives: either buy the car outright or consider lease swaps. A used car is the best option for financial security is usually to . You'll own the vehicle at the end of your contract and you have the choice of selling the vehicle or drive it to the end. It opens you up to the possibility of depreciation, and also of becoming upside down on your loan. However, for many, it's the best method to afford a car. Of course, if you fall in love with the car you lease it is likely that you'll have the option of buying it at the time the lease ends. So, leasing used could be a good way to make the cost of a few low monthly payments before committing to a vehicle. Lease swaps Lease-trading sites like LeaseTrader will help you locate excellent deals from those who want to close their lease early. The cars you come across might not be "used" by dealer standards, but they will have seen some action from another owner. Steps next, research recent cars and the dealers that are in your local area. It's not impossible to locate a used car lease however, in the current marketplace it's not easy. If you do locate a used car to lease, ensure it is an affordable choice that is compatible with your lifestyle. Find out more

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Written by Personal and business finance Contributor

Kellye Guinan is a freelance editor and writer who has more than five years ' experience within personal finances. She also works full-time as a employee at her local library, helping her community access information about financial literacy, in addition to other subjects.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping their readers to control their finances by providing clear, well-researched facts that break down otherwise complex topics into manageable bites.

Auto loans editor

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Pros and cons of refinancing 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 mission is to help you make smarter financial decisions by offering interactive tools and financial calculators that provide objective and unique content. This allows you to conduct your own research and compare information at no cost and help you make informed financial decisions. Bankrate has agreements with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site come from companies who pay us. This compensation may impact how and where products appear on the site, such as for instance, the order in which they may appear within the listing categories, except where prohibited by law. Our mortgage home equity, mortgage and other home lending products. However, this compensation will not influence the information we publish, or the reviews you read on this site. We do not cover the universe of companies or financial offerings that could be available to you. Westend61/Getty Images

4 min read Published March 02, 2023.

Written by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is an expert with the ins and outs of securely 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 committed to helping readers gain the confidence to manage their finances with precise, well-studied and well-researched data that simplifies complicated subjects into digestible pieces. The Bankrate promise

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

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

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

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

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

You can rest assured that we'll put your interests first. All of our content is authored with and edited ,

We make sure that everything we publish will ensure that our content is reliable, honest and reliable. We have loans reporters and editors focus on the things that consumers care about most -- the different kinds of loans available, the best rates, the top lenders, the best ways to pay off debt and much more. So you can feel confident when making a decision about your investment. Editorial integrity

Bankrate follows a strict standard of conduct, which means you can be confident that we put your interests first. Our award-winning editors, reporters and editors create honest and accurate content to help you make the right financial choices. Our main principles are that we appreciate your trust. Our aim is to provide our readers with truthful and impartial information, and we have standards for editorial content in place to ensure this happens. Our reporters and editors thoroughly check the accuracy of editorial content to ensure the information you're reading is true. We keep a barrier between our advertisers and our editorial team. Our editorial team does not receive compensation directly through our sponsors. Editorial Independence Bankrate's team of editors writes for YOU who are the readers. Our aim is to provide you the best advice to assist you in making smart personal finance decisions. We adhere to the strictest guidelines in order to make sure that content isn't influenced by advertisers. Our editorial staff receives no directly from advertisers, and all of our content is checked for accuracy to ensure its truthfulness. Therefore whether you're reading an article or reviewing you can be sure that you're receiving reliable and dependable information. How we make money

There are money-related questions. Bankrate can help. Our experts have been helping you manage your money for over four decades. We strive to continuously provide consumers with the expert advice and tools needed to be successful throughout their financial journey. Bankrate follows a strict policy, so you can trust that our information is trustworthy and accurate. Our award-winning editors, reporters and editors produce honest and reliable content that will help you make the right financial choices. The content created by our editorial team is factual, objective and is not influenced by our advertisers. We're open regarding how we're capable of bringing high-quality information, competitive rates and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the placement of sponsored products or services, or when you click on certain hyperlinks on our website. Therefore, this compensation may impact how, where and when the products are listed within categories, unless it is prohibited by law for our mortgage home equity, mortgage and other home loan products. Other factors, like our own rules for our website and whether a product is available in your region or within your own personal credit score can also impact the way and place products are listed on this website. We strive to offer an array of offers, Bankrate does not include details about every credit or financial products or services. Costs of maintaining your car on the road each month can be a burden for many. The monthly payments for cars have soared with an average monthly payment of $526 for used vehicles and $716 when you purchase new . Many people are considering either replacing or refinancing their current loan with a new one in order to make the costs less burdensome. Refinancing could lower your monthly payments depending on whether your circumstances have changed or the market has changed since you obtained the current loan. But refinancing is not without risk and can be more expensive in some cases. Therefore, you should think about the advantages and disadvantages of refinancing and assess your financial situation to decide if it's a wise decision. Benefits of refinancing your vehicle Your current car loan focus on saving you money. You may also be able to refinance more than you owe if you need cash. Take these into consideration when deciding whether refinancing is the right option for you. Lower interest rates The rate of interest greatly affects the monthly auto loan payment. The amount you pay is determined by the credit rating of yours, in addition to other elements. If you've taken out your loan or credit card, which is the case if your have made punctual loan payments and effectively managed your various debts. It could be a good time to explore refinancing options. You will likely receive better terms and rates. Reduced monthly payments If you struggle to meet your monthly obligations refinancing could make your monthly payment less costly and let you free up money in your budget. You can get a lower rate and a longer duration or both. While taking a decision to sign off on a loan is a way you can save money every month, it also means more cost overall as you'll be paying more interest over the course that of the loan. Make sure you pay off your loan faster Refinancing may result in the repayment of your loan in a hurry. If your income has increased following the purchase of your auto loan, it may be an ideal time to refinance to a shorter-term. If you settle your loan in advance and pay off interest, you'll save -- assuming the lender's doesn't outweigh the savings. But if you'd prefer not to refinance, you could pay more in monthly installments to lower the balance more quickly. This will accomplish the same goal and may reduce costs by avoiding origination fees that may accompany refinancing. Cash in quick time Some lenders offer this service, which is ideal if you need fast cash. It's similar to traditional refinancing, but in addition to a new loan that is a replacement for your current loan, you'll get an unrestricted cash payment based on the equity in your car. In addition, you could get better loan terms or a lower monthly installment This type of refinancing comes with risk. If you take equity you've built up in cash, it's possible 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 outstanding auto loan balance will be higher. Cons of refinancing your car The process of refinancing not without risks. Consider these disadvantages. A high interest rate when refinancing comes with the risk of higher interest rates. If your credit rating has dropped or rates have increased there is a chance that you'll encounter interest rates that are more expensive than your current one. In the current economic climate, steep interest rates aren't unusual. Recent developments have led to interest rates reaching record highs. It's therefore recommended that you look around for various options to do your best to stay clear of astronomically high interest rates, or just wait until market conditions improve. Additional fees If you are in a tough financial situation, remember that refinancing your loan comes with extra fees. The costs could include application for prepayment, prepayment, title transfer and origination fees. Because the fees are likely to add up, you should calculate the amount the refinance costs you and what the term and rate compare to the current loan. The loan could become upside down if you refinance and prolong your loan's duration in any way, you're more likely to be paying more than the value of your car is worth. This is often called being on the other side of your loan. What are the best ways to determine if refinancing your car is a good idea The key to determining if it's an option that is worth your time is the amount of money you can potentially save. Weigh your pros and cons of making use of the benefits . Here are some scenarios where it might make sense to refinance: Your credit improved. If your credit score has improved, you could receive more favorable terms and rates through refinancing. You received dealer financing. Typically, the terms provided through dealers are not the most favorable. Consider other loan options in case you are currently . There is no way to pay . In the event of a missed payment, it could result in fees, damaged credit or worse, taking possession of your vehicle. If you are unable to make your payments then refinancing could result in a lower monthly payment. You can qualify for a lower interest rate. If rates are higher than when you first applied, you may qualify for an interest rate that is lower. However, this likely isn't the case because the market rate isn't trending downward because of recent Fed rate hikes. If you're considering refinancing your auto loan begin by looking for lenders across the market to find the best available rate. A lot of them have pre-qualification tools available on their websites that allow you to view potential loan offers, including estimates of loan conditions including interest rates, terms and monthly payments, without affecting your credit score. It is recommended to get pre-approved with more than three banks before you can make a formal application with confidence. Prior to deciding on the pros and disadvantages of each and the way they apply to you to make an informed decision. In the ideal scenario, you would like to save money instead of simply stretching out your loan duration. If you're struggling financially it might be beneficial to consider an easier monthly auto loan payment. Request the lender to consider trading your car as well as selling privately for the financial relief you require. If refinancing is the best option for you, then look for the best auto lender.

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Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the details of borrowing money to buy an automobile. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain confidence to control their finances with precise, well-studied information that break down complex topics into digestible chunks.

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Car loan documentation checklist Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by providing you with interactive tools and financial calculators that provide objective and original content. We also allow users to conduct research and compare information for free to help you make financial decisions with confidence. Bankrate has agreements with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this site are from companies that compensate us. This compensation could affect how and where products appear on this site, including, for example, the sequence in which they appear in the listing categories in the event that they are not permitted by law for our mortgage, home equity and other home lending products. However, this compensation will not influence the information we provide, or the reviews that you see on this site. We do not contain the universe of companies or financial deals that might be open to you. SHARE: Getty Images/g-stockstudio

3 min read Published September 08, 2022

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Written by Bankrate Bankrate. This article was written using automation technology and thoroughly edited and fact-checked by an editor on our editorial team. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to control their finances by providing clear, well-researched facts that break down complicated topics into digestible pieces. Review by Mark Kantrowtiz by Nationally well-known Student Financial Aid expert Mark Kantrowitz is an expert on student financial aid, the FAFSA, 529 plans, scholarships, education tax benefits and student loans. The Bankrate promise

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At Bankrate we are committed to helping you make smarter financial decisions. We are committed to maintaining strict ethical standards ,

This article may include references to products from our partners. Here's a brief explanation of how we make money . The Bankrate promise

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

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

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

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

We make sure that everything we publish will ensure that our content is reliable, honest and reliable. The loans journalists and editors concentrate on the points consumers care about the most -- different kinds of loans available and the most competitive rates, the top lenders, how to pay off debt and much more. So you'll feel safe making a decision about your investment. Integrity of the editing

Bankrate adheres to a strict code of conduct and rigorous policy, so you can rest assured that we're putting your interests first. Our award-winning editors and reporters create honest and accurate content to aid you in making the best financial choices. The key principles We appreciate your trust. Our aim is to provide our readers with truthful and impartial information. We have established editorial standards to ensure that happens. Our editors and reporters thoroughly check the accuracy of editorial content to ensure that what you read is true. We maintain a firewall between our advertisers and our editorial team. The editorial team of Editorial Independence Bankrate does not receive direct compensation through our sponsors. Editorial Independence Bankrate's editorial team writes on behalf of YOU - the reader. Our aim is to provide you the most accurate advice to help you make smart personal financial decisions. We follow strict guidelines for ensuring that editorial content isn't affected by advertisements. Our editorial team receives no directly from advertisers, and all of our content is verified to guarantee its accuracy. So, whether you're reading an article or a review you can be sure that you're getting reliable and reliable information. What we do to earn money

If you have questions about money. Bankrate has the answers. Our experts have helped you understand your money for over four decades. We strive to continuously give our customers the right guidance and tools required to make it through life's financial journey. Bankrate follows a strict , so you can trust that our information is trustworthy and reliable. Our award-winning editors, reporters and editors produce honest and reliable content that will help you make the right financial decisions. The content we create by our editorial staff is objective, truthful and uninfluenced by our advertisers. We're open about the ways we're able to bring quality information, competitive rates and helpful tools to our customers by revealing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the promotion of sponsored goods andservices or through you clicking specific links on our website. This compensation could impact how, where and in what order products appear within listing categories in the event that they are not permitted by law. This is the case for our mortgage or home equity products, as well as other home loan products. Other factors, like our own proprietary website rules and whether a product is offered in the area you reside in or is within your own personal credit score may also influence the manner in which products are featured on this site. While we strive to provide an array of offers, Bankrate does not include information about every financial or credit products or services. Applying for an may be a challenging job, but it doesn't have to be. By making the necessary documents in advance it will ensure that the process goes smoothly. The most commonly used documents for auto loan documents If applying in for an auto loan, the lender may ask you to provide documents to prove the information you give. Here's a brief breakdown of the most important documents you'll need and what they are. Documents that prove income and employment When you are trying to get an auto loan, you will need to prove your income. The lender requires evidence, like W-2, tax returns or pay stub showing your earnings and your employer's contact information. It is still necessary to prove employment even if you're self-employed, usually with an income tax return. If you are not employed, then you may still be able to show the proof of income required to get auto financing. It is possible that you have an association that earns money, for example, rental property or investment income. Your lender will take a review of your documented income, available cash and credit score when determining your loan rate and amount. Personal details to pull credit history Every when you apply for a loan, you will have to supply detailed details about you. The information you provide is used to pull credit reports which are later examined to determine if you're a suitable applicant of the loan and also to calculate your loan rates. The information you provide includes: Name and previous names as well as any relevant information. Birth date. Social Security number. Address. Telephone number. Proof of address When you are applying for an auto loan the lender will require proof that you have a physical address. This can be done with official paperwork with your address and name. Usually , you must show two documents that give the lender the same information. One is typically an utility bill, while the other could be an account statement from a bank or a recent piece of mail. Other forms of documentation you can submit include a pay stub or an original copy of your lease or rental agreement if you have one. Evidence of insurance lender wants proof that you've got insurance and will also require it when you purchase a car with a loan. This will ensure that you'll be able to repair or replace the car in the event that you are involved in an accident. It is important to contain your full name as well as the insurance company's name, NAIC number and your policy number. Car information In addition to the personal information you have You should gather the following vehicle-specific information If you have it. Vehicle identification number (VIN). Model, make, year and trim. Add-ons, such as premium sound. Current mileage. Tips to fill out an auto loan application The amount of time you devote to filling out an application is going to have an enormous influence on the loan process and the rate you get. Follow these steps when filling out your application. Complete your application in full and precisely. When you fill out your application, be certain to provide all of the requested information even if it may not initially seem crucial. In the list of sources of income that you could rely on. Income verification is a common part in the car loan application process and it can include bank statements, 1099 statements, W-2 forms and pay stubs. Don't use outside funds to pay for your down amount. It is not recommended to use the equity in your house or any other loans to finance your . The lender will want to know that you have the cash needed to purchase the vehicle. Take into consideration add-ons. Choose which one you prefer and whether you'd like to incorporate them into your loan. In addition to your down payment as well as the sale price, there are a number of additional fees that must be accounted for in if you choose additional fees and don't have the funds to pay them upfront. Be sure to read the agreement carefully. The car loan arrangement is legally binding contract, and you should read it as such before signing it. Make copies. It is always an excellent idea to save copies of every loan documentation in a safe place. Next steps getting an auto loan requires some time, however being thorough is making sure that your application is not rejected because of an error. Having all of your information together and financing in place prior to buying a car makes the loan process easier. Learn more

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Written by This article was created using automated technology and thoroughly edited and fact-checked by an editor from our editorial team. Editor: Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to manage their finances by providing clear, well-researched details that cut complex topics into manageable bites.

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Reviewed by Mark Kantrowtiz Reviewed by Nationally acknowledged expert on student financial aid Mark Kantrowitz is an expert on student financial aid, the FAFSA as well as scholarships, 529 plans as well as tax benefits for education as well as student loans.

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Inflation's impact on auto rates Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by offering you interactive financial calculators and tools that provide objective and unique content. We also allow users to conduct research and compare data for free to help you make sound financial decisions. Bankrate has agreements with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The products that appear on this website are provided by companies that pay us. This compensation may impact how and when products are featured on this site, including the order in which they be listed within the categories of listing and other categories, unless prohibited by law. This applies to our mortgage, home equity and other home lending products. But this compensation does have no impact on the information we publish, or the reviews appear on this website. We do not include the entire universe of businesses or financial offers that may be accessible to you.

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4 min read Published March 22, 2023

Writen by Rebecca Betterton Written by Auto Loans Reporter

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

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

Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to take control of their finances through providing precise, well-studied information that break down complex topics into digestible chunks.

The promise of the Bankrate promise

More info

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

this post may contain references to products from our partners. Here's a brief explanation of how we earn our money .

The Bankrate promise

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

We've been able to maintain this status for more than 40 years by simplifying the process of financial decision-making

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

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

who ensure everything we publish ensures that everything we publish is accurate, objective and reliable. We have a team of loans journalists and editors are focused on the points consumers care about the most -- the different types of lending options and the most competitive rates, the best lenders, the best ways to repay debt, and many more. So you'll be able to feel secure when investing your money.

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Bankrate has a strict policy standard of conduct, which means you can be confident that we'll put your needs first. Our award-winning editors and journalists provide honest and trustworthy content to aid you in making the best financial choices. The key principles We value your trust. Our aim is to offer readers truthful and impartial information, and we have editorial standards in place to ensure this happens. Our editors and reporters thoroughly fact-check editorial content to ensure that 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 from our advertisers. Editorial Independence Bankrate's editorial team writes on behalf of YOU as the reader. Our goal is to provide you the best advice to help you make smart personal finance decisions. We adhere to the strictest guidelines in order to make sure that content is not influenced by advertisers. Our editorial team is not paid directly from advertisers, and all of our content is checked for accuracy to ensure its truthfulness. Therefore, whether you're reading an article or a review, you can trust that you're receiving reliable and reliable information.

How do we earn money?

You have money questions. Bankrate has answers. Our experts have been helping you manage your finances for more than four decades. We continually strive to provide our readers with the professional guidance and the tools necessary to be successful throughout their financial journey. Bankrate follows a strict , so you can trust that our information is trustworthy and reliable. Our award-winning editors and reporters create honest and accurate content that will help you make the right financial decisions. The content we create by our editorial team is factual, accurate and uninfluenced from our advertising. We're open about how we are capable of bringing high-quality content, competitive rates and useful tools for you , by describing how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods and services, or through you clicking certain hyperlinks on our website. This compensation could impact how, where and when products appear in listing categories, except where prohibited by law. This is the case for our mortgage or home equity products, as well as other home lending products. Other factors, such as our own proprietary website rules and whether a product is available within your area or at your self-selected credit score range may also influence how and when products appear on this website. We strive to provide a wide range offers, Bankrate does not include information about each financial or credit item or service.

Unfortunately, inflation and its repercussions are not going away anytime soon. According to Bankrate's Third-Quarter, the majority of economic experts believe that inflation will become more significant in the next 12 to 18 months. Since it's likely that inflation isn't yet at its reach its peak, now is a good time to prepare for its impacts including the higher interest rates. What effect will the Fed impacts auto loan rates

The Federal Reserve doesn't directly influence auto loan rates, however, it can affect the cost that lenders pay to borrow funds. An increase of the Fed rate usually means lenders are quick to follow.

How inflation is affecting interest rates? The choices made of the Federal Reserve affect the which has a domino effect in the price of car financing. The rates of a driver's loan depend on a variety of variables -- such as a credit history of the borrower, term length, vehicle model and morerising inflation will mean more expensive interest rates for those even with impeccable credit. "One part of Fed's core tasks is to keep their purchasing power under control and do this through raising interest rates" Explains Sarah Foster, senior U.S. economy journalist at Bankrate. To achieve this goal to achieve this goal, the Fed increased rates once again in March, setting the benchmark rate to 4.75-5 percent. This increase meets an already constrained car market, where supply chain issues are keeping vehicle prices high, averaging over $48,300 as of August, according to . These rising interest rates make it more expensive to lend money, explains Foster. The result is that it more expensive to finance for vehicles dramatically higher than years prior. Since the beginning of 2022 the average interest rate for vehicles have been rising: 1.77 percentage points for 60-month new vehicle loan or 1.78 percentage points for a used 48-month loan, according to an analysis by Bankrate of national rates. The higher interest rates are one outcome of the Feds' goal to quell inflation. "Higher cost of borrowing doesn't simply discourage spending, but also squeeze people out of the ability to purchase expensive items, which causes an economic slowdown down," Foster says. "The hope is that eventually, those more expensive rates will stifle the demand to such an extent that inflation eventually drops," Foster says. However, this does not come with risk "An economy devoid of consumption typically means a recession which isn't fun for anybody." With all the above in mind consumers will be faced with increased rates because the Fed continues to manage high inflation. Now is the time to get ready for the increase in costs. Data taken from Bankrate

8/10/2022 rate for a 60-month new car loan

4.94%

Rate for a 60-month new car loan

5.56%

As shown above, rates have jumped significantly since August, which is in keeping with Fed meeting. This increase can be attributed to the increase in the benchmark rate and the more expensive cars. Stay up to date with changing news and how it affects your finances on . How to get a deal in times of high interest rates The interest rate you receive is dependent on many factors, including uncontrollable ones like inflation however, there are some moves that you can take in response to the decisions made by the Fed. Check around. Most lenders offer higher rates at the moment, but that doesn't negate the advantages of shopping around. and terms from at least three lenders in order to decide which quote is the best fit for your needs. Be aware of the available APR along with the repayment term. Calculate the actual cost of ownership. the prices of vehicles reach record levels, it is vital to focus on your budget when you shop. There isn't much room for error it is important to determine figure out how much you are able to afford before setting out to the dealership. This way you will understand the amount you will require to borrow to purchase your new vehicle. Tip from the Bankrate

It is important to look over for the entire loan amount and not just the monthly payments. Although it may be tempting to borrow a loan that has lower monthly cost however, it may be more costly in the end.

Think about an electric car upfront tends to be higher, but they have additional advantages beyond the gas pump. If you apply for a loan and receiving it, you could earn back any money that may be lost due higher interest rates. Make sure you lock in the expected financing one of the most reliable methods of getting a good bargain is to get a loan which will give you a firm estimate of what your anticipated rate will cost. Some lenders do not offer this step and you should look for it when shopping around. Buy a used car Unfortunately new and used vehicles are both priced higher than normal rates right now, but used vehicles are a bit lower. If you're flexible regarding the kind of car you're interested in, it can save you money on the monthly costs. How to refinance once rates drop One of the best time to look into your auto loan can be at a time when interest rates have lowered while your credit has improved. This is a lot like the procedures you follow when you first applied for the loan. Evaluate current loan. Before starting your refinancing journey, it is essential to review the current loan, both the terms and exact interest rates. Make use of this to assess the potential savings per month after you have these numbers in mind. Check your credit. Through understanding your credit score, you will identify where you stand in relation to the lenders you can choose from. Refinancing is a possibility -- just like with any other loan the higher your credit, the more competitive rate you'll be. Find vehicle value. Based on the worth of your vehicle refinancing may not be the best option for your financial situation. If you've almost paid off your vehicle, it is not wise to refinance. Look around. at least three different lenders is essential to negotiating a great deal. An excellent place to start would be the institution or lender that you first agreed to with. There may be discounts available for customers who are currently customers. Though not all lenders let to refinance your existing loan. You will be offered new terms. After you have submitted the required documentation and, in certain cases, paying a prepayment penalty, you'll receive the new terms. Before closing the chapter on this procedure, make sure you have paid off your previous lender. It's not the best time to buy although many don't need to be waiting to buy a car but patience could be your friend when it comes to savings right now. The likelihood of rising even higher after the next Fed meeting combined with high vehicle costs make now a challenging time to buy. Consider holding off until rates drop. Find out more

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Written by Auto Loans Reporter

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

Editor: Rhys Subitch Edited by Auto loans editor

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

Auto loans editor

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What to know about short-term car leases Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by offering you financial calculators and interactive tools that provide objective and original content. This allows you to conduct your own research and analyze information for no cost to help you make sound 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 Make Money The deals that are displayed on this site are from companies who pay us. This compensation may impact how and where products are displayed on the site, such as, for example, the sequence in which they be listed within the categories of listing and other categories, unless prohibited by law. This applies to our mortgage, home equity, or other products for home loans. This compensation, however, does not influence the information we publish, or the reviews that appear on this website. We do not contain the universe of companies or financial offerings that might be accessible to you. SHARE: Smederevac/Getty Images

3 min read Published June 27, 2022

The article was written by Josephine Nesbit Written by Josephine Nesbit is a former journalist for Bankrate. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to manage their finances by providing precise, well-researched and well-written information that breaks down otherwise complicated topics into bite-sized pieces. The Bankrate promise

More information

At Bankrate we are committed to helping you make better financial decisions. We are committed to maintaining strict journalistic integrity ,

This article may include references to products from our partners. Here's a brief explanation of how we make money . The Bankrate promise

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

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

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

You can rest assured that we're putting your interests first. Our content is created with and edited

who ensure everything we publish ensures that everything we publish is accurate, objective and reliable. Our loans reporter and editor focus on the things that consumers are interested about the most -- different types of lending options, the best rates, the best lenders, how to pay off debt and many more -- so you'll feel safe making a decision about your investment. Integrity in editing

Bankrate adheres to a strict code of conduct standard of conduct, which means you can be confident that we're putting your interests first. Our award-winning editors and reporters create honest and accurate content that will help you make the right financial choices. Our main principles are that we respect your confidence. Our mission is to offer readers accurate and unbiased information, and we have editorial standards in place to ensure this happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you're reading is correct. We maintain a firewall between advertisers as well as our editorial staff. The editorial team of Editorial Independence Bankrate does not receive compensation directly through our sponsors. Editorial Independence Bankrate's team of editors writes for YOU as the reader. Our goal is to give you the best advice that will help you make smart financial decisions for your personal finances. We adhere to strict guidelines in order for ensuring that editorial content isn't influenced by advertisers. Our editorial team receives no directly from advertisers, and all of our content is checked for accuracy to ensure its truthfulness. So, whether you're reading an article or a review you can be sure that you're receiving reliable and dependable information. How we earn money

You have money questions. Bankrate has the answers. Our experts have helped you understand your money for over four years. We strive to continuously provide our readers with the professional advice and tools required to succeed throughout life's financial journey. Bankrate follows a strict standard of conduct, so you can rest assured that our information is trustworthy and precise. Our award-winning editors, reporters and editors produce honest and reliable content to help you make the right financial decisions. Our content produced by our editorial team is objective, factual and is not influenced through our sponsors. We're transparent regarding how we're able to bring quality information, competitive rates and useful tools to you , by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for the placement of sponsored products and, services, or through you clicking certain hyperlinks on our site. This compensation could influence the manner, place and when products appear in listing categories and categories, unless it is prohibited by law. This is the case for our mortgage, home equity and other home lending products. Other factors, such as our own rules for our website and whether a product is available within your region or within your self-selected credit score range may also influence the manner in which 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 products or services. A car lease is one type of auto financing that allows the driver to use a car, truck or SUV for a specified period of time and miles. Although most leases are for three or more years, a short-term car lease permits consumers to lease a vehicle for just a few months, and for up to two years. These types of leases are not as common however they can be a great option if you need an automobile for a short time. What a short-term car lease is much like a typical car lease, except it has a shorter term. While there's no official regulation that specifies the length of a short-term car lease generally speaking, experts recommend 24-months or less. The standard car lease usually comes with a three-year or four-year agreement. For some, the traditional lease period is more than they want for committing to a particular vehicle, making the short-term lease a feasible alternative. It is for instance, if you have a temporary need for example, such as leaving town for workor just want to try out a car for a short period of time. Because the term is shorter than a conventional lease, monthly payments are typically higher for this type of contract. Although it's short-term, these leases usually require sales taxes and charges in many states. Three options for short-term car leases There are a variety of short-term car lease options to pick from, each having their own advantages and drawbacks. 1. Transfer the lease of someone else. You can do this for a couple of months. Most auto manufacturers will let a third party take over the original lessee who wants out of their lease. Although this can be conducted between two people, it's easier to use third-party companies like SwapALease or LeaseTrader, because they specialize in bringing current lessees and those who are looking for a short-term lease. Getting a short-term lease through leasing transfers will allow you to not have to make a down payment. The monthly lease payment would be the rate that the initial lessee agreed to at the time they began their lease. 2. Find a long-term rental rental car companies also offer long-term rentalsthat are often short-term, or known as "mini leases." This approach comes with advantages and disadvantages to be considered. Flexibility: Because these are not car rentals but leases, you're not bound into a lease and are able to return the car anytime. No mileage restrictions usually. time: Unlike when you lease a vehicle, there are usually no mileage restrictions when you opt for the long-term rental. However, this may not be the case all the time, especially when it comes to specialty vehicles. You can change cars at any time Car rental companies typically allow renters to switch vehicles during their rental period, giving you the opportunity to drive more than one vehicle. Costlier However however, even though the prices are lower than a typical car rental cost for just a few days or even for a week, long-term rentals can be more expensive than lease-takeovers. 3. Traditional lease You can also get the traditional car lease, but for a much shorter term. However, the shorter the lease the more difficult it will be to locate, and you might have to look with several dealers. Longer-term car leases generally come with more lease deals from automakers. When vehicles aren't selling well or reach close to the finish line of product cycles, automakers try to increase sales through special lease deals that have low costs. There are many more leases with 36 months than 24-month leases. If you choose traditional leases with a shortened timeline like two years, the monthly payments will be more expensive because you're spread all the expenses of the lease across a shorter time. The bottom line: A short-term lease on a car can be an attractive option if you aren't looking to commit to one type of vehicle for a lengthy period or you are in need of a temporary vehicle. Remember, however, that shorter-term leases usually are more expensive. Before you decide on a short-term lease, to find the most competitive agreement and compare prices with long-term rental options as well. Discover more SHARE:

The writer, Josephine Nesbit is a former contributor to Bankrate. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers feel confident to take control of their finances through providing precise, well-researched and well-researched facts that break down otherwise complex topics into manageable bites.

Auto loans editor

Related Articles Auto Loans 3 minutes read October 13, 2022. Auto Loans 5 min read Oct 5, 2022 Auto Loans 2 min read May 25, 2022. Auto Loans 3 min read May 11 2022

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How to buy a new car in a high-cost environment Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by offering interactive tools and financial calculators that provide objective and unique content. We also allow users to conduct research and analyze information without cost, so that you can make decisions about your finances without a doubt. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site are from companies who pay us. This compensation may impact how and when products appear on the site, such as for instance, the order in which they appear in the listing categories in the event that they are not permitted by law for our mortgage or home equity products, as well as other home loan products. However, this compensation will affect the information we publish, or the reviews you read on this site. We do not contain the entire universe of businesses or financial offerings that could be available to you.

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4 min read . Published March 03, 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 to navigate the details of using loans to buy a car.

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

Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain confidence to manage their finances through providing precise, well-studied information that break down complicated topics into bite-sized pieces.

The promise of the Bankrate promise

More information

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

This article may include the mention of products made by our partners. Here's an explanation for how we make money .

The promise of the Bankrate promise

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

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

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

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

who ensure everything we publish is objective, accurate and reliable. We have a team of loans reporter and editor focus on the points consumers care about most -- the different kinds of lending options as well as the best rates, the best lenders, the best ways to repay debt, and more -- so you'll feel safe making your investment.

Editorial integrity

Bankrate follows a strict and rigorous policy, so you can rest assured that we put your interests first. Our award-winning editors, reporters and editors provide honest and trustworthy content that will aid you in making the best financial decisions. Our main principles are that we respect your confidence. Our goal is to provide our readers with reliable and honest information, and we have standards for editorial content in place to ensure this happens. Our editors and reporters rigorously fact-check editorial content to ensure the information you're reading is true. We keep a barrier between our advertisers and our editorial team. Our editorial team doesn't receive direct compensation from our advertisers. Editorial Independence Bankrate's editorial team writes on behalf of YOU - the reader. Our goal is to give you the most accurate advice to help you make smart financial choices for your own personal finances. We adhere to the strictest guidelines in order to make sure that content is not in any way influenced by advertising. Our editorial team receives no direct compensation from advertisers, and our content is checked for accuracy to ensure its truthfulness. If you're looking at an article or review, you can trust that you're receiving reliable and dependable information.

How can we earn money?

If you have questions about money. Bankrate has the answers. Our experts have helped you understand your finances for more than four years. We continually strive to give our customers the right advice and the tools required to make it through life's financial journey. Bankrate follows a strict policy, which means you can be confident that our content is truthful and accurate. Our award-winning editors, reporters and editors produce honest and reliable content that will help you make the right financial choices. Our content produced by our editorial team is objective, truthful and uninfluenced through our sponsors. We're transparent about how we are in a position to provide quality content, competitive rates, and helpful tools to you , by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the promotion of sponsored goods and, services, or by you clicking on specific links on our site. This compensation could influence the manner, place and in what order items are displayed within the categories of listing and categories, unless it is prohibited by law. This is the case for our mortgage home equity, mortgage and other products for home loans. Other factors, such as our own website rules and whether a product is available in your area or at your personal credit score can also impact the way and place products are listed on this website. We strive to provide the most diverse selection of products, Bankrate does not include specific information on every credit or financial product or service.

The purchase of a new car comes with the added perks of personalization, the latest technology, and that coveted new car smell. But over the past several months, purchasing new cars has also brought record costs. Up 11.9 percent from around this time last year, the average new car transaction price (ATP) was $48,000, as reported by . If you are planning to buy a brand new car in your future, it is wise to take into consideration the best practices prior to making the trip to find a dealer. Five ways to save money when purchasing an automobile when costs are expensive when it comes to any large purchase the key to saving money is preparation. It is essential to conduct research before you start car shopping, lock in your financing through and budget in line with. With car costs being increasing, this could be the perfect time to think about buying a car instead of new. Together with our experts Brian Moody, executive editor at Autotrader gave us his tips on how to save money regardless of the general car buying market. 1. Do your research prior to going to the dealership. Online resources have changed the way you buy cars and allow you to know exactly what dealers are selling prior to visiting the dealership. This is particularly important when there is the fewer inventory options available. Check vehicle availability in your area before going to the dealership in person. In the event that you are forced to buy a car you haven't done enough research about, Moody suggests "doing the majority of your research online well before visiting the dealership in person." Pay attention to any extras or deals dealers might offer. Two dealerships may have the same car, but one may provide better benefits, such as free maintenance or discounts on vehicle accessories, Moody explains. 2. You can apply for loan preapproval. It is an important step to consider when purchasing a brand new car. It secures your anticipated monthly costs with a possible lender before you purchase the car. It is then possible to make a decision based on a solid idea of what you're able to spend. But when be sure to think about it the same way you approach car shopping -- look at the different lenders, and don't decide on the first choice you see. As Moody says, the cost of loans is high. make loan preapproval all the more crucial to save money. Moody also recommends getting preapproved at your local financial institution or credit union. 3. Stick to your budget With the cost of a vehicle reaching $50,000, you need to consider your budget as a guiding light when car shopping. While it is true that regardless of the conditions, it's important to stay within your budget, when prices are such as these, there's no flexibility. To determine the amount you're able to spend make use of an app to determine the monthly cost of financing. And don't forget to factor into the cost of your vehicle, such as and . 4. Consider leasing for the short-term if you have your sights set on a particular car you are struggling to find on the lot of the dealer, it could be a viable option to continue to take the car. "While leasing long term costs more, leasing for the short period can let a buyer obtain the car they desire at a cost that is affordable," Moody says. At the time that the lease is over the market will likely be different, and you may be able to better afford to buy new. 5. Buy a used vehicle If you have some flexibility, buying a vehicle instead of purchasing a brand new one can be a good option. It will not only ensure that you can actually take a drive in a car however, it could also save you money. "Those looking for a great bargain should consider used automobiles," Moody says. With such high demand for vehicles and the comparatively low availability, prices for new cars remain very excessive. The current situation of the market for cars high prices for cars are affected by several variables, including inventory availability, remaining supply chain issues and . These all affect the price which you will pay in the dealer. But Moody says that the biggest influence right now comes down to demand versus supply. "There are just about one million brand new cars in dealerships across the nation." Moody says. "The used inventory of cars is nearly double. The lack of new cars combined with strong demand is forcing prices to go up." To top this, moves made by the market make borrowing funds to purchase a new car costly too. Fourth quarter 2022 witnessed motorists paying 4 percent more to finance their vehicles, as per . During the 4th quarter in 2021,, people who took out auto loans have financed an average of $39,834 -against the average of $41,445 car owners are financing in 2022. With the combination of high interest rates and expensive automobiles, you could be expected to pay more for the purchase of a new car. Are vehicle prices returning to normal? The question of vehicle prices returning to their normal levels is a slightly more complicated problem. However, according to Moody, new inventory should begin to normalize by the spring 2023. "There are a lot of new models coming out and some supply chain issues should be resolved by the time of 2023," Moody says. So, until then, you'll need to be prepared to conduct more research than normal and perhaps settle for lower than the dream car. But just because there's only a small selection of cars doesn't mean you can't leave the lot feeling satisfied. The point is that when you're able to wait on buying a new car, it might be worth saving money. But if you're like most Americans waiting might not be an option. Consider buying a car with more caution and be prepared to pay a bit more even if you drive off with a bargain. Find out more

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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.

Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping their readers gain the confidence to take control of their finances by providing concise, well-studied and well-researched content that break down complex subjects into bite-sized pieces.

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How to navigate used car recalls Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by offering interactive financial calculators and tools that provide objective and original content. We also allow you to conduct your own research and compare information for free to help you make sound financial decisions. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site are from companies that compensate us. This compensation can affect the way and when products appear on this website, for example, for example, the sequence in which they be listed within the categories of listing and other categories, unless prohibited by law. This applies to our loan products, such as mortgages and home equity and other products for home loans. However, this compensation will not influence the information we publish, or the reviews that you read on this site. We do not cover the vast array of companies or financial offers that may be open to you. SHARE: Vasily Pindyurin/Getty Images

3 min read published September 27, 2022

The song was written by Tara Mello Written by Tara Mello Driving for Dollars

Tara Mello Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain confidence to manage their finances through providing precise, well-researched and comprehensive information that breaks down complicated topics into bite-sized pieces. The Bankrate promises

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who ensure everything we publish ensures that everything we publish is accurate, objective and trustworthy. The loans reporters and editors focus on the things that consumers care about the most -- the different types of lending options, the best rates, the best lenders, the best ways to repay debt, and much more. So you can feel confident when investing your money. Editorial integrity

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You have money questions. Bankrate has the answers. Our experts have been helping you manage your money for over four decades. We are constantly striving to provide our readers with the professional guidance and the tools necessary to succeed throughout life's financial journey. Bankrate adheres to a strict code of conduct policy, which means you can be confident that our content is honest and accurate. Our award-winning editors, reporters and editors produce honest and reliable information to assist you in making the right financial decisions. Our content produced by our editorial team is factual, accurate, and not influenced by our advertisers. We're honest about the ways we're in a position to provide quality content, competitive rates and useful tools to you by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for the promotion of sponsored goods and services or through you clicking specific links on our website. This compensation could impact how, where and in what order items appear within listing categories, except where prohibited by law for our mortgage, home equity and other products for home loans. Other factors, like our own proprietary website rules and whether the product is offered in your region or within your personal credit score could also affect how and where products appear on this website. While we strive to provide an array of offers, Bankrate does not include information about each financial or credit item or service. If you're considering buying a used vehicle It is crucial to find out if there's an open recall for the vehicle you are considering buying and, if it is, whether it has been fixed. Recalls for used cars are usually caused by a malfunction or potential issue related to safety issues. Unrepaired recalls could lead to a car accident or fire which could cause injury to the occupants of the vehicle or leading to a fall . Dealers are only required to make repairs on brand new vehicles. In the majority of states dealers aren't required repair old vehicles or inform buyers of recalls. They might not even know there's recall. You are responsible for researching the history of the car. What can you do to determine if a used car is a subject of recalls To determine whether a car has been part of a recall or not, you can look up the . This database is searchable using a car's , found on the windshield of a car's lower left side, or the year, make, and model if you don't have the VIN. The NHTSA database provides information about non-repaired vehicles that have been affected by recalls within the past fifteen calendar year. The database includes recalls that were issued by major automakers, motorcycle manufacturers as well as some medium and heavy-duty truck makers. Although it's a useful resource but the NHTSA database is not able to give information on vehicles that have been repaired in response to the safety recall. It also does not have any information about international vehicles. In the event that you don't find any recalls, review the NHTSA's monthly investigation reports, which include details about ongoing defect investigations. A recall often starts by conducting an investigation. You may find that the vehicle you wish to buy is under investigation. If so, you must stay on top of the developments to know of any recalls issued. What should you do if the vehicle you are looking to purchase is a part of recall If the used vehicle is subject to recall do not give up on it. Repairs won't cost the seller or buyer anything since the manufacturer covers recall fixes. Find the vehicle's VIN in case you don't have it. If you discover a recall related to the car's make, model and year, you can get the car's VIN at the time of purchase from the vendor. Enter it in the section for recalls on the site of the manufacturer. By using the VIN, you can determine whether your car is included in the recall. Some manufacturer websites also note whether the car has been repaired. Get the car repaired Manufacturers are required to fix vehicles that have been subject to safety recalls for free. Therefore, even though independent dealers are not required to with an open recall in accordance with the federal laws, they will be free to fix the car. Recall laws vary by state, so dealerships in your area may be legally required to perform repairs before selling you a car. It is also possible to ask the seller to fix the vehicle prior to you buying it. Ask the owner for receipts If the vehicle you are buying has been repaired, ask the owner for documentation and review the repair thoroughly. Only dealers who carry that car brand are authorized to perform recall repairs. Independent mechanics are able to complete some car recall repairs at the owner's expense. If the dealer didn't complete repairs, you might need to ask a dealer to confirm that the work was completed correctly and thoroughly. When you are looking to purchase a used car, research if the vehicle has been subject to any safety recalls, and if the necessary repairs were made. The NHTSA is usually the most reliable source to find out whether a recall affected a car you'd like to buy. To protect yourself after the recall, you should sign to receive recall alerts sent through the NHTSA. You can sign up to receive these alerts by email or download the NHTSA's SaferCar application for your smartphone to receive recall notifications. Related Articles: SHARE:

Written by Tara Mello Driving for Dollars Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to control their finances with precise, well-researched and well-sourced details that break down complicated subjects into digestible pieces.

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How to get a lien lifted from a used car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by providing you with interactive financial calculators and financial tools that provide objective and original content, by enabling you to conduct research and compare data for free and help you make financial decisions with confidence. Bankrate has agreements with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site come from companies who pay us. This compensation can affect the way and where products appear on this site, including for instance, the order in which they may appear in the listing categories, except where prohibited by law. Our mortgage and home equity products, as well as other home loan products. However, this compensation will affect the information we publish, or the reviews that you read on this site. We do not cover the universe of companies or financial offerings that could be available to you.

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3 minutes read. Published January 19, 2023

Writen by Rebecca Betterton Written by Auto Loans Reporter

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

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping readers gain confidence to control their finances by providing precise, well-studied data that lets complex topics into manageable bites.

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An lien can be described as, at its most basic it's an insurance policy can be used by a lender employs to safeguard itself if a borrower defaults on a vehicle that is financed. It is the lender's legal claim to the vehicle and it remains in place until the loan has been fully paid. If you've recently been on the title, take these steps to place yourself in a less precarious financial situation. What exactly is a car lien? While the thought of a lien on your vehicle might seem daunting, it is not uncommon. Cars that are financed by a loan are usually placed on a lien for a period of time until loan is fully paid. This "insurance policy" set up by the lender provides it with the legal ability to keep title to the vehicle until amount of the loan is paid in full. Many drivers do not fully know how a lien operates until they are attempting to understand it and realize that they are not capable of. If a lien is in place on a vehicle it is possible for creditors or lenders to if the loan has not been paid off or falls into default. Along with affecting the ability to sell a vehicle it also affects the cost of . How to tell if a car is in the midst of an obligation to purchase a second-hand car is to ask the seller to provide you with a confirmation letter from the lender stating that the lien has been removed. If the seller provides the title, check with your nearest Department of Motor Vehicles first to ensure there is no lien. In some cases it is possible to access the DMV website to search online for a lien using the 17-digit (VIN). This number is usually found in various places such as the lower left of the windshield. If you are issued a title to the car you've used, the chances are that the lien was fully paid -- it's just not released in a proper manner. This could be because of an error in the bank or be hidden in the confusion of a merger . Look out for this when working with the seller. Where to find lien information The information on lien is available by a variety of ways, including: Department of Motor Vehicles: Using the vehicle identification number you can check the lien status of your vehicle through the Department of Motor Vehicles. In many areas you can conduct a lien search on the internet using the DMV website. You may also be able to contact or visit your nearest DMV to get the lien information. Report on vehicle history: Many websites online offer vehicle history reports for a nominal fee. These websites, like VIN Smart and AutoCheck, offer full reports on the history of your vehicle along with the information about lien. How do you remove a lien from the title of a car the used car you want to purchase is not a good idea if there are strings attached -- particularly not an obligation to pay. Even though it could take some legwork and possibly a few weeks, you'll be able to solve your problem for a minimal or no cost. Contact the seller When buying a pre-owned car from the dealer, make sure to discuss with the salesperson if there's a lien on the vehicle. In these cases, the dealership typically handles the process of clearing the lien. If you're financing your purchase using the help of a loan, your lender will become the . If so, you should request that they provide you with proof that the car loan was paid in full by means of cancelled checks or a fully paid letter. It is the responsibility of the seller to repay the loan to be able to transfer the title to the vehicle. You can include that requirement in your purchase contract. It's an excellent idea to reach out to the lender directly and inquire about the status of the lien. You even can do so before finalizing the purchase. Ask about the total amount required to release the car as well as other stipulations which could impact the sale. Request the removal of a lien if the lienholder is a bank that has failed (or is a subsidiary of one), you can contact FDIC Federal Deposit Insurance Corp. directly to request a release notice. The FDIC will assist you in obtaining a lien if you have confirmed that the bank that failed was placed into FDIC receivership. It has a search feature that lets users search the database of banks in receivership. The FDIC also maintains separate lists of failed banks , including specifics about how the institution was acquired by a financial institution. Once you have the documentation you need, you can submit it to DMV and DMV and . The bottom line Simply put that it's not easy to enjoy your new ride in the event that there's a lien attached to it. Be sure that the previous owner pays off any money owed so that the vehicle becomes entirely yours, not the bank's.

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Written by Auto Loans Reporter

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

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to take control of their finances with clear, well-researched information that breaks down otherwise complex subjects into bite-sized pieces.

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Auto loan delinquency rates expected to return to normal Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by offering you interactive financial calculators and tools that provide objective and original content. This allows users to conduct research and compare information for free to help you make financial decisions with confidence. Bankrate has agreements with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website are provided by companies who pay us. This compensation could affect how and where products appear on the site, such as, for example, the order in which they be listed within the categories of listing, except where prohibited by law. Our mortgage, home equity and other products for home loans. However, this compensation will not influence the content we publish or the reviews you see on this site. We do not cover the universe of companies or financial deals that could be available to you. SHARE: Massimo colombo/Getty Images

3 min read . Published March 02, 2023

Writer: Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the details of borrowing money to buy cars. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers gain confidence to control their finances with clear, well-researched information that breaks down otherwise complex topics into manageable bites. The Bankrate promises

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

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

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

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

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

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

They ensure that what we write is objective, accurate and reliable. The loans journalists and editors focus on the points consumers care about most -- the different types of lending options as well as the most favorable rates, the best lenders, the best ways to pay off debt and many more. So you can feel confident when investing your money. Integrity of the editing

Bankrate has a strict policy , so you can trust that we put your interests first. Our award-winning editors and reporters produce honest and reliable content to aid you in making the best financial decisions. Our main principles are that we respect your confidence. Our aim is to provide our readers with accurate and unbiased information, and we have editorial standards in place to ensure that occurs. Our editors and reporters rigorously fact-check editorial content to ensure that the information you're reading is correct. We maintain a firewall between advertisers as well as our editorial staff. Our editorial team does not receive direct compensation through our sponsors. Editorial Independence Bankrate's team of editors writes for YOU who are the readers. Our aim is to provide you the best guidance to make intelligent financial decisions for your personal finances. We follow strict guidelines in order to make sure that the content we publish isn't in any way influenced by advertising. Our editorial team receives no any compensation directly from advertisers and our content is thoroughly fact-checked to ensure accuracy. Therefore, whether you're reading an article or a report it is safe to know that you're getting reliable and dependable information. How we make money

You have money questions. Bankrate can help. Our experts have been helping you manage your finances for more than four decades. We continually strive to provide consumers with the expert advice and tools needed to make it through life's financial journey. Bankrate adheres to strict standards standard of conduct, so you can rest assured that our information is trustworthy and reliable. Our award-winning editors and reporters produce honest and reliable content to help you make the right financial choices. Our content produced by our editorial staff is objective, factual and is not influenced through our sponsors. We're open about how we are capable of bringing high-quality information, competitive rates and practical tools for our customers by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our website. This compensation could influence the manner, place and when products appear within listing categories and categories, unless it is prohibited by law for our mortgage, home equity and other products for home loans. Other elements, like our own proprietary website rules and whether the product is offered in the area you reside in or is within your personal credit score can also impact the way and place products are listed on this site. Although we try to offer a wide range offers, Bankrate does not include the details of every financial or credit products or services. While vehicle prices have been , auto loan delinquency rates were surprisingly low for the first 2 years following the outbreak. However, that is no any longer the case. As the works to address the rising cost of living, more consumers are being unable to pay their auto loans -- and we can expect the delinquency rate to be back to pre-pandemic rates as we near the end of 2022. Delinquency rates in 2022 continue to increase. The robust credit trends that were evident during the pandemic have returned to normal levels, as evidenced by the improvement in auto loan performances this month. According to Cox Automotive's weekly insights from the beginning of October loans that are more than 60 days past due have increased by 30.8 percent from a previous year. But normal does not necessarily mean that it's a good thing. As these numbers show, rates of delinquency are inching higher each coming month -especially for drivers who are subprime. These borrowers are directly affected by the rise in inflation and can be vulnerable to lenders. In the present, it is essential to stay up to date on your loan payments to be safe from the possibility of defaulting in your loan or losing your car. The good news is that these increased delinquencies haven't yet resulted in an increase in the number of people in default on their loans in the pre-pandemic level. But vehicle availability and access to credit could alter the situation in 2022 as the year comes to an end. Be aware of the bigger picture . While it is true that the rate of delinquency is rising but it is crucial to look at the reasons that are driving this increase. This is primarily due to an issue of demand and supply, which is still the major driver of the price rise in the automotive sector. With less inventory and increased demands, higher priced vehicles mean higher rates, 6.07 and 10.26 percent, for new and used cars respectively, according to . However, Satyan Merchant is senior vice president and business manager at TransUnion, warns to take a look at the bigger picture in the context of auto delinquencies following the "Critical Eye on Auto Performance report, which was released in the middle of October. Merchant notes that "while the rates of point-in-time delinquency are higher when contrasted with prior time frames, we have also observed quite stable performance from the past." Therefore, this growth in delinquency can be considered normal when viewed on a larger economic scale. The report also revealed that overall performance was comparable to 2019 rates, which is a positive indicator. The shrinking "denominator" Another important reason for the rising rates of delinquency is something TransUnion calls "the shrinking denominator." This is due to the amount of vehicles which are being funded -- much lower than previously. This is due to fewer originations in 2020 which continued fall due to the shortages of vehicles, and the increase in repossessions of vehicles in 2021 as well as 2022. These factors have combined to cause an "imbalance between origination volumes and total account runoff results in a lower outstanding total account volume," found TransUnion. What is the factor that has kept the auto loan delinquency rates stable? Data from February 2022 shows that government assistance helped play a key factor in keeping rates of delinquency stable over the past two years. Since a large portion of Americans receiving extra assistance in this period also fall under the subprime classification, it meant that there was a decrease in loan originations and delinquency rates. Missing loan originations across all categories, the majority of auto-delinquencies originate from those with poor credit scores. So, with fewer low-credit borrowers getting new loans, delinquency rates remained fairly low. Many low-credit borrowers did not finance new loans due to less demand for vehicles with stays-at-home purchases and the more strict acceptance criteria implemented by lenders. The results of the recent Fed meeting confirm this belief. Much of the end of 2020 and beginning of 2021 consisted of a lower number of loan originations. This "missing initializations" -- as the Fed defined them -- resulted in lower delinquency rates. If the drivers who are most likely to fall subject to repossession or defaulting on their loans aren't borrowing and settling their debts, it will result in fewer delinquencies. This combined with federal assistance and lenders extending leniency on payments, meant fewer delinquent loans and originations. Less subprime borrowers fall between 501 and 600 According to Experian. For the quarter ending March 2022 the total loans and leases made by all subprime borrowers -including deep subprime- falls to just under 16 percent. When separated deep subprime sank to the record low rate of 1.85 percent. What can you do to ensure that you don't fall behind in your car loan The is hot in the moment and could be a great option to save some money. If you choose to take out the loan with a shorter term generally, it's wise to make a large in order to avoid paying monthly fees that are too large. Also, if it becomes challenging to make your monthly payments, think about changing the terms of your loan. Be aware that the length of your term also increases your interest rate you have to pay over the life of the loan. If you purchase a used car you can get a high-quality vehicle at an affordable cost. Since new vehicles are prone to depreciation within the first two years and you're more likely to stay away from being on the loan due to paying more than the value. The bottom line Delinquencies have been at a low level through the initial two years of the pandemic. The main reasons behind the lower default rates are the fewer borrowers and more assistance from the government for borrowers who would normally be struggling to make payments. As assistance ends and more people seeking vehicles -- and , by extension, financing -- there will likely see a steady rise in delinquencies over 2022. This is a representation of the end of federal assistance, and not necessarily an alarm signal. Find out more

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Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the details of borrowing money to purchase a car. 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 achieve confidence in taking control of their finances by providing clear, well-researched details that cut otherwise complex topics into manageable bites.

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