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Get an oil analysis before buying a used car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by providing you with interactive financial calculators and tools, publishing original and objective content, by enabling users to conduct research and compare data at no cost to help you make informed financial decisions. Bankrate has partnerships with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this website are provided by companies that pay us. This compensation can affect the way and when products are featured on this site, including, for example, the order in which they may appear in the listing categories in the event that they are not permitted by law for our mortgage, home equity and other home lending products. However, this compensation will affect the information we provide, or the reviews that you read on this site. We do not include the entire universe of businesses or financial deals that may be accessible to you.

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3 minutes read. Published March 29, 2022

Authored by Kellye Guinan. Written by personal and business finance contributor

Kellye Guinan is a freelance editor and writer with over five years ' experience within personal financial matters. She is also a full-time librarian at the local library where she helps her community get information about financial literacy, in addition to other topics.

Edited by Rhys Subitch Edited by Auto loans editor

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

The Bankrate promise

More info

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

This article may include some references to products offered by our partners. Here's a brief explanation of how we earn our money .

The promise of the Bankrate promise

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

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

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

So you can be sure that we'll put your interests first. Our content is authored with and edited ,

who ensure everything we publish is objective, accurate and reliable. We have a team of loans reporters and editors concentrate on the points consumers care about the most -- different types of lending options as well as the most favorable rates, the best lenders, how to repay debt, and many more, so you'll be able to feel secure when making your investment.

Integrity of the editorial process

Bankrate follows a strict standard of conduct, which means you can be confident that we put your interests first. Our award-winning editors and reporters provide honest and trustworthy information to aid you in making the best financial choices. The key principles We appreciate your trust. Our goal is to offer readers truthful and impartial information. We have standards for editorial content in place to ensure this is the case. Our editors and reporters rigorously check the accuracy of editorial content to ensure that what you read is accurate. We have a strict separation between advertisers as well as our editorial staff. Our editorial team doesn't receive any direct payment by our advertising partners. Editorial Independence Bankrate's team of editors writes for YOU as the reader. Our aim is to provide you the best guidance to make smart personal finance decisions. We follow strict guidelines for ensuring that editorial content isn't influenced by advertisers. Our editorial team is not paid any compensation directly from advertisers and our content is checked for accuracy to ensure its truthfulness. So, whether you're looking at an article or review, you can trust that you're getting credible and dependable information.

How we make money

There are money-related questions. Bankrate has answers. Our experts have been helping you master your finances for more than four decades. We are constantly striving to provide our readers with the professional advice and the tools required to be successful throughout their financial journey. Bankrate adheres to a strict code of conduct , so you can trust that our information is trustworthy and accurate. Our award-winning editors and reporters create honest and accurate information to assist you in making the right financial choices. The content created by our editorial staff is factual, objective and is not influenced from our advertising. We're honest about how we are capable of bringing high-quality content, competitive rates, and useful tools to you , by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products and, services, or through you clicking specific links on our website. This compensation could impact how, where and when products appear in listing categories, except where prohibited by law. We also offer mortgage or home equity products, as well as other products for home loans. Other factors, like our own proprietary website rules and whether a product is offered in your region or within your self-selected credit score range could also affect the manner in which products appear on this site. We strive to offer a wide range offers, Bankrate does not include specific information on every financial or credit product or service.

An engine oil analysis provides insights into a range of problems. It will reveal the presence of contaminants that are leaked through the motor, like gasoline or antifreeze. It can determine whether the oil and air filters are working properly. Also, it will determine what small metal particles have been sucked out of the inside of the engine. It can also determine if the levels are above, below or in the middle for the type of engine and the mileage. If you can identify potential expensive issues, you can prevent them from becoming an unending pit of mechanical problems. 3 reasons to get an oil analysis before buying a used car It may not be the most common advice when shopping for a used car however, an oil analysis could reveal a lot. The quality of the engine is easily assessed with an oil analysis. Your choice to buy the car you want should be based on the analysis, and oil analysis can provide helpful insight into the performance of your engine. 1. Assess the condition of the engine principal reason to get an oil analysis performed is to assess the health of the engine. An oil analysis checks for oxidation, concentration of metal particles, and the quality of the lubrication, in addition to other indicators. The previous owner must have maintained their vehicle and regularly had oil changes. The oil test -- together with the mechanic's records- are a good evidence that the car has been well cared for. 2. Find and avoid potential problems Prevent potential problems with used cars, particularly older models, may not have been maintained correctly through previous owners. If you can confirm a health engine ensures that you're not buying a car that may not last. And in addition to confirming the condition of the engine currently, you may be able to detect potential issues in the future. Even something as simple as being aware of the frequency of future oil maintenance can be beneficial for your car. 3. Free or inexpensive with a used car purchases dealerships may provide an oil test within the purchase package -- similar to getting a history report on the car. In this instance the cost could be low or worked into the cost of administration. Whatever the case, you'll be able to get the results you want without putting in any extra effort on your own. If you're , or the dealer isn't offering the service, you can purchase an oil analysis kit yourself. It could take longer to see the results, but it's definitely worth it, particularly when the seller doesn't have records of appointments with the mechanic. How to obtain an oil analysis The oil test can be done by a mechanic, or using an at-home tool. If you get it done by a mechanic, the biggest part is waiting for it to be done and the results. If you do it yourself, go over the steps on your kit and watch a few instructional videos. But here are the basic steps: Warm up the engine, and then take a sample of the oil using the tubing provided with your kit. The sample is sent to a laboratory that is accredited. Wait for the results -about two or three days- and review the report. The report could contain helpful comments, but if you aren't certain about the results, you should consult the mechanic for a professional opinion. What should you do if results aren't great The decision to proceed with the purchase is entirely up to you. All vehicles, whether either new or used will require maintenance. An oil test could identify potential issues, but if they aren't too expensive or exceed what you're expecting to spend however, it might be worth it to buy the car , particularly when it meets your other requirements. If the cost of maintenance may be too high, there is no reason you should have to go through with the purchase. The problem can escalate and you could be forced to pay more than your car is worth if you regularly need to take it to a mechanic. Be sure to weigh the cost of regular maintenance against the expense of engine problems that may or may not occur. If you're financing the vehicle, know that extra repair costs could result in you being exposed to greater financial burden in the future. Next steps At all times, an oil analysis will only provide a glimpse into the future of the car as well as the overall condition of the engine. It's a helpful to have a diagnostic tool in the process of looking to buy a second-hand vehicle. However, it's not the only tool to use, so make sure you've reviewed all the mechanical and safety features of a car -and also the accident history -- before committing. Related articles:

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Written by Personal and business finance contributor

Kellye Guinan is a freelance editor and writer with more than 5 years experience working in the field of personal finances. She's also a full-time employee at the library in her town which she assists her local community to access information about financial literacy, as well as other subjects.

Edited by Rhys Subitch Edited by Auto loans editor

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

Auto loans editor

Other Articles Related to Auto Loans 5 min read October 10, 2022

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How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the promotion of sponsored goods andservices or when you click on specific links that are posted on our website. Therefore, this compensation may influence the manner, place and when the products are listed within categories, unless it is prohibited by law for our mortgage home equity, mortgage and other home lending products. Other elements, such as our own rules for our website and whether a product is offered in your area or at your personal credit score can also impact how and when products are featured on this site. We strive to offer an array of offers, Bankrate does not include specific information on every financial or credit product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |

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Inflation's impact on auto rates Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering interactive financial calculators and tools as well as publishing honest and original content. This allows users to conduct research and compare data 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 Profit The deals that are advertised on this website are provided by companies that compensate us. This compensation can affect the way and when products are featured on the site, such as the order in which they may appear in the listing categories, except where prohibited by law. Our mortgage, home equity and other products for home loans. But this compensation does not influence the information we provide, or the reviews appear on this website. We do not include the universe of companies or financial deals that may be accessible to you.

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Maskot/Getty Images

4 min read Published March 22 2023

Authored by Rebecca Betterton Written by Auto Loans Reporter

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

Editor: Rhys Subitch Edited by Auto loans editor

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

The Bankrate promise

More details

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

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

The promise of the Bankrate promise

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

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

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

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

They ensure that what we write will ensure that our content is reliable, honest and reliable. The loans journalists and editors focus on the points consumers care about the most -- the different kinds of loans available, the best rates, the top lenders, how to repay debt, and many more. So you're able to be confident about investing your money.

Integrity of the editorial process

Bankrate adheres to a strict code of conduct and rigorous policy, so you can rest assured that we'll put your needs first. Our award-winning editors and reporters produce honest and reliable content that will aid you in making the best financial decisions. Key Principles We value your trust. Our goal is to offer readers truthful and impartial information. We have standards for editorial content in place to ensure this happens. Our editors and reporters thoroughly fact-check editorial content to ensure that the information you're reading is accurate. We have a strict separation with our advertising partners and the editorial staff. Our editorial team does not receive compensation directly through our sponsors. Editorial Independence Bankrate's editorial team writes on behalf of YOU - the reader. Our aim is to provide you the most accurate advice to help you make smart financial choices for your own personal finances. We adhere to strict guidelines to ensure that our editorial content isn't affected by advertisements. Our editorial team is not paid direct compensation from advertisers, and all of our content is checked for accuracy to ensure its truthfulness. Therefore, whether you're reading an article or review, you can trust that you're receiving reliable and dependable information.

How can we make money?

There are money-related questions. Bankrate has answers. Our experts have been helping you manage your finances for more than four years. We are constantly striving to provide our readers with the professional advice and tools required to succeed throughout life's financial journey. Bankrate follows a strict , so you can trust that our information is trustworthy and precise. Our award-winning editors, reporters and editors produce honest and reliable content to help you make the right financial choices. Our content produced by our editorial team is objective, factual, and not influenced from our advertising. We're transparent about how we are in a position to provide quality content, competitive rates, and helpful tools to our customers 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 hyperlinks on our site. So, this compensation can affect the way, location and in what order items appear in listing categories and categories, unless it is prohibited by law for our mortgage home equity, mortgage and other products for home loans. Other factors, like our own proprietary website rules and whether the product is offered in the area you reside in or is within your own personal credit score may also influence how and where products appear on this website. We strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.

Unfortunately, inflation and its effects are to remain for a while. According to Bankrate's Third Quarterly , the majority of economic experts believe that inflation would be more significant in the next 12-to-18 months. Given that it's likely inflation will not yet reach its hit its peak, now is a good time to prepare for its impacts including the higher interest rates. What effect will the Fed affects auto loan rates

The Federal Reserve doesn't directly influence auto loan rates -- but it does affect the cost for lenders to borrow funds. An increase in the Fed rate typically means that lenders will follow suit.

How does inflation affect interest rates Choices by the Federal Reserve affect the which has a domino effect on the cost of automobile financing. While a driver's rate is contingent on many factors -- including a credit history duration, length of the term, vehicle model and more- increased inflation means more expensive interest rates for those even with perfect credit. "One of the Fed's main duties is to keep purchasing power under control and they accomplish this through raising interest rates" Explains Sarah Foster, senior U.S. economic reporter for Bankrate. In order to achieve this The Fed hiked rates yet in March, and set the benchmark rate at 4.75-5 percent. This rise is in line with an already tight car market as supply chain issues are keeping vehicle prices high, averaging over $48,300 according to . The rising rates of interest make it more expensive to borrow money, according to Foster. The result is that costs for financing automobiles dramatically more expensive than it was in earlier. Since the beginning of 2022, average vehicle interest rates have been rising: 1.77 percentage points for 60-month car loan and 1.78 percentage points for a 48-month used loan as per the Bankrate survey on national rates. Increased interest rates are only one outcome of the Feds' goal to quell inflation. "Higher borrowing costs don't just disincentivize spending but squeeze people out of the ability to purchase expensive items, which causes the economy to slow," Foster says. "The hopes are that, in the end, these more expensive rates will stifle the market so that inflation is eventually reduced," Foster says. But that doesn't come with risk "An economy devoid of consumption typically means a recession which isn't fun for anybody." With this in mind, drivers are likely to be greeted with more expensive rates because the Fed keeps a tight rein on inflation. It is now the moment to plan for rising costs. Data come from Bankrate

8/10/2022 rate for a 30-month new car loan

4.94%

10/12/2022 rate for a 60-month new car loan

5.56%

As displayed above the rates have increased significantly since August, in accordance with Fed meetings. The increase could be due to the higher benchmark rate along with the more expensive cars. Keep up-to-date with new developments and the impact it has on your finances on . How to negotiate a bargain with high interest rates The interest rate you pay is contingent on a variety of factors, including the uncontrollable inflation rate however, there are some moves that you can take in response to the decisions made through the Fed. Check around. Most lenders have higher rates right now however, that shouldn't diminish the benefit of shopping around. And terms from at least three lenders to choose which offer is best for your needs. Be aware of the APR available and the repayment period. Determine the true cost of ownership. As car prices rise to record levels it is vital to focus on your budget when you shop. There isn't much room for error It is important to know figure out how much you are able to manage before heading to the dealership. This way you will understand the amount you will have to borrow to drive your new automobile. Tips for Bankrate

It is important to look over for the full loan amount, not just the monthly payments. While it might be appealing to get a loan with cheaper monthly costs but it could be costly over the long term.

Think about an electric car initial cost is usually higher, but they have additional advantages beyond the gas pump. If you apply for a loan and receiving it, you could earn back any money that may be lost due higher interest rates. Lock in expected financing One of the most reliable ways to get a good deal is to make an application for a loan that will provide you with a firm estimate of what your anticipated rate will cost. Not all lenders offer this option, so look out for it when you shop for a loan. Buy a used car Unfortunately, new and used vehicles have higher rates right now, but the used ones are less expensive. If you are flexible in the type of vehicle you want, can save you money on the cost of your monthly payments. Refinancing after rates drop One of the best time to look into the possibility of refinancing your auto loan can be at a time when interest rates have dropped and your credit score increased. The is fairly similar to the steps taken when you first applied for the loan. Evaluate current loan. Before beginning your refinancing process it is first important to look at the current loan, both the terms as well as the exact interest rates. Make use of this to assess the potential savings per month when you have the numbers in your head. Review your credit. With a thorough understanding of your credit, you will be able to determine where you land in relation to the lenders you can choose from. When it comes to refinancing -- just like with any other loan the higher your credit, the more competitive your rates will be. Find vehicle value. Based on the worth of your vehicle refinancing may not be the best option for your financial situation. If you've almost paid off your vehicle, it is not wise to refinance. Explore. at least three different lenders is crucial to finding a bargain. An excellent place to start could be the financial institution, or lender which you signed off with -- there may be specials for existing customers. However, not all lenders will let you to refinance your existing loan. You will be offered new terms. After you have submitted the required documentation and, in certain cases, paying a prepayment penalty you will be able to receive new conditions. Prior to closing the chapter the process, ensure that you have paid off the previous lender. It's not the best time to buy even though many people don't need to be waiting around to purchase a car but patience could be your best option in making money now. The likelihood of rising even higher after the next Fed meeting. This, along with the high vehicle costs make now an uneasy time to purchase. It is better to wait until rates cool down. Learn more

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Authored by Auto Loans Reporter

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

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to control their finances by providing precise, well-researched and researched information that breaks down otherwise complicated subjects into digestible pieces.

Auto loans editor

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How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the placement of sponsored products and, services, or for you clicking certain hyperlinks on our website. This compensation could influence the manner, place and in what order products appear within listing categories and categories, unless it is prohibited by law. This is the case for our mortgage, home equity and other home loan products. Other factors, like our own proprietary website rules and whether 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 a wide range offers, Bankrate does not include specific information on every credit or financial product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |

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Get an oil analysis before buying a used car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by providing you with financial calculators and interactive tools as well as publishing original and impartial content, by enabling you to conduct research and compare data for free to help you make sound financial decisions. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site are from companies who pay us. This compensation can affect the way and where products are displayed on this site, including for instance, the sequence in which they appear in the listing categories and other categories, unless prohibited by law. Our mortgage home equity, mortgage and other products for home loans. This compensation, however, does not influence the content we publish or the reviews you see on this site. We do not cover the vast array of companies or financial offerings that could be available to you.

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Maskot/Getty Images

3 min read published March 29, 2022

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

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

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain confidence to control their finances with concise, well-studied information that breaks down complicated subjects into digestible pieces.

The Bankrate promise

More info

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

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

The Bankrate promise

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

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

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

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

who ensure everything we publish ensures that everything we publish is accurate, objective and trustworthy. The loans reporter and editor concentrate on the areas that consumers are concerned about the most -- the different kinds of loans available as well as the most favorable rates, the most reliable lenders, the best ways to repay debt, and more -- so you can feel confident when making your investment.

Integrity of the editorial process

Bankrate adheres to a strict code of conduct standard of conduct, which means you can be confident that we're putting your interests first. Our award-winning editors and reporters produce honest and reliable content to assist you in making the right financial decisions. Our main principles are that we value your trust. Our aim is to provide readers with reliable and honest information, and we have standards for editorial content in place to ensure that occurs. Our reporters and editors thoroughly fact-check editorial content to ensure that what you read is true. We keep a barrier with our advertising partners and the 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 provide you the most relevant guidance to make intelligent financial decisions for your personal finances. We adhere to strict guidelines to ensure that our editorial content is not in any way influenced by advertising. Our editorial team is not paid directly from advertisers, and our content is thoroughly verified to guarantee its accuracy. So, whether you're looking at an article or review, you can be sure that you're getting credible and reliable information.

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You have money questions. Bankrate can help. Our experts have been helping you master your money for over four years. We are constantly striving to give our customers the right advice and the tools required to be successful throughout their financial journey. Bankrate adheres to a strict code of conduct policy, which means you can be confident that our content is honest and accurate. Our award-winning editors and journalists create honest and accurate content to help you make the right financial choices. Our content produced by our editorial team is factual, objective and is not influenced from our advertising. We're transparent about the ways we're capable of bringing high-quality content, competitive rates and useful tools for you , by describing how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for the promotion of sponsored goods or services, or through you clicking certain hyperlinks on our website. This compensation could affect the way, location and in what order items appear in listing categories, except where prohibited by law for our mortgage or home equity products, as well as other home loan products. Other factors, such as our own proprietary website rules and whether a product is available within your region or within your self-selected credit score range could also affect the way and place products are listed on this site. While we strive to provide an array of offers, Bankrate does not include information about every financial or credit product or service.

A study of the engine oil can provide insight into a variety of problems. It is able to identify the contaminations that have leaked into the engine, like antifreeze or gasoline. It can determine whether the oil and air filters are working correctly. And it can determine what small metal particles have worn off the inside of the engine. It can also determine if the levels are below or average for the type of engine and the mileage. If you can spot potential expensive issues, you can prevent them from becoming a puddle of mechanical issues. Three reasons to have an oil analysis prior to purchasing a used car It may not be the best advice when shopping for an used vehicle but an oil test could reveal a lot. The engine's quality can be easily checked by the analysis of oil. The decision you make to purchase a car must be based on , and an oil analysis could provide valuable information about the condition of your engine. 1. Determine the engine's condition The principal reason to get an oil analysis done is to assess the condition of the engine. The oil analysis tests for oxidation levels, concentrations of metal particles and the quality of the lubrication, in addition to other indicators. The previous owner must have maintained their engine and routinely scheduled oil changes. The oil test -- as well as the mechanic's logsis a great indicator that the vehicle has been well cared for. 2. Find and avoid potential problems Prevent potential problems with used cars, particularly older models, might not have been maintained correctly through previous owners. By confirming a healthy engine, you're ensuring you are buying a car that may not last. Alongside confirming the health of your engine and condition, you could be able to detect potential issues in the future. Even something as simple as knowing the frequency of future oil changes can help you to ensure the health of your vehicle. 3. Free or inexpensive with a the purchase of a used car dealerships might provide an oil test as part of the purchase similar to getting an auto history report. In this instance, it may be free or be included in the administration costs. Either way, you will get the results without having to put in any additional effort on your part. If you're , or the seller doesn't provide it, you can purchase an oil analysis kit yourself. It could take longer to obtain the results, but it's definitely worth it, particularly when the seller doesn't keep records of the visits to the mechanic. How do you obtain an oil analysis The oil test can be conducted by a mechanic or using an at-home tool. If it is done by mechanics, the main step will be waiting for the analysis to be completed and the results. If you do it yourself, you should read the directions on your kit and watch a few instructional videos. But here are the basic steps for warming up the engine and collect a small amount of the oil using the tubing provided with your kit. Take the sample to a reputable laboratory. The results will be availableabout two to three days -- and review the report. The report might contain useful remarks, but if you aren't sure about the results you should consult the mechanic for a professional opinion. What do you do if results aren't stellar The choice to go through with the purchase is completely up to you. All vehicles, whether new or used, requires maintenance. The oil analysis may identify potential issues, but if they aren't too expensive or exceed what you're willing to pay the cost could be worthwhile to purchase the vehicle, especially in the event that it meets the other requirements. If the cost of maintenance could be excessive and you don't have a reason to, you should have to proceed with the purchase. Problems can snowball and you could be stuck paying much more than what the vehicle is worth if you regularly have to take it to a mechanic. Consider the cost of regular maintenance against the cost of engine problems that may occur. But if you're financing the vehicle, be aware that the extra cost for repairs may cause you to be in a position that could lead to financial strain later on. Next steps At time's end, an oil test can only give a little insight about the long-term future your vehicle and the condition of its engine. It's an excellent analysis tool when searching for a used vehicle. However, it's not the only tool. Make sure to thoroughly review every one of the safety and mechanical aspects of a vehicle -- as well as accident history -- before taking a risk. Related articles:

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Kellye Guinan is a freelance editor and writer with over 5 years experience working in the field of personal finance. She is also a full-time librarian at the local library where she helps her community gain access to information on financial literacy, among other topics.

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

Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers to manage their finances by providing clear, well-researched facts that break down complicated topics into bite-sized pieces.

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Ilending

iLending The 2023 Review of Auto Loan Refinancing - Published 2023-01-01 00:00:00

Authored by Emma Woodward Written by Contributing writer

Emma Woodward is a former contributor for Bankrate and a freelance writer who loves writing articles that help to simplify personal finance topics. She has written for businesses and publications such as Finch, Toast, JBD Clothiers and The Financial Diet.

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

Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping their readers feel confident to manage their finances through providing clear, well-researched information that reduces complex subjects into digestible pieces.

Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by offering financial calculators and interactive tools, publishing original and objective content. This allows you to conduct your own research and compare data for free - so that you can make financial decisions with confidence. Bankrate has partnerships with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site come from companies that pay us. This compensation can affect the way and when products are featured on the site, such as, for example, 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 or home equity products, as well as other home lending products. However, this compensation will not influence the information we publish, or the reviews you read on this site. We do not cover the universe of companies or financial offerings that could be accessible to you.

About our reviews Editorial disclosure: All reviews are prepared by staff. The opinions expressed in them are only the views of the reviewer. They have not been reviewed or acknowledged by any advertiser. The information that is included, including rates and fees that are included in the review is accurate as of the date that the review was written. Check the data in the upper right hand corner of the page and the lender's website for the most recent details.

A first glance 3.9 Rating: 3.9 stars out of five

Bankrate Score

Availability Rating: 3.8 stars out of 5

Cost of Affordability: 3.6 stars out of five

The Customer Service Rating is 4.4 5 stars from five

Transparency Rating: 4.5 stars out of 5

Compare auto loan rates

The amount of the loan from iLending is not disclosed

Min. credit score Not revealed

APR that starts at 2.14%

Funds are available as soon as one day

iLending provides personalized customer support and options to save you money sound great but consider both the pros and cons of this refinancing service prior to signing up.

PROS Personal loan specialist

Low APR minimum

Simple and quick application process

CONS Refinance only vehicle loans

No in-person service

Vague qualification requirements

If you're looking to refinance your vehicle loan ILending might be the perfect starting point. iLending offers refinancing for most vehicle loans with the aim of making it easier to save money. The company has been operating for over 15 years, and it has an A+ rating with the Better Business Bureau.

With each customer, iLending provides a loan specialist to help you through the case. They also assist those with bad credit scores. Although iLending does not function as a lender it does partner with credit unions and banks across the country to help you find the loan options that will help you save the most money.

Do you qualify? Anyone who is interested should ensure they meet a few fundamental conditions. There is equity in the vehicle and a good credit-to-income (DTI) percentage to qualify to get accepted. You can figure out your DTI using an . iLending does not disclose an absolute credit score or annual income -that could differ among its lender partners -- but generally, you need a credit score of 670 or more to be eligible for lenders' best rates. What we like and what we do not like When you're approved to refinance, you'll receive personal assistance in understanding the loan process. You could also qualify for an impressively low interest rate. However, there's no in-person customer service that may not be the best option for you.

We like the personal lending specialist: Each client is assigned a personal lending specialist to work with throughout the refinancing process. Low minimum APR: iLending's advertised minimal APR of 2.14% is lower than the average of its competitors however the rates you'll be provided will be based on your creditworthiness as well as other aspects. It's a simple and fast process to apply Apply on the internet using a simple process that should only take less than a minute. We don't like that they only refinance vehicle loans: iLending doesn't offer loans for . No in-person service: iLending aims to save customers money by operating at lower cost of overhead, which means they don't have physical establishments. The iLending website doesn't provide many of the qualification requirements, including the minimum credit score, as well as the minimum and maximum loan amounts. How to contact iLending You can reach iLending customer support by calling at 866-683-5505, via chat on the iLending website, or by using the email contact form available on the website. Customer service agents are available Monday through Friday from 6 a.m. to 8 p.m. MT, Saturdays from 8 a.m. until 4 p.m. Monday through Sunday between 10 a.m. to 3 p.m. MT. Live chat and phone support can be accessed in Spanish in addition to English.

Auto loan types offered

The loan quick facts are Not disclosed Terms: 12-84 months APR from 2.14 0.14

You'll only find auto loan refinancing through iLending. It is an unofficial service that connects the current borrower and potential new lenders. Current auto loan borrowers can use the services of iLending if they wish to get lower rates of interest or . Working with many different lenders across the country means rates and terms can differ. You can connect with an iLending loan specialists to find out the specific loan term options that may be offered to you. How to apply for an loan with iLending You can apply to refinance your auto loan through iLending's site. The application will request your basic info, like a Social Security number, your name address, phone number and email. The loan specialist will contact you to fill in any required details. According to their website, the application process will take just about a couple of minutes.

The required application requirements include your name, date of birth and Social Security number. Your telephone number, physical address and email address. Employment and earnings information Year, make, model and trim of the vehicle. The vehicle's Identification number (VIN) the current mileage for the vehicle

ILending FAQs

Does iLending charge fees when applicants apply for an automobile loan refinancing? No, iLending does not assess any application fees.

Is iLending a reputable business? Yes. The platform has been in existence for over 15 years, and is currently holding an A+ rating with the Better Business Bureau.

How Bankrate rates iLending

Overall score

3.9

The availability

3.8

Since iLending has a broad network of lenders and lenders, it is able to assist borrowers in any state. But it doesn't offer its most or minimum loan amounts.

Affordability

3.6

Rates start as low as 2.14 percent APR. You won't find a maximum APR though, and fees aren't specified.

Customer experience

4.4

Customer service is available 7 all week long, and it is available in English or Spanish.

Transparency

4.5

Prequalification is possible, however just the minimal rate will be offered prior to you filling in your details.

Methodology to rate lenders who focus on auto refinance loans, Bankrate considers 16 various factors. These variables range to the loan amount, disclosed APR and the acceptance standards. Each lender scores that is based on four different categories. The availability category includes loan amount, vehicle restrictions and availability in each state. Affordability: Primarily, this section covers expected APRs, acceptance criteria, discounts for autopay and the number of charges. Experience with customers: This category includes access to support online, online accessibility and funding timeframe, as well as the option for automatic payments and app accessibility. Transparency: Here prequalification and the disclosure of fees and rates are taken into account.

Disclosure of author: All reviews are prepared by Bankrate.com staff. The opinions expressed are only those of the reviewer , and are not reviewed or accepted by any advertising company. The information such as rates and charges provided in the review is accurate as of the date when the review first appeared. Look over the information at the top of this page, and the lender's site for the most current information.

Written by

Emma Woodward

Contributing to writer

Emma Woodward is a former contributor for Bankrate and freelance writer who is passionate about writing articles that help to simplify personal finance issues. Her writing has been published by companies and publications like Finch, Toast, JBD Clothiers and The Financial Diet.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to take control of their finances with precise, well-researched and well-studied information that breaks down complicated topics into bite-sized pieces.

Auto loans editor

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Is a long-term car loan is a good idea? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by offering you financial calculators and interactive tools as well as publishing original and objective content. This allows users to conduct studies and compare data for free to help you make sound financial decisions. Bankrate has partnerships 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 displayed on this website are provided by companies who pay us. This compensation can affect the way and where products appear on this website, for example, for example, the sequence in which they appear within the listing categories and other categories, unless prohibited by law for our loan products, such as mortgages and home equity, and other home loan products. However, this compensation will have no impact on the information we provide, or the reviews appear on this website. We do not include the entire universe of businesses or financial offerings that could be open to you.

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4 min read Published on January 30, 2023.

Writen by Rebecca Betterton Written by Auto Loans Reporter

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

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

Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain confidence to manage their finances by providing clear, well-researched information that is broken down into complicated subjects into digestible pieces.

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

This article may include some references to products offered by our partners. Here's a brief explanation of how we earn money .

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

We've maintained our reputation for more than 40 years by making financial decisions easy to understand

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so you can trust you can trust us to put your needs first. Our content is written in the hands of and edited by ,

who ensure everything we publish is objective, accurate and reliable. Our loans reporters and editors concentrate on the points consumers care about the most -- different kinds of loans available and the most competitive rates, the most reliable lenders, ways to pay off debt , and more -- so you'll be able to feel secure when making your investment.

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Bankrate has a strict policy standard of conduct, which means you can be confident that we're putting your interests first. Our award-winning editors and reporters provide honest and trustworthy information to help you make the right financial decisions. The key principles We appreciate your trust. Our goal is to provide readers with truthful and impartial information. We have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you're reading is correct. We maintain a firewall between our advertisers and our editorial team. The editorial team of Editorial Independence Bankrate does not receive any direct payment from our advertisers. Editorial Independence Bankrate's editorial team writes on behalf of YOU the reader. Our goal is to provide you the best advice that will aid you in making informed financial decisions for your personal finances. We follow rigorous guidelines that ensure our content isn't influenced by advertisers. Our editorial staff receives no any compensation directly from advertisers and our content is thoroughly fact-checked to ensure accuracy. So, whether you're reading an article or a review, you can trust that you're receiving reliable and dependable information.

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If you have questions about money. Bankrate has the answers. Our experts have helped you understand your finances for more than four years. We are constantly striving to provide consumers with the expert guidance and the tools necessary to succeed throughout life's financial journey. Bankrate follows a strict standard of conduct, so you can rest assured that our content is honest and accurate. Our award-winning editors and reporters produce honest and reliable information to assist you in making the right financial decisions. The content we create by our editorial team is objective, factual, and not influenced through our sponsors. We're transparent about the ways we're capable of bringing high-quality information, competitive rates and useful 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 by you clicking on certain links posted on our website. Therefore, this compensation may impact how, where and when products appear within listing categories, except where prohibited by law. This is the case for our mortgage or home equity products, as well as other products for home loans. Other factors, like our own proprietary website rules and whether a product is available within your region or within your own personal credit score can also impact how and where products appear on this website. While we strive to provide the most diverse selection of products, Bankrate does not include information about every credit or financial product or service.

A car purchase is far more than deciding to get an SUV or a sedan, in red or black. If you're buying the car with the help of a loan and you'll need decide on which repayment terms will make the most suitable for your financial and budget objectives. Prices for cars are still high compared to before the COVID-19 pandemic. The average price of a new vehicle for December of 2022 was more than $49,500 - five percent more than the previous month one year prior and over 20 percent more than December 2020 . The longer the loan period -- generally between 24 and , or two to seven years -- the cheaper your monthly payment will be. But remember, the lower your monthly payments have negatives, and could cost you more in the long term. For most people, a long-term car loan is not a wise choice. Reasons to avoid a long-term car loan Longer-term car loans are attractive because the monthly payments are less than those for the shorter-term loan. Though they allow you to purchase a higher-priced vehicle, they also make the payments affordable, long-term car loans could put you in a worse spot financially if you're not careful. It is more likely that you will end up upside down on loan An extended loan term means you are more likely to become upside down sometime in the near future. Being upside on a car loan is when you are owing more than the vehicle is worth. This is due to the fact that a larger portion of the monthly payment early in the loan will be used to pay interest rather than the principal due. A loan that is upside down could be risky for a variety of reasons. If you are involved in an accident that caused the car is deemed to be a total loss, you may end up paying off the loan on a car that is no longer able to drive, if insurance isn't covering the cost. In addition the longer you're upside-down on the car loan as well, the more time you're suffering from negative equity. Selling a car with negative equity is a sign that you will not have enough cash to pay off the loan and you may even need to take out. Depreciation of vehicles isn't a major issue with used cars since a during the initial few years. However, long-term car loans on used cars usually don't work. A car that is used likely has plenty of miles on it and a longer-term loan allows the miles to accumulate even more. As an example, suppose you buy a three-year-old car with 36,000 miles and that's the amount the average American will drive for this amount of time. If you take out a six-year loan and drive 12,000 miles a year, which is the standard in America, you would add 72,000 miles. That means your car has 108,000 miles, and will be nearing 10 years old by the time it's paid off. If you decide to sell it earlier, you may find it's not worth much or, worse, you don't have any equity whatsoever. The longer-term loans with higher interest typically are accompanied by higher rates . This is because longer loans are more risky for lenders. With a protracted loan period you are more at risk of things could impact your financial circumstances before the loan is paid back in full. Even if the interest rate of a long-term loan is similar to a shorter term however, you'll still have to have to pay more interest over the duration of the loan due to making interest payments over a much longer time. While your bank account may be relieved by the lower cost, the price may not be worth the cost. This is an especially important consideration as the Federal Reserve continues to to combat the issue of pandemic-related inflation. When the Fed increases benchmark rates, it increases interest rates offered by private lenders for personal loans as well as auto loans. The new average loan rate for 2022 was 5.16 percent . The rates varied from 3.84 percent to those having the best credit scores up to 12.93 percent for those with the lowest or most subprime scores. You're stuck with the same vehicle Before signing off on an auto loan which is as long as 84 months, be sure you've considered whether you'll want to use the same car throughout the duration. Seven years is a long time. Your needs and circumstances might change. But, with a long-term loan you'll be stuck with the same vehicle. Most of the time, rolling over the loan is costly. Alternatives to a long-term car loan There are many other ways to obtain a vehicle without agreeing to the risk associated with a long-term auto loan. Lease a vehicle If you are struggling to get an approval for an affordable loan You may be able to lease a car . Leasing can provide more affordable monthly payment. Even drivers with fair credit tend to be more likely to obtain an approval to lease and get behind the wheel of a fairly new vehicle. The negatives of leasing should be keep in mind. There are restrictions on how many miles you're allowed to drive throughout the lease and charges for excessive wear and wear. Most important most importantly, you'll be required to return or exchange the car at the lease's conclusion. Find a co-signer excellent credit rating provides prospective lenders with additional confidence that you will pay off the loan. This will make you more likely to be approved even if your credit score is not perfect. Make a high down payment If your goal is to cut down on your monthly expenses by making a large down payment amount down payment is a good alternative. The larger the amount you pay down at first and the more affordable the monthly cost will be. You are also likely to receive more favorable rate from the lender. Are long-term car loan worth the risk? A long-term car loan is often not an ideal option due to the risk of financial loss. While the lower monthly payments on a long-term car loan may be appealing initially, it's more beneficial to save additional cash to increase the down payment or to opt for a cheaper car, so the monthly payment is more affordable with a shorter loan. When you are deciding to sign to a long-term auto loan, consider the downsides. While it will cost your more in the loan's term, you may also end up becoming upside down on the loan . What's more, your vehicle requirements could change within 5 to 7 years, when you're still paying off that loan. Take a look at options for long-term loans like making a bigger down payment and leasing a car or finding a co-signer whose credit score can help you obtain better loan conditions.

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Writen by Auto Loans Reporter

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

Editor: Rhys Subitch Edited by Auto loans editor

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

Auto loans editor

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