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6 dealer options to skip when buying a car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by providing you with financial calculators and interactive tools, publishing original and objective content. We also allow you to conduct research and compare information at no cost to help you make informed financial decisions. Bankrate has partnerships with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this site are from companies that compensate us. This compensation may impact how and when products are featured on the site, such as the order in which they be listed within the categories of listing in the event that they are not permitted by law for our mortgage, home equity and other products for home loans. This compensation, however, does not influence the information we publish, or the reviews you see on this site. We do not cover the entire universe of businesses or financial offerings that could be accessible to you. Maskot/Getty

5 min read Published January 12, 2023

Written by Ben Luthi Written by Contributing writer Ben Luthi is a personal finance and travel writer who enjoys helping others learn how to live life more fully. His work has appeared in a variety of publications that include U.S. News & World Report, USA Today, Yahoo! Finance, and many more. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain confidence to manage their finances through providing concise, well-studied information that breaks down complex subjects into digestible pieces. The Bankrate promise

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

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who ensure everything we publish is objective, accurate and trustworthy. We have loans reporter and editor focus on the areas that consumers are concerned about the most -- different kinds of lending options and the most competitive rates, the best lenders, the best ways to pay off debt and more -- so you're able to be confident about investing your money. Integrity of the editing

Bankrate adheres to a strict code of conduct and rigorous policy, so you can rest assured that we put your interests first. Our award-winning editors and journalists produce honest and reliable content to aid you in making the best financial decisions. Our main principles are that we appreciate your trust. Our aim is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure this is the case. Our editors and reporters rigorously check the accuracy of editorial content to ensure that the information you're reading 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 by our advertising partners. Editorial Independence Bankrate's editorial team writes on behalf of YOU the reader. Our goal is to give you the most accurate information to assist you in making wise financial choices for yourself. We follow the strictest guidelines in order to make sure that content isn't influenced by advertisers. Our editorial team receives no any compensation directly from advertisers and all of our content is fact-checked to ensure accuracy. Therefore, whether you're reading an article or reviewing, you can trust that you're receiving reliable and dependable information. What we do to earn money

You have money questions. Bankrate has the answers. Our experts have helped you understand your finances for more than four decades. We strive to continuously give our customers the right advice and the tools required to succeed throughout life's financial journey. Bankrate adheres to strict standards standard of conduct, so you can rest assured that our content is truthful and accurate. Our award-winning editors and reporters produce honest and reliable content that will help you make the right financial decisions. The content created by our editorial staff is factual, objective and is not influenced from our advertising. We're honest about the ways we're able to bring quality information, 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 receive compensation for the promotion of sponsored goods and services, or by you clicking on certain links posted on our website. So, this compensation can affect the way, location and in what order products appear within listing categories, unless it is prohibited by law for our mortgage or home equity products, as well as other home lending products. Other elements, such as our own proprietary website rules and whether a product is available in your area or at your personal credit score may also influence how and where products appear on this website. We strive to provide a wide range offers, Bankrate does not include specific information on each credit or financial product or service. When you buy a new car, you deal with sales experts who are experienced and able offer you additional items and other services. Although some of the choices, upgrades, and other extras may be worth it It's essential to be aware of the most detrimental dealer options when buying a car so you can avoid these. For instance, rustproofing VIN engraving and warranties with extended duration are just a few of the options that may not be worth the cost. What are the dealer options? Dealer options are options for accessories and equipment that to boost the value of the vehicle. There are three types of options you may encounter: Factory-installed options are installed by the manufacturer prior to the vehicle being shipped into the retailer. Port-installed choices: On vehicles that are imported from abroad when they arrive at the port of entry. Dealer-installed options: Installed by the dealer once the vehicle is on the lot of the dealership. Options that are made available at the factory and port are endorsed by the manufacturer of the vehicle. They are typically included in the new vehicle's warranty. They're listed in the window stickers that's required for new cars. Furthermore, the price is uniform, meaning they'll not differ between dealers. Contrary to this, dealer options aren't approved by manufacturer and, therefore, aren't covered in the warranty. They are not listed in the window stickers that are official but they should be detailed on a second sticker on the car. Also, because they're installed through the dealership, the prices may vary depending on the location. In general, many options offered by dealers are priced too high and used to increase profits on sales of new vehicles. 6 worst dealer options that you should stay clear of are considering buying a car, you need to check the vehicle's stickers for all options. Although you can't typically bargain with port and factory installed options, you might have some flexibility when you have options installed by a dealer. Here are the top six dealer options to try and avoid when buying a car -- and the smartest alternative to look at. 1. Rustproofing Undercoating applied by dealers can cost as much as $600 or as little as $150, based on the car, the type of treatment plan -- standard or premium, and whether it comes with an additional option, such as noise-reducing. It is available to prospective buyers of new cars as an option for dealers or be included in a costly bundle known as"environmental protection package. "environmental security package" that also can include paint sealant and fabric protection. "Cars coming out of the factory are all rustproofed to perfection," says Mike Quincy Auto Content Specialist at the Consumer Reports Auto Test Center in Colchester, Connecticut. "[Dealershave a reason to use this method because they can earn quite a bit of markup they can get on these services." Why you should skip it

All new cars already come with rustproofing, and some automakers will void the factory corrosion-perforation warranty if the car is undercoated by a third party.

2. Fabric protection A few dealers offer protection for fabric, which is intended to shield your seats from stains. "A lot of dealers will also eagerly pitch you fabric protection, which is essentially an oil that they put on a spray that costs them almost nothing, but for which they could then charge you $100 or more," Quincy says. The reason you shouldn't

"If you really need more protection for your fabrics, all you have to do is buy a bottle of Scotchgard," says John Nielsen who is the director of national automotive repair and purchasing at AAA.

3. Protecting paint this dealer choice is often advertised by showroom salespeople to offer new cars an all-year-round, non-wax shine, which provides an extended protection from the environment. Paint sealants that protect the paint can cost the prospective buyer around $200. It is a reason to avoid it.

Today, most automotive paints are tough and durable, and benefit much more from regular waxing and washing, according to Nielsen.

4. VIN etching VIN etching is the process that allows the creation of an adhesive plastic stencil that includes the vehicle identification number of your vehicle, or VIN. Then, you place the stencil on the window and apply a special acid solution that chemically burns, or etches the number onto the glass. VIN engraving can be a deterrent to thieves because it makes it difficult to earn a profit selling windshields and windows. It also makes it harder to find a way to dispose of the car once it has been stolen. In fact, it's a recommendation by police and agencies. Certain insurers may even offer a discount on the comprehensive portion of your car insurance, or even waive your insurance deductibles in the event that your car has the option. It's an easy process, however VIN engraving as a dealer option can cost the purchaser between $100 to $300. If you can do it yourself, you could cut off more than $100. Why you should skip this step

If you're looking to perform VIN etching, it's cheaper to use a do-it-yourself kit that costs between $20 to $40 online.

5. Extended warranties are a dealer option, basic automobile warranties start at $1,000 and easily climb to thousands of dollars for high-performance and luxury vehicles. Extended warranties cover bumper-to bumper damage that covers everything on your vehicle from major system repairsto heating or air problems, as well as engine issues. Extended warranties however don't cover the components that are typically replaced. Plan prices vary by mileage, duration of coverage and deductible level prior to signing off. New cars typically already have warranties from the manufacturer. Even if you're buying used, you don't need to buy the warranty on the day you buy the car -- this means that you have the option of shopping around for one if you're really interested in. Why you should skip it

It's often better to use the money you'd pay on a warranty extension to cover the maintenance your car needs.

6. In your tire, nitrogen regardless of the content of your tires with, oxygen or nitrogen the four wheels that push your vehicle will eventually be deflated. Tires may lose air due to a hole within the tread area, weak seal, or even just general vehicle wear and tear. But many dealers will encourage customers to apply nitrogen to their tires, which can be as high as $200. If you're not racing car drivers who require greater pressure consistency from your tires, the added expense isn't worth it. If you truly want nitrogen, stopping at an auto body shop in your area is going to cost you between $10 and $30 per tire. Why you should skip it

It is better to save your cash and look for any damage to your tires that will likely occur with the age of your vehicle.

How to avoid dealer-installed options The best options for a vehicle can enhance your driving experience and even when you're ready to sell it or trade it into. You don't need to accept the dealer-installed options you do not would like. If you find that a vehicle you purchase has some dealer-added options you may ask the dealer to eliminate them and adjust the sales price accordingly. In some instances, this may not be possible -- for example, when paint protection or rustproofing was already applied and is not easily removed. Make sure to get the car off like you normally would if the dealer is unable or unwilling to eliminate the alternative. There's no guarantee that this will be successful but showing even some initiative during negotiations could change the tone of the conversation. For instance, you could try calling another dealer in your area to get an idea of what it might charge for certain options or even see how much it could cost if you were to do it yourself. This could serve as a reference point in your negotiations. If a dealer isn't willing to negotiate significantly, or refuses to negotiate entirely, you can choose to purchase the car in its current condition or leave. Factory options vs. choices from dealers Both the factory options and dealer options are added expenses you'll face when shopping. Contrary to dealer options, factory options cannot be "added on" at the time of purchase. The manufacturer handles these extras in the factory before the car arrives on the lot. Options available from the factory could include an alarm system or a specific piece of equipment including a spoiler or sophisticated engine setup. Both add-ons will increase the you pay, so consider the ones that are necessary and those you're able to leave out. The bottom line is that dealer-installed options aren't always worth it, so checking what you're being charged for is crucial. Although dealers may not always be willing to eliminate options they've installed or even negotiate on the cost, be aware that these options aren't standard, and you don't have to agree with them. Similar to every other aspect of the car-buying process, and the options offered by several dealers in your region to ensure you are getting the best deal available.

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Written by the writer who contributed to the article. Ben Luthi is a personal writer on travel and finance who loves helping people learn how to live their lives more fully. His writing has been featured in a variety of publications, including U.S. News & World Report, USA Today, Yahoo! Finance and other publications. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers to control their finances with clear, well-researched information that breaks down otherwise complicated subjects into bite-sized pieces.

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Carvana

Carvana 2023 Auto Loan Review Published 2022-05-25 07:00:00

Written by Allison Martin Written by

Allison Martin's work began over 10 years ago as a digital media strategist. She's been featured in a variety of top financial publications, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.

Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by providing you with interactive financial calculators and tools as well as publishing informative and objective 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, 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 website are provided by companies that compensate us. This compensation may impact how and when products are featured on this website, for example, for example, the order in which they may appear within the listing categories and other categories, unless prohibited by law. Our loans, mortgages, and other home lending products. This compensation, however, does not influence the information we publish, or the reviews you read on this site. We do not contain the vast array of companies or financial deals that may be available to you.

Reviewer's disclosure Reviewers are supervised by staff. The opinions expressed in them are only those of the reviewer and have not been reviewed or accepted by any advertising company. The information that is included, including rates and fees that are included in the review is correct as of the date when the review first appeared. Review the information in the upper right hand corner of the page as well as the lender's website for the most recent details.

A look 4.2 Rating: 4.2 stars out of five

Bankrate Score

Availability Rating: 3.8 stars out of 5

Affordability Rating: 3.6 stars out of 5

Customer Experience Rating: 4.8 five stars from 5

The Transparency Score: 4.5 stars out of five

Find out about auto loan rates

About Carvana The amount of the loan is not specified.

Min. credit score not specified

APR from 6.85%

Funds available in As soon as one day

Carvana features Here's a quick breakdown of what Carvana has to offer.

PROS Credit score not needed

Money-back guarantee

One-stop-shop

CONS Limited to Carvana inventory

Down payment

Not available in all states.

Carvana provides auto loans for all kinds of borrowers. It's available to consumers looking to purchase a vehicle on Carvana's website , and then get it delivered to their doorsteps or through the "car vending machine" within their region. There is no requirement for excellent credit to get credit, and you are able to view possible loan offers with no impact upon your score.

Pros and pros and Carvana auto loans Pros Good credit does not have to be a requirement. You might be qualified for financing if you have a minimum annual income of $4,000 and do not have any active bankruptcies -- even if your credit score is not great. Money-back guarantee. You'll have seven days to return the vehicle and cancel the loan agreement without facing negative consequences. One-stop shop. Carvana simplifies the entire process from start to finish by offering you the option to shop to hire a driver, organize financing and have your car delivered from one spot.

Cons Limited to Carvana inventory. Carvana auto loans are only available for cars that are available for sale on the Carvana website. Down payment. It is possible that you will need to make an un-negotiable downpayment to buy a brand new car. It is not available in all states. Carvana does not provide auto loans to customers who reside in Alaska as well as Hawaii.

Who do you think Carvana most suitable for? Carvana is an ideal choice when you're looking for your next car at the convenience of your home , and then manage your financing on the internet. It's also ideal for people who don't have great or outstanding credit, but require an auto loan that has a fair interest rate and affordable monthly payments. Carvana also allows direct vehicle purchases for new or used cars in your local area. If you are just getting started on your car buying journey, Carvana can be a great place to start. Different types of auto loans available You can make use of an institution like a credit union or bank to finance your used or new vehicle purchase, or speed up the process by utilizing financing from Carvana. Auto loans to purchase cars Carvana provides auto loan financing for new and used cars purchased through their platform. It's available to borrowers who have all types of credit with interest rates that are as low to 6.85 percent. Plus is that the loan terms are flexible and you could get approved for financing and finalize your loan on the next day. Interest rates and terms Carvana examines your credit history, income and vehicle purchase price to determine your interest rate and the loan duration you're eligible to get. Its initial rate will be 6.85 percent, with terms from 12 to 72 months. Carvana now offers the ability to include a co-signer Carvana recently unveiled the option for customers to sign on car financing in all 36 states where it operates with the intention to increase its reach. A vehicle loan co-signer has equal legal responsibility to pay off the vehicle without full ownership and could help you get lower rates. It's a great option for young drivers who are working hard to build their credit, says Matt Dundas, Carvana's director of finance. With both vehicle and car prices more expensive than usual the co-signer's involvement can be beneficial . Dundas says "It's not unusual to have the inclusion of a co-signer cut the monthly payment by more than $100 per month, or down payments by over 1,000 dollars." This makes it possible to pay for a more expensive vehicle. But, co-signing is still a big commitment, so before making a decision, consider the implications associated risks. How do you apply for an auto loan using Carvana You can be prequalified to get an auto loan by contacting Carvana through its website. It will take just two minutes of your time and won't impact your score on credit. If you find a match, you'll be able to see the actual loan conditions and monthly payments for the cars available for sale on the site. In order to be prequalified, you'll have to provide your name and contact information. Residence address. Birthdate. Employment details. Annual income. If you plan to approve financing with the assistance of a co-signer, simply fill in their details on the first application page. Your co-signer must also be present at the time of vehicle pickup or delivery. Car loan refinancing requirements Carvana only lists the following qualifications You must be at least 18 years old. Have no active bankruptcies. Make at least $4,000 per year. You'll need to provide evidence, like an updated utility bill, loan statement or lease agreement to verify your address for verification purposes. Carvana will also confirm your earnings using the two most recent consecutive pay stubs, three most recent bank statements, or Plaid. Customer service Carvana provides a full range of customer support that extends past normal business hours to make your purchase as simple as is possible. Support is available via the web and by phone between 8 a.m. until 10 p.m. ET. It is also possible to text with an advocate live between 9 a.m. until 8 p.m. ET seven days a week.

What rates does Bankrate charge? Carvana Overall Score

4.2

The availability

3.8

Carvana will require you to use its marketplace to avail its financing. The company also doesn't provide more than used or new car loans.

Affordability

3.6

The APR minimum is 6.85 percent is about middle of the road, and it charges normal NSF or late fee. However, its acceptance criteria can be more flexible than some lenders.

Customer Experience

4.8

Carvana provides customer support seven days a week. The company also has a long period of shopping that lasts 45 dayswith full online access.

Transparency

4.5

While it allows prequalification , and clearly lists all charges, Carvana doesn't specify the maximum APR offered.

Disclaimer: All reviews are prepared by Bankrate.com staff. The opinions expressed are solely the opinions of the reviewer and have not been evaluated or approved by any advertiser. The information, including rates and fees that are included in the review are accurate as of the date when the review first appeared. Look over the information in the upper right hand corner of the page, and the lender's website to find the most recent details.

Written by

Allison Martin

Allison Martin's work began over 10 years ago as a digital content strategist. She's been featured in a variety of top financial media outlets such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.

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Auto Loan Calculator

Use this auto loan calculator to determine what your auto loan will actually cost, with the exception of any additional fees that lenders may enforce. Simply input the amount you want to take out, along with the amount of the loan as well as the type of vehicle and the interest rate. The calculator will estimate your monthly payments to assist you in determining . Auto loan questions

The most common is the weekday, and you'll get a better deal than on a weekend. Also, don't forget to look for sale items for the holidays, especially later at the end of the calendar year.

The purchase of a new car will bring fresh smell for your car as well as the most recent features. However, it is a more expensive price tag than . Compare the advantages and disadvantages of both before deciding which is right for you.

The best way to leave with your car depends on the preparation. Explore and compare at least three loan options, and pay careful focus on rates, terms and fees charged by each lender.

Receiving money back on the purchase of your car is determined by the dealer and gives you cash to pay for your car purchase. The auto loan rebates are particularly an excellent option when they are offered for a vehicle you are already interested in.

is the cost incurred in order to borrow cash to finance your vehicle. The monthly cost is the repayment of the loan amount are borrowing, and the interest that builds. Auto Loan Tips

Make sure you are prepared for any additional costs. Unfortunately, the will be higher than the sticker you see on the car window. Be sure to factor in costs such as title, taxes, fees, and even the cost of future maintenance costs when you calculate the cost of your vehicle.

A long-term loan might not be worthwhile. The repayment terms for loans range between 24 and . While an extended loan will mean less monthly costs but the longer the duration of your loan is the more that you will be paying in interest. Additionally, consider that a longer-term loan means that you could remain with the vehicle for up to seven years.

Consider refinancing your current vehicle loan Refinancing your current loan is a fantastic option to save money and keep your car. Consider this option if you first signed off at a dealer or you've improved your credit score and are likely to receive a time. Buying vs. leasing

Determining if you want to buy or lease your new vehicle requires you to consider the amount of miles you plan to clock on the odometer of your vehicle as well as how much you can afford each month.

What exactly is leasing?

When you you have the right to use the car but don't have complete ownership. Think of it as taking the car on loan for a specific period of time, usually 3 or 4 years, but not having full rights to the car. The lease also comes with specific terms of usage. When you lease, you are bound to a set number of miles driven and the obligation to return the vehicle in mint condition -- or incur charges.

You likely will find leasing options through dealerships, and it's an excellent option if you are adamant about an exact model. The leasing option is worth considering when you're interested in driving several, more expensive vehicles every few years rather than signing off on a single. Leasing also carries advantages, including the possibility to drive a higher-end vehicle, cash rebates, manufacture warranty and subsidized residual values.

What is the best way to choose between purchasing or leasing

If you are deciding whether to purchase or lease the next car, you must be aware of three major factors: the amount you drive, the purpose of the vehicle and how you are able to pay. Buying is best if you want full ownership of the vehicle and can pay for a greater monthly expense. Leasing is right for you when you want to be flexible with regards to vehicle models and stick to the mileage restriction. Like buying a car, you will have an installment of monthly payments for the duration of your lease. When it comes to purchasing, there is light at the end of the tunnel in terms of ownership. With leasing, unless you have a plan to purchase a lease, you will simply have the car for a certain date and time.

Leasing comes with quite a few caveats that can lead to a damaged credit report or a loss of funds. In the event that leasing might be the right route for your needs, consider before signing off.

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How can I obtain a car loan from my own name? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by offering financial calculators and interactive tools as well as publishing objective and original content. We also allow you to conduct your own research and compare information for free and 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 Earn Money The deals that are advertised on this site are from companies that pay us. This compensation could affect how and where products appear on this website, for example, 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. This compensation, however, does have no impact on the information we publish, or the reviews that you read on this site. We do not include the vast array of companies or financial deals that may be open to you.

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Written by Justin Harelik Written by Justin Harelik The Bankruptcy Advisor

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

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Bankrate adheres to a strict code of conduct standard of conduct, which means you can be confident that we're putting your interests first. Our award-winning editors, reporters and editors provide honest and trustworthy content to assist you in making the right financial decisions. The key principles We respect your confidence. Our mission is to offer readers accurate and unbiased information. We have established editorial standards to ensure that happens. Our reporters and editors rigorously verify the truthfulness of content in order to make sure the information you're reading is correct. We keep a barrier between advertisers as well as our editorial staff. Our editorial team does not receive compensation directly from our advertisers. Editorial Independence Bankrate's team of editors writes for YOU - the reader. Our aim is to provide you the best advice to help you make smart personal financial decisions. We adhere to strict guidelines in order to make sure that the content we publish isn't affected by advertisements. Our editorial staff receives no any compensation directly from advertisers and our content is fact-checked to ensure accuracy. So, whether you're reading an article or a review, you can be sure that you're getting credible and reliable information.

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If you have questions about money. Bankrate has answers. Our experts have been helping you master your finances for more than four years. We continually strive to provide consumers with the expert guidance and the tools necessary to succeed throughout life's financial journey. Bankrate adheres to strict standards policy, which means you can be confident that our content is truthful and accurate. Our award-winning editors, reporters and editors create honest and accurate content to help you make the best financial decisions. The content created by our editorial team is objective, factual, and not influenced by our advertisers. We're honest regarding how we're capable of bringing high-quality information, competitive rates and practical tools for you by explaining how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products andservices or through you clicking certain links posted on our site. Therefore, this compensation may affect the way, location and in what order products are listed, except where prohibited by law. This is the case for our mortgage, home equity and other home loan products. Other factors, such as our own website rules and whether or not a product is offered in the area you reside in or is within your self-selected credit score range can also impact how and where products appear on this site. We strive to offer a wide range offers, Bankrate does not include information about each financial or credit item or service.

Dear Bankruptcy Adviser, How do I obtain a car loan out of my name? I'm unable to convince anyone to refinance it, and my ex-boyfriend is not paying. Do I have a choice other than bankruptcy? -- Anna Dear Anna Although I earn a living by handling the bankruptcy process, I hope you have a solution for your previous error in judgment, especially if this is the only debt you have. Co-signing a loan is among the most common reasons people file for bankruptcy. You did sign the agreement and agreed to pay the amount; and you're now paying the amount. The lender will not take your name off the loan simply because you and your boyfriend are no longer together. Similar to how the lender does not have a say in your dating choices the same applies to your loan. It also doesn't have a input into the decision of your split. It does, however, have your signature agreeing to pay the balance on this loan. Additionally, there is no incentive to let you get out of the agreement until it is the loan is paid in full. There are four options to consider to choose from to pay the balance Perhaps, you are able to utilize the vehicle while paying the balance and are able to afford the installment. This will protect your credit and eventually gets you the title to the car. You can find someone else to take over the payment: you could have a friend pay the balance and drive the vehicle. The car is still responsible for paying off this car. But you can find someone else to assist. Maybe a friend can make an amount of the loan and you'll pay the remainder. Be sure that all drivers are covered with appropriate insurance. Do not permit anyone to drive your vehicle without insurance coverage to drive it. Bring the car back to the lender The return could be as a repossession on the credit file. The lender will sell the car and issue a bill for the remaining balance following the sale, which is known as the deficiency balance. You will have to pay this amount. Do not ignore the issue: The lender will not let you repossess your car and come after you for the amount due. I have heard clients say they would sue the other party responsible and force them to pay. This is a good idea in principle, but finding a way to make the responsible party pay is very difficult. If you are able to figure out how to do this, you can begin your own collection company for co-signers since that would be impressive, indeed. Have fun! Ask the adviser a question of the Bankruptcy Advisor, go to the "Ask the Experts" page, and choose "Bankruptcy" for the subject. Read more columns and more on debt-management.

The content of Bankrate, including the advice and expert columns and this website, is designed to aid you in making financial choices. The information is broad in scope and does not consider your personal financial situation. Bankrate suggests that you consult with your financial advisors who are fully aware of your personal circumstances prior to making any decision in implementing any investment strategy. Remember that your use of this website is governed by . Related Links:

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Are you able to return a car you just bought? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by offering financial calculators and interactive tools that provide objective and original content. This allows users to conduct research and evaluate information for free and help you 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 money The products that appear on this website come from companies who pay us. This compensation may impact how and where products are displayed on this website, for example such things as the order in which they may appear within the listing categories, except where prohibited by law. Our loan products, such as mortgages and home equity and other products for home loans. However, this compensation will affect the content we publish or the reviews you see on this site. We do not cover the entire universe of businesses or financial deals that might be open to you. Westend61/Getty Images

6 minutes read. Published on January 31, 2023.

Written by Allison Martin Written by Allison Martin's career began more than 10 years ago as a digital media strategist, and she's since been featured in a variety of top financial media outlets, such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com. Editor: Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to manage their finances with clear, well-researched information that breaks down otherwise complicated topics into bite-sized pieces. The Bankrate promises

More info

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

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

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

We've been able to maintain this status for over four decades by demystifying the financial decision-making

process and giving people confidence in which steps to take next. Bankrate has a very strict ,

so you can trust that we're putting your interests first. Our content is created with and edited

who ensure everything we publish is objective, accurate and trustworthy. Our loans journalists and editors concentrate on the points consumers care about most -- the various types of loans available as well as the best rates, the top lenders, the best ways to repay debt, and more -- so you can feel confident when investing your money. Integrity of the editing

Bankrate follows a strict and rigorous policy, so you can rest assured that we're putting your interests first. Our award-winning editors and journalists produce honest and reliable information to assist you in making the right financial choices. Our main principles are that we respect your confidence. Our aim is to offer readers accurate and unbiased information, and we have standards for editorial content in place to ensure that happens. Our editors and reporters thoroughly verify the truthfulness of content in order to make sure that what you read is correct. We keep a barrier between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers. Editorial Independence Bankrate's editorial team writes on behalf of YOU the reader. Our aim is to offer you the most relevant guidance to make smart personal finance decisions. We adhere to strict guidelines to ensure that our editorial content is not affected by advertisements. Our editorial team receives no directly from advertisers, and 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 getting reliable and reliable information. How we earn money

If you have questions about money. Bankrate has 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 advice and tools needed to succeed throughout life's financial journey. Bankrate adheres to a strict code of conduct policy, which means you can be confident that our information is trustworthy and accurate. Our award-winning editors and journalists produce honest and reliable information to assist you in making the right financial decisions. The content created by our editorial team is factual, objective and is not influenced by our advertisers. We're honest about how we are in a position to provide quality information, competitive rates and useful tools to 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 or services, or when you click on certain links posted on our site. This compensation could impact how, where and in what order 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 factors, such as our own website rules and whether a product is available in your region or within your self-selected credit score range could also affect how and when products are featured on this site. Although we try to offer the most diverse selection of products, Bankrate does not include specific information on every financial or credit product or service. If you've purchased a new or used vehicle and you have second thoughts about it you're not likely to return the vehicle. The dealer who sold you the vehicle is generally not legally obligated to take it back and offer you a reimbursement or exchange once you've signed the contract. There are some exceptions to this rule. Some dealerships may allow you to return your car in specific conditions. If the car is experiencing major mechanical issues, the dealer could be obliged by law to allow the return. Still, it's better to avoid having to return the vehicle in the first place. There are many reasons to return your car. Other than buyer's remorse, other possible motives to return your vehicle could be mechanical or financial issues. The dealership may be willing to work with you in the event that you are unable to pay the bill. If you have mechanical issues, whether you can return the vehicle to the dealer will depend on the conditions and conditions of the car return policy. If you've been ripped off, and you believe that this is the case situation, you ought to consider a meeting with the dealer manager. When you meet with the manager, bring documentation to corroborate your claim that you were not cheated. For example, if you believe that the dealer was overcharged provide evidence of the vehicle's fair market value from a reliable authoritative source (like Edmunds or Kelley Blue Book) to support your claim. Make your argument clear to the manager calmly. Remember that since you've already signed the contract Your options aren't as wide should the manager refuse to comply with your request. You may also: Contact your state attorney general's office for a discussion of your choices. Make a complaint to the Better Business Bureau. Find an attorney to take action against the dealership. Leave a bad review on the dealership's site. Make a complaint to your state's consumer protection agency as well as the Federal Trade Commission. Tip from the bank

To determine if you've paid an unfair amount to determine if you've been charged unfairly, look up the worth of cars that have similar make, model, and similar mileage on or .

Your car payments are too high If you're looking to sell your vehicle because your monthly car payments are high, you'll have a harder time making the case to return the car. The general manager of the dealership may argue that you should have determined whether you can afford the monthly payments before buying the vehicle. It's up to the dealer whether they will allow you to bring back the car and trade it in for a cheaper model. Speak with the salesperson who sold your car in the first place. If that doesn't work, call the sales manager or the general manager of the dealership. After you've exhausted all options, look into alternative options to . the auto loan with a lower interest rate or a longer term can reduce your monthly payments. Tips from Bankrate

Use an to see how much money you could save and to compare different loan options.

The car you own is a lemon. If you want to build a case for returning a vehicle that does not perform as it should, you must first collect documentation showing the mechanical problems that you've faced. It is possible to require multiple visits to the dealership's service department. Ensure your complaints are noted in full on all repair orders. If the issue hasn't been fixed and you're not sure if your car is a lemon - the vehicle is beyond repair. Because laws differ between states, you'll have to research to determine if you are able to be able to make a valid lemon law claim. In most states, lemon laws apply to vehicles that have an immediate defect that affects your ability to drive it. Other lemon law provisions that differ from state to state include the length of time from the time you purchased the vehicle, the mileage of the vehicle and the amount of times the dealership attempted to fix the vehicle. It is possible to find the laws of your state. It outlines each state's required actions and timeframes for returning a car under lemon laws. Upon a successful claim you'll have the option to get a refund or similar exchange. Seven states have lemon laws for used cars: Connecticut, California, Massachusetts, Minnesota, New Jersey, New Mexico and New York. The laws are subject to limitations and the laws may not provide some relief for you in your circumstance. Tips for banks

You could be eligible for reimbursement for your attorney's expenses if you engage an attorney to assist in your case. Make sure you keep track of your legal fees during the course of your case.

You changed your mind Dealers do not generally consider buyer's regret to be convincing. Only a handful of dealers have a return policy. After you've signed the sales contract, you're responsible for paying the note as promised. Although the FTC offers a "cooling-off rule" that states which gives you the right to cancel within three days an agreement made at your workplace, home or temporary location -- a vehicle purchase is one of its exceptions. If a dealer sells you a car at an uncontained location, the rule still applies to them as long as they are in a permanent place. Some states also have the "right to cancel" period in which you can return the vehicle within a set time period without incurring any penalties or the damage to your credit report. But, the car has to be used in the same way that it was in when you bought it. Other restrictions may are also in place. Tip for Bankrate

Make sure you avoid this scenario by conducting research prior to the time. Use these tips before signing off on a brand new vehicle.

The dealer you are dealing with has a return policy few dealers have return policies. For example, they have a 30-day return period. If you aren't satisfied with the car, you may exchange it for one you would like or request the money back. Some dealerships offer exchange programs in which you have a limited period of time to exchange the vehicle. Be aware that other restrictions could keep you from turning the vehicle into. If you can sell it and sell it, you'll have be responsible for the amount that is different between the value currently and what the car is currently worth. Bankrate tip

Always get a dealership's return policy in writing. That way, you'll understand the terms and conditions , and can navigate any attempt to refuse your claim.

How can you avoid returning the car if you wish to avoid the troublesome process of returning a car, you should properly prepare to buy the vehicle. This process . Review car reviews on the car you're considering on sites such as . It's also a good idea to conduct a price analysis with Kelley Blue Book or Carfax and then create an estimate of your budget and then try the car. It's also important to research the dealership in advance by reading online reviews. Make use of sites such as BBB.com to ensure dealerships have an excellent reputation and provide top-quality customer service. Finally, you'll also want to research the history and condition of the particular car you're looking to purchase. You can begin by reviewing the history report for the vehicle on sites such as Carfax or AutoCheck, where information on the car can be found using its . If you're purchasing a car from a dealer, ask the dealer to provide the history of the vehicle for you to review. It's also a good idea that you take the car for a thorough inspection by a professional person who will give an impartial assessment of the car and any issues it may have. If the mechanic notices mechanical problems, request the seller to pay the repair costs. Alternatives to returning your vehicle If you aren't able to return your vehicle? There are still options. You can sell the car. By to someone else you could be able to escape being stuck with a car you don't like. It's possible that you won't be able to recover the full amount you paid the dealer since a vehicle depreciates when it's taken off the car lot. You'll be on the hook to pay the difference between the dealer price and the price the buyer pays for the car. You can request a an informal repossession. If you are unable to afford the monthly payment You can contact the lender and request an uninvolved repossession. Although this would reduce your monthly payments but you need to be cautious before taking this action. A lender may still report the repossession to the credit bureaus. Repossession negatively impacts your credit score for up to seven years, which makes it more expensive to obtain a future auto loan. You can refinance the auto loan. If your monthly installments are too high, you can by extending your term or securing a lower interest rate. While taking this step will have an effect, it is only temporary. In fact, after just some months of payments your credit score is likely to be restored or improved. The bottom line Before you buy a car take some time to research the cost of cars that you like, as well as reviewing the return policy of the dealership and customer reviews. Failing to research could leave you with the car you bought. In most cases you aren't able to return a vehicle you've purchased -- the majority dealerships will not allow the return of a vehicle. If you're not able to return a vehicle however, there are other options to dispose of it. You can sell it or submit an action under the lemon law in certain circumstances. In addition, if you suffer from buyer's remorse as a result of the excessive payments, but you want to keep the car, you could refinance your auto loan to reduce your monthly costs.

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Allison Martin's writing began over 10 years ago when she was a digital content strategist, and she's since been featured in several leading financial outlets such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping readers gain the confidence to control their finances through providing concise, well-researched and well-researched content that break down complex subjects into bite-sized pieces.

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How do you purchase the car from a private seller? 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 tools and financial calculators as well as publishing objective and original content. We also allow users to conduct research and compare information for free and help you make financial decisions with confidence. Bankrate has partnerships with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this website are provided by companies that pay us. This compensation may impact how and when products are featured on this site, including such things as the order in which they be displayed within the listing categories in the event that they are not permitted by law. This applies to our mortgage home equity, mortgage and other products for home loans. This compensation, however, does not influence the information we publish, or the reviews you see on this site. We do not include the entire universe of businesses or financial offers that may be accessible to you.

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3 min read published May 10, 2022

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 in navigating the ins and outs of securely taking out loans to purchase an automobile.

Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain confidence to take control of their finances with precise, well-researched and informative data that cuts complex topics into manageable bites.

The Bankrate promise

More info

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

This post could contain the mention of products made by our partners. Here's how we earn money .

The Bankrate promise

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

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

process and giving customers confidence about the actions they should follow next. process and gives people confidence in the next step.

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

who ensure everything we publish is objective, accurate and reliable. We have a team of loans reporter and editor focus on the areas that consumers are concerned about most -- different types of lending options as well as the best rates, the best lenders, how to repay debt, and much more. So you can feel confident when investing your money.

Integrity of the editorial process

Bankrate adheres to a strict code of conduct and rigorous policy, so you can rest assured that we put your interests first. Our award-winning editors and reporters create honest and accurate content that will assist you in making the right financial decisions. Key Principles We respect your confidence. Our aim is to provide readers with reliable and honest information, and we have established editorial standards to ensure that happens. Our editors and reporters thoroughly check the accuracy of editorial content to ensure the information you're receiving is true. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation through our sponsors. Editorial Independence Bankrate's editorial staff writes in the name of YOU the reader. Our aim is to provide you the best advice that will assist you in making smart financial decisions for your personal finances. We follow strict guidelines in order to make sure that the content we publish is not affected by advertisements. Our editorial team is not paid direct compensation from advertisers, and our content is thoroughly checked for accuracy to ensure its truthfulness. Therefore, whether you're looking at an article or review, you'll be able to trust that you're getting reliable and dependable information.

How do we earn money?

If you have questions about money. Bankrate has the answers. Our experts have helped you understand your money for more than four years. We strive to continuously give our customers the right guidance and the tools necessary to make it through life's financial journey. Bankrate follows a strict , which means you can be sure that our information is trustworthy and accurate. Our award-winning editors and journalists create honest and accurate content that will help you make the right financial choices. The content created by our editorial team is factual, objective and uninfluenced from our advertising. We're transparent about how we are in a position to provide quality content, competitive rates and useful tools for our customers by describing how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the placement of sponsored products andservices or through you clicking certain links posted on our site. Therefore, this compensation may influence the manner, place and in what order items appear in listing categories in the event that they are not permitted by law. We also offer mortgage home equity, mortgage and other home loan products. Other elements, like our own rules for our website and whether the product is available within the area you reside in or is within your personal credit score could also affect how and where products appear on this website. We strive to offer a wide range offers, Bankrate does not include specific information on each financial or credit item or service.

If you're thinking of buying your next vehicle, options vary from traditional dealers all the way to an online purchase that is delivered directly to your door. A private seller is an option for getting an affordable price, however it requires a little more consideration than buying from an established business. 1. Lock in vehicle financing Whether you purchase from a traditional dealer or a private party walking in with the financing that you've been preapproved in advance is essential to save cash. Try applying to at least three different lenders offering privately-owned auto loans. This will allow you to compare rates the terms and conditions and enter the purchasing process with a firm grasp of the amount . 2. Research Now that you've figured out how much vehicle you can afford and you're ready to start looking for your vehicle. You won't be going into an auto dealership but will rather search for the vehicle online using websites like Craigslist and Facebook Marketplace or searching ads in local classifieds. Look out for specifics on each vehicle's mileage and background. Also, look up the model of the vehicle to make sure there's you're not . 3. Contact the seller Once you locate the vehicle you can then reach out to the seller. If you have any questions, ask them from the ad. Questions on the accident history as well as the number of previous owners, and why they're selling are excellent starting points. Set up a car test drive following the answers to your questions. Make arrangements for this to be conducted in a public place with a friend or family member. 4. Review the vehicle an inspection of the exterior and interior of the car before you take your first test drive. In contrast to buying at a used store, it is possible that the owner didn't check over the vehicle prior to your meeting. Examine the vehicle's electronics and look for any signs of rust on the exterior, low tread on the tires, or any cosmetic problems. 5. Test drive the vehicle. When you test the vehicle, take a test drive and then get on the road to test how the vehicle handles at higher speeds. Make sure you check the brakes and pay close attention to the sound of the engine when you accelerate. 6. Have the vehicle checked after your driving experience it is recommended to have a reliable set of eyes to inspect it. The owner should be asked if the vehicle can be taken to a mechanic. This will allow you to ask them to look under the hood and make sure the absence of undiscovered problems. If the owner is having doubts about this then it's best to walk away as they could try to hide any issue in the vehicle. 7. Make an offer and then close the deal once you are certain that the vehicle is in good condition and you're sure that you want to purchase it, it's time to offer. While you should use their posted asking price as a starting point, use any vehicle problems you discovered during the inspection process as leverage to get a better deal. Check Kelley Blue Book to see what the vehicle's typical selling price is. Remember that your greatest power in bargaining is the power to walk away from the deal. The risks of purchasing from a private seller While purchasing a car from a private seller does make you more money, it's also an opportunity to get into frauds with vehicles. Beware of scams like curbstoning, fake advertisements or the theft of your identity. This type of scam are easily avoided so long as you watch out for red flags that are common. Avoid buying from a seller who seems too aggressive. Although there are emotions attached to vehicle sales, be a shrewd buyer. Additionally, you should never buy a vehicle sight unseen and stay clear of wire transfers. The final word is that purchasing an automobile through a private dealer is a great option to shop on the internet to save cash. But it does come with the risk of additional risks, so be sure to complete an in-depth inspection of the vehicle and leave immediately upon seeing anything that appears suspicious. Learn more

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Writen by Auto Loans Reporter

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

Edited 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 take control of their finances through providing concise, well-researched and well-written data that clears otherwise complex topics into manageable bites.

Auto loans editor

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How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products andservices or for you clicking specific links on our website. Therefore, this compensation may impact how, where and in what order items appear within listing categories, except where prohibited by law. This is the case for our credit, mortgage and other home lending products. Other factors, like our own proprietary website rules and whether a product is offered in your region or within your personal credit score can also impact the way and place products are listed on this website. We strive to offer the most diverse selection of products, Bankrate does not include information about each financial or credit item or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |

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Electric Vs. gas vehicles: Which one is better? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by offering you interactive financial calculators and tools that provide objective and unique content. This allows you to conduct research and compare information for free - so that you can make sound financial decisions. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site come from companies that pay us. This compensation could affect how and where products appear on this site, including such things as the order in which they appear in the listing categories and other categories, unless prohibited by law. This applies to our mortgage, home equity and other home loan products. But this compensation does have no impact on the information we publish, or the reviews you see on this site. We do not cover the vast array of companies or financial offers that may be accessible to you. Thomas Barwick/Getty Images

8 min read published August 15, 2022

Writer: Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ways and pitfalls of taking out loans to buy a car. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to take control of their finances through providing precise, well-researched and well-studied facts that break down complex topics into manageable bites. The Bankrate promise

More info

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

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

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

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

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

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They ensure that what we write will ensure that our content is reliable, honest and reliable. Our loans reporters and editors are focused on the things that consumers care about the most -- various kinds of lending options, the best rates, the most reliable lenders, ways to pay off debt , and more . This means you'll feel safe investing your money. Integrity in editing

Bankrate follows a strict and rigorous policy, so you can rest assured that we're putting your interests first. Our award-winning editors, reporters and editors create honest and accurate information to aid you in making the best financial decisions. Our main principles are that we appreciate your trust. Our aim is to offer readers accurate and unbiased information, and we have standards for editorial content in place to ensure this happens. Our reporters and editors thoroughly verify the truthfulness of content in order to make sure that what you read is true. We have a strict separation between advertisers as well as our editorial staff. Our editorial team does not receive compensation directly by our advertising partners. Editorial Independence Bankrate's editorial staff writes in the name of YOU - the reader. Our aim is to offer you the most accurate advice to aid you in making informed personal financial decisions. We adhere to strict guidelines in order to make sure that the content we publish is not affected by advertisements. Our editorial team is not paid directly from advertisers, and our content is verified to guarantee its accuracy. So when you read an article or a review it is safe to know that you're getting credible and dependable information. How we earn money

There are money-related questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert guidance and tools required to make it through life's financial journey. Bankrate follows a strict , therefore you can be confident that our content is truthful and accurate. Our award-winning editors and journalists provide honest and trustworthy information to assist you in making the right financial choices. The content we create by our editorial team is factual, objective and is not influenced from our advertising. We're open about how we are in a position to provide quality content, 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 placement of sponsored products and, services, or when you click on specific links on our website. This compensation could affect the way, location and in what order items are displayed within the categories of listing, except where prohibited by law. This is the case for our mortgage home equity, mortgage and other home loan products. Other factors, such as our own proprietary website rules and whether the product is offered in the area you reside in or is within your self-selected credit score range can also impact how and where products appear on this site. Although we try to provide an array of offers, Bankrate does not include the details of every credit or financial products or services. One in four new car shoppers now consider buying a hybrid or electric car similar to a traditional gas-powered option According to (KBB). Making the switch to electric -- or any alternative fuel vehicle -- can prove to be worthwhile both for your pocket and the environment. Before you head to the dealer, it's sensible to consider electric vehicles and be aware of the differences in cost of ownership. What exactly is an electric vehicle? The EV market has been growing in popularity in recent years, especially as the awareness of climate issues continues to evolve. This, combined with and steep gas prices have all led to drivers looking to save money driving electric. In contrast to the gas-powered cars that are commonly lining highways and parking lots, EVs have a motor which is powered by a battery. There are three types that are electric cars. The hybrid electric vehicle (HEVs) Powered by both an electric motor and the internal combustion engine, HEVs are able to compete with the power of traditional gas-powered vehicles with the benefit of improved fuel economy. There is no charge for an HEV as you would with its EV-powered counterparts, but instead batteries are charged by the engine. There are a large variety of models and makes of HEVs that are available in the marketplace. Some highly rated options as per KBB include those like the Honda Accord Hybrid, the Toyota RAV4 Hybrid and the Hyundai Elantra Hybrid. Plug-in hybrid electric vehicle (PHEVs) A plug-in hybrid is, as the name suggests it is a hybrid vehicle you plug in to charge. It is powered through an internal battery within the vehicle and recharged via an external cable. The PHEVs can also utilize an alternative fuel, which is typically gasoline for powering the internal combustion engine (ICE). This kind of vehicle utilizes electricity until it is spent and then taps into it's ICE capabilities. The choices for PHEVs can be a bit slimmer, but KBB's top choices are the Ford Escape SE Plug-in Hybrid as well as the Hyundai Tucson Plug-in Hybrid as well as the Kia Niro Plug-in Hybrid. Electric vehicles that are fully electric (EVs) Fully electric vehicle ups the ante and is completely powered by an electric motor- no ICE or additional alternative fuel source involved. These vehicles have a battery pack which powers the vehicle. It is charged in the same method to PHEVs. EVs are charged through a specialized outlet. While charging stations are accessible locally, it's important to remember the added costs for a station to charge, if you are you are considering an all-electric. KBBs favorite fully EV options include those like the Chevrolet Bolt EV, the Nissan Leaf and the Ford Mustang Mach-E. The cost of electric vehicles as compared to. gas vehicles Before you dive in the deep end of hybrid and electric cars, it is essential to know the cost differences between electric and gas. While it is true that driving an EV may have lower overall costs, the upfront price tag is an obstacle for some. Lately, buying a new car is costly regardless of its source of power. July 2022 was a record month for average prices for transactions on new vehicles of over $48,000, as reported by . However, the price of an EV is still higher than that of a gasoline-powered vehicle. According to the KBB estimation for the EV is over $60,000 -which is in line with the average luxury vehicle price tag. It is expected that the EV market will grow to 40 percent by 2031, according to . This estimate is backed by more vehicles hitting the market. It is a good thing that this rise in EV availability acts as a potential equalizer. If more people are considering purchasing electric cars and electric cars, the cost of them will go down. The evidence of this is already evident in the number of new models entering the market. In the first quarter of 2022 4.64 percent of new vehicle registrations were electric vehicles, while 7.18 per cent were hybrid vehicles, as per Experian's report on automotive market trends. This made for a 60.4 percent growth for EVs over first-quarter 2022, and an 10.7 percent increase for hybrids. Cost to own electric vs. gas vehicles While the initial cost of the next car is crucial, you should also consider the costs involved in maintaining and maintain the car over the course of its ownership. Look at the five-year cost-to-own comparision for two top sedans , as per Edmunds. The first, the 2022 Chevrolet Bolt EV, comes in at $31,955 MSRP . It offers a wide range, spacious cabin and an excellent handling rating. The second, the 2022 Mazda 3, is a well-known gas-powered model with a lower MSRP of $24,115 that offers premium interiors with a smooth and comfortable ride as well as turbocharged engines. Take into consideration how the costs accrued over five years of car ownership influence which vehicle you would prefer. 2022 Chevrolet Bolt EV

2022 Mazda 3

Vehicle depreciation

$8,767

$6,700

Taxes and fees

$2,603

$1,814

Financing

$2,921

$2,309

Fuel

$2,283

$11,255

Insurance

$5,411

$3,941

Repairs

$731

$666

Maintenance

$2,806

$4,592

True cost to own

$25,522

$31,277 Fuel On the most basic scale, driving an electric vehicle will mean no more trips to the gas station. In a study for 2020, found that EV owners will pay on average 60% less to fuel their cars. The cost difference of gasoline between Chevy or the Mazda is much higher than that average. However, getting power for your EV is not easy as simply choosing standard, midgrade or high-end. Electric vehicle charging can be divided into three different options that have different benefits and costs. Level one charging. The most popular method of charging and is accessible via the same outlet you charge your cellphone with. They are the slowest charging option and offer anywhere between 2 and 5 miles charging per hour. Level two charging. These chargers, usually installed and located in your garage, use the same power that your washing machine would. You can gain up to 20 miles charge in just one hour. Level three charging. Also called DC charging, these are available in public spaces. They're the fastest method and motorists can receive an 80 per cent charge within 20 minutes. As washing your washer several times in a row will increase your electricity bill The additional expense when charging at home can be significant. This ongoing cost is on top of the one-time average price to install an at-home charger that can vary between $300 and $50,000, dependent on the capacity of the charger. Keep in mind that many communities now have access to chargers, which means you do not be required to pay for installation right away. Visit a free map of EV stations to see chargers in your area. Finance Although you are able to finance a cargasoline or electric powered -- by applying online or in person to several lenders prior to deciding on the best option, financing a green vehicle can provide additional benefits. For those who want to finance electric cars. These types of loans are usually offered through a credit union , and tend to have lower interest rates than traditional auto loans. You could also be eligible for , a financial incentive offered in certain states in the U.S. You can benefit by a credit of as high as $7,500, contingent on your home state. Insurance Insurance is a vital part of owning a vehicle that safeguards you and your passengers. It follows the same method you would take to cover the traditional vehicle option. It will cover the bodily injury, collision, liability and comprehensive coverage. And as with any vehicle the price you pay will be determined by a variety of variables. But coverage for EV is typically more expensive than gas-powered options. One reason is the price of the vehicle parts. An accident of a minor nature could cause, for instance, in the need to replace a battery pack -- something that can be over $15,000. Bankrate looked at 12 models of vehicles provided by Quadrant Information Serves and discovered that, on the average premiums are higher for electric vehicles. This is evident by the higher insurance rates projected for Bolt over the Mazda 3. Bolt as compared to Mazda 3. Pros and disadvantages of electrical cars EVs can provide a ride that's better for the environment as well as your wallet in the long haul, but they're not without negatives. The advantages of electric vehicles Some advantages to driving an electric car are the following: less maintenance. Electric cars require fewer trips to the mechanic, and that can result in savings on expenses like oil changes and brake system checks. A lower cost for the life of the vehicle. The cost of owning a vehicle can be high, but EVs have a lower life cost. Better for the environment. EVs do not release pollutants from tailpipes and are therefore more suitable for local air quality and overall carbon dioxide emissions. Advanced technology available. A lot of the latest electric cars have advanced control panels as well as mobile applications to manage and monitor the car. There are cons to electric cars. Some disadvantages of driving an electric vehicle include: higher cost of purchase. In the average, purchasing an EV carries a steeper upfront cost, close to $12,000 more, according to KBB's average July 2022 transactions prices. Range anxiety. Charging stations can be a bit scarce and far-fetched in some regions, which can leave drivers feeling stressed when searching for a place to get electricity. Faster vehicle depreciation. Battery deterioration and vehicle incentives create quick value loss when it comes to electric cars. Cost to install the charging station. If you prefer being able to charge at your own home, installing a charging station could cost as much as $50,000. Is an electric car right for you? if your next set of wheels is electric, it should be thought of in the same way that you'd pick the model or design of a classic car is right for you -take into consideration your lifestyle and needs. If your commute fits with the range that the EV provides or you like the sleek design and environmental advantages, then an electric vehicle might be the best option. But if jumping into the full EV is too much of a financial commitment, you may want to consider an alternative, such as the hybrid or plug-in option when you're planning to purchase. Hybrids and PHEVs tend to cost less upfront and still carry some of the money-saving advantages that a fully electric car can offer. Be aware of these aspects when shopping for a car to make sure that you're choosing an EV is worth investing in. The range of your vehicle If you're accustomed to a lengthy commute to work and don't have access to charging stations on the way or at your destination, take into consideration the range of the vehicle that your potential new car holds. The typical battery's range will differ greatly based on the car model. Make sure that you don't buy a vehicle that isn't able to easily charge for your daily outings. Chargers available before heading to the dealership to shop make sure you have access to chargers in your area or look into the cost of installation and upkeep of an on-site charger. This means weighing the level one, two, and three options with your needs. Your lifestyle Not only is important to consider your lifestyle in terms of form but also in function. Electric vehicles tend to function differently from what you are familiar with. Due to its reliance on regenerative braking, as an instance, you will experience a slower brake but a smoother overall drive. The final word: the price of owning an EV is less than an alternative powered by gas. Even with steeper vehicle depreciation and potentially higher insurance and financing costs, the lower maintenance cost and the five-year period to own an EV makes it a promising option. As a car buyer it is crucial to determine which costs matter the most to you and whether EV is compatible with your life. FAQs What is the time it takes to take to charge an electric car Depending on the size of your vehicle's battery, the process can take as little as 30 minutes or as long as 12 hours. A recommended best practice is to fill up your EV in smaller increments instead of all at once to reduce the amount of time required to charge. How much does it cost for charging an electric car? The exact cost for charging will vary based on location due to varying electric costs, the charge is based on the range available and cost per kilowatt (kWh). In California for example electric power is typically 18 cents per unit, therefore an electric vehicle with a 150-mile range would fall somewhere about $7 for a complete charge. How long will electric car batteries last? The batteries in an EV can last between 10 and 20 years until they require a complete replacement.

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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 ways and pitfalls of borrowing money to buy an automobile. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to control their finances by providing concise, well-researched and well-organized facts that break down complex topics into manageable bites.

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Borrowers can secure vehicle financing to purchase new or used vehicles or refinancing from banks, online lenders, credit unions or dealerships. However, there are many different lenders available. Not all of them created equal. Certain lenders may be better suited to a particular driver's needs and financial situation. Although Bankrate does have partnerships with a few lenders however, these partnerships do not affect the scoring. The scores presented are based on actual information and analysis by Bankrate's Bankrate editors. The aim is to give borrowers honest and useful ratings, so that you can walk away with the most appropriate loan for your next automobile. Bankrate looks at 18 factors when selecting top auto loans and making Bankrate Scores. The lenders are graded according to each factor on the scale of 1 to 5, where 5 is the highest. These elements cover all aspects of the financing experience and are categorized into four broad categories: accessibility, affordability the customer experience, and transparency.

The loan amount is available. Options for repayment. Dealership specifications. State availability. What we mean by this allows us to determine how a lender's product caters to various borrowers' needs. This helps us determine which type of driver might most effectively work with a particular lender.

Ranges of APRs for Affordability. Acceptance criteria. Fees during or following application. Available discounts. What is the reason we look at this? Here we measure how competitive a product is in the wider auto loan landscape, beyond just interest rates.

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Transparency Disclosure of rates and fees. Loan prequalification. The reason we think this is important Transparency allows borrowers to evaluate loan costs and are aware of what to anticipate when dealing with a specific lender. For example, lenders with the ability to disclose rates and fees score higher in this section.

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Writer: Kellye Guinan Written by personal and business finance Contributor Kellye Guinan is an editor and writer on a freelance basis with more than five years' experience in personal finance. She also is employed full-time at the local library, where she assists her community access information about financial literacy, in addition to other topics. 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 their readers feel confident to take control of their finances with detailed, well-researched, and well-written facts that break down complicated topics into bite-sized pieces. The Bankrate promise

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

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

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

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

They ensure that what we write will ensure that our content is reliable, honest and trustworthy. The loans reporter and editor are focused on the points consumers care about the most -- the various kinds of lending options as well as the best rates, the most reliable lenders, ways to pay off debt and many more. So you'll feel safe making a decision about your investment. Integrity of the editing

Bankrate adheres to a strict code of conduct , so you can trust that we put your interests first. Our award-winning editors and journalists create honest and accurate content that will aid you in making the best financial decisions. Key Principles We respect your confidence. Our goal is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our reporters and editors thoroughly verify the truthfulness of content in order to make sure the information you're receiving is correct. We have a strict separation between our advertisers and our editorial team. The editorial team of Editorial Independence Bankrate does not receive any direct payment through our sponsors. Editorial Independence Bankrate's editorial team writes on behalf of YOU the reader. Our aim is to provide you the best advice to help you make smart financial choices for your own personal finance. We follow strict guidelines for ensuring that editorial content isn't in any way influenced by advertising. Our editorial team is not paid direct compensation from advertisers, and all of our content is checked for accuracy to ensure its truthfulness. So whether you're reading an article or a report, you can trust that you're receiving reliable and dependable information. What we do to earn money

You have money questions. Bankrate can help. Our experts have been helping you master your finances for more than four years. We strive to continuously provide consumers with the expert advice and tools required to succeed throughout life's financial journey. Bankrate adheres to a strict code of conduct policy, which means you can be confident that our content is truthful and precise. Our award-winning editors, reporters and editors provide honest and trustworthy content that will help you make the right financial choices. The content created by our editorial team is factual, objective and is not influenced through our sponsors. We're transparent about the ways we're capable of bringing high-quality content, competitive rates, and helpful tools to you by explaining how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods and, services, or when you click on certain links posted on our website. Therefore, this compensation may impact how, where and in what order the products are listed within categories, with the exception of those prohibited by law for our mortgage home equity, mortgage and other products for home loans. Other elements, like our own proprietary website rules and whether or not a product is available in the area you reside in or is within your own personal credit score may also influence the way and place products are listed on this website. While we strive to provide the most diverse selection of products, Bankrate does not include specific information on every financial or credit product or service. Trucks can be a bit complicated. There are a myriad of models, and the size and strength you require will be contingent on the way you'll use it. Learn about the typical features such as powertrain and axles, the cab's size and towing capacity before . Selecting a pickup will require a lot of research but being prepared will make it easier to make an informed choice that fits your lifestyle and financial needs. What horsepower do you need? A vehicle with more horsepower, towing capacity and torque will cost more. It's not all about price obviously, but you must think about whether you really require a high level of power prior to spending thousands of dollars on it. Diesel engines that has greater power could also be a costly addition. An engine with a V6 or V8 are more popular and provide greater power, however there are four-cylinder engines for lighter load sizes. If you're planning to haul the most weight for groceries, consider an engine that is smaller and comes with an automated gas engine that is fuel efficient and has high efficiency. Less power may work better for you and your budget. How much do you plan to haul? A mid-sized truck is your best bet if you don't intend to haul trailers or big boats. They're more affordable and offer better performance than full-size models. Midsize trucks are best suited to lighter loads and are not suited for towing. Due to their smaller weight, you'll also pay less for fuel. If you've got things to haul, go for a full-size truck. There are light-duty and heavy-duty alternatives for nearly every model that is full-size. Naturally, trucks designed for light duty can haul less , but in addition, they offer more efficiency in terms of fuel consumption due to their lighter weights. Remember: towing capacities and the payload capability differ. Towing refers to how much your truck can haul behind it. Payload is how much it can accommodate in the bed. Even if you're not planning to mount a strong-duty horse trailer to the back of your truck, make sure that its payload is sufficient for your requirements. Do you require two- or four-wheel drive? A truck with two-wheel drive will be less expensive and provide . You can choose either rear- or front-wheel drive. Whatever you pick is the best choice to be used on roads. A truck with four-wheel drive is better suited to going off road and in slippery or icy conditions, like at a boat ramp. You'll get more grip, but it isn't as efficient when it comes to fuel. What kind of is the space you'll need in your cab? Cab space is likely to be one of the most important aspects for truck drivers who are not experienced. In the majority of cases the time, a cab with a crew will provide the most value, even if it does mean spending more money. Single-cabs single cabs are the classic two-door look. They typically only seat three persons, but they do often allow for longer beds. Extended cab: Extended cabs are essentially a cab and a half. There are two doors that are smaller as well as a small amount of legroom in the back seat It's nevertheless a good option to choose between two cab choices. Crew The crew cab is the four-door version that looks like a sedan or SUV. The space of a crew cabin varies by model and trim, but they are the ideal choice for those who have passengers in the back seat frequently. There are a variety of fuel options available. You're not limited to just diesel or gas. Companies such as Ford have pledged to offer additional options in the near future. However, they are new choices and may limit your payload or towing capacity. Between diesel and gas the diesel engines are more fuel efficient. They also offer greater power to trucks that are in use. However, they're also more expensive to buy and fuel. For casual drivers an engine powered by gas could be the best choice. They are more versatile and are less expensive than diesel or electric engines. You're more likely to find them on the , too. A short or long bed? The larger your bed, the smaller the cab. Therefore, if a team taxi is needed, you will likely be forced to use a smaller bed. And if you need that larger bed, you might need to opt for an extended or single taxicab. What you need to consider is the frequency at which you'll put things into the bed. If your truck is mostly for show -- and there's nothing wrong with that -- a shorter bed is easier to move around and park. It's also likely to be ample space to haul something larger. Are you buying new or used? Newer trucks give you the opportunity to be particular about the entirety of your ride as well as the exterior. It's definitely a big investmentnew vehicles can be expensive -- but if you have a style, technology, or other feature in mind, new is the way to choose. On the other hand, a used vehicle is a more reasonable option. You may not be able to find the exact model you want, but you will get rid of the cost of depreciation. If you're just looking for something practical There are many older models on the market which are inexpensive and durable. It's all about your priorities and finances. A brand new vehicle will be expensive but could be more efficient in fuel usage or offer more tech. An older model truck might be less efficient on fuel however, the lower price point can make it more affordable to drive. Manual or automated? It's more of an individual decision. There isn't a huge variation in price between them, though certain vehicles may come with one or the other. For city or suburban motorists, automatic provides the most comfortable experience. But if you need more control when off-roading, a manual gear might work better. After you've looked at the main advantages of owning a vehicle, look into the the actual models and models. It will provide you with an idea of the budget you'll be looking at. If you are aware of this, you can to book a cab with a fair interest rate.

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Written by personal and business financial writer Kellye Guinan is a freelance editor and writer with over 5 years experience working in the field of personal financial planning. She also is a full-time worker at her local library, where she assists her community access information about financial literacy, in addition to other topics. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain confidence to control their finances through providing clear, well-researched information that breaks down otherwise complex topics into manageable bites.

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