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Denied the auto loan? Here's everything you need to know Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by offering interactive financial calculators and tools as well as publishing original and impartial content. We also allow you to conduct your own research and analyze data for free and help you make financial decisions with confidence. 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 offers that appear on this site come from companies that pay us. This compensation could affect how and where products are displayed on this website, for example such things as the order in which they appear in the listing categories in the event that they are not permitted by law for our mortgage home equity, mortgage and other products for home loans. However, this compensation will have no impact on the content we publish or the reviews you see on this site. We do not include the vast array of companies or financial offerings that might be open to you. yourstockbank/Getty Images

4 min read Published on October 12, 2022.

Kellye Guinan 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 an employee full-time at her local library, where she assists her community access information about financial literacy, among 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 their readers to take control of their finances through providing precise, well-researched and well-researched data that breaks down complicated issues into digestible chunks. The Bankrate guarantee

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At Bankrate we are committed to helping you make smarter financial decisions. 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 long record of helping people make smart financial choices.

We've maintained our reputation for more than four decades through demystifying the financial decision-making

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

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

who ensure everything we publish will ensure that our content is reliable, honest and trustworthy. The loans journalists and editors are focused on the points consumers care about the most -- different kinds of lending options, the best rates, the best lenders, the best ways to pay off debt and more -- so you'll be able to feel secure when investing your money. Editorial integrity

Bankrate follows a strict standard of conduct, which means you can be confident that we're putting your interests first. Our award-winning editors and reporters create honest and accurate information to help you make the right financial choices. The key principles We appreciate your trust. Our mission is to provide our readers with truthful and impartial information. We have editorial standards in place to ensure that happens. Our editors and reporters thoroughly verify the truthfulness of content in order to make sure that the information you're reading is accurate. We have a strict separation with our advertising partners and the 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 as the reader. Our aim is to provide you the most accurate advice to help you make smart personal finance decisions. We adhere to strict guidelines for ensuring that editorial content is not influenced by advertisers. Our editorial team receives no directly from advertisers, and our content is thoroughly fact-checked to ensure accuracy. Therefore when you read an article or reviewing you can be sure that you're getting credible and dependable information. How we make money

You have money questions. Bankrate can help. Our experts have helped you understand your finances for more than four years. We strive to continuously provide our readers with the professional advice and tools needed to make it through life's financial journey. Bankrate adheres to a strict code of conduct standard of conduct, so you can rest assured that our information is trustworthy and accurate. Our award-winning editors and reporters provide honest and trustworthy content that will help you make the right financial decisions. Our content produced by our editorial staff is factual, objective and uninfluenced by our advertisers. We're honest about how we are able to bring quality content, competitive rates and helpful tools to you , by describing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for the placement of sponsored products or services, or by you clicking on certain hyperlinks on our site. This compensation could impact how, where and in what order items are displayed within the categories of listing and categories, unless it is prohibited by law for our loan products, such as mortgages and home equity and other home loan products. Other elements, like our own rules for our website and whether a product is available in your area or at your self-selected credit score range may also influence 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 every financial or credit item or product. A car loan application may be rejected due to your credit history or your current financial status. However, by contacting your lender and improving your finances it is possible to work on building an application that won't be rejected in the future. Why was I refused a car loan? The majority of lenders reject applicants due to their credit score credit history, credit history and overall debt. Incorrect information on the application can be denied an loan because of simple mistakes on the application. If you do not complete a section or record information incorrectly, lenders may reject you without giving you the chance to amend inaccurate data. Make sure you review every aspect of your application to ensure you are in complete compliance. It is possible to reapply again however, being precise the first time will save you time. Poor credit score Most lenders require minimum credit scores as part of their eligibility criteria. The majority of lenders want to see fair credit -which is a score of 620 or more. In the event that your score falls lower than the minimum and you are not able to meet the requirements, you will be denied. There are . But these will cost more over the long term and might have higher costs -for example, prepayment penalties or origination fees -- than standard auto loans. Poor credit history: If you have a limited or no credit background, lenders won't be able to determine your ability to pay for the future auto loan installments. They might use it as a reason to deny your application. However, it's going to take some time to change this. You'll need to accept other smaller debts in order to build your credit history before applying for another loan, or apply with a cosigner. Large amount of debt If you have a lot of debt by other loans or credit cards, your DTI ratio, also known as the debt-to-income ratio -- will be greater. If you have a DTI percentage of fifty percent or more is a red flag and may cause rejection. The process of paying down debts is the most effective way to reduce your DTI and, if able, a second source of income can also reduce your DTI. What to do if you have been denied an auto loan A rejection isn't the end of the world. Take a few steps before applying again to boost your chances of approval. Contact your lender Lenders must explain the reasons why your application was not approved. If your application was not automatically processed, request to receive it in the 60-day period following the date of your application. If not, it falls outside of The Equal Credit Opportunity Act. If it was as minor as an application error you can make adjustments and then apply again. If the cause was you're credit score, or other financial obligations, you are able to make improvements prior to submitting another application. Enhance your credit score. Your credit score is among the primary factors considered by lenders when they consider granting you a loan. Be sure to spend time reviewing your credit report and paying off your bills on time and decreasing your ratio for credit utilization. It will take several months. If you're in a rush, consider other options while you work on your score. Once you've established a solid recent repayment history the lenders will consider you as less of a risk. Be mindful of your debt. Keeping it low and reducing your debt is a crucial factor in getting the attention of future lenders. You should focus on paying down your debts currently and making sure to avoid new loans as well as credit cards. Review your budget and try to cut out any unnecessary costs prior to applying for. is also an excellent method to reduce your debt-to-income ratio (DTI), which lenders utilize to determine whether you have enough money to be able to afford a new loan repayment. Look for poor credit lenders There are lenders who will are willing to accept . This could be a method to get you on the road sooner instead of later. These lenders market specifically to those with poor credit scores. However, you must be aware of the options and be aware that auto loans for those with bad credit tend to have more expensive interest rates which could cost you thousands over the long run. Other alternatives Your options don't necessarily depend on the ability of you to swiftly improve your credit score or reduce your debt -- though they can both be beneficial. "Buy here, pay here" dealers A BHPH dealership may not be perfect, but it can be a good option for those with poor credit and are looking for a vehicle. BHPH dealerships also offer financing and sales of the vehicles on their lot. The standards for approval of credit tend to be lower and the process is quicker than traditional loans. However, interest rates are high, and there are less automobiles that are available. Joint auto loans A joint auto loan is when you and someone else -- typically a partner or spouse -- share the same responsibility for the car loan. The lender will consider both incomes and credit scores when deciding on an approval. A joint application can also result in a lower interest rate as well as the chance to take on more of a loan due to the additional income. Co-signed auto loan An auto loan will mean that you still take on the entire responsibility for your monthly payments, but you have someone else backing your loan. Similar to a joint auto loan the credit history as well as the co-signer's credit history will be considered when applying for the loan. This will increase your chances of approval and may mean more and terms. The bottom line If you've been denied, take a step back. Your lender must provide you with a letter stating why you were rejected. As with anything that involves finance, preparation is crucial. When you next apply, do your research, keep an eye on your credit score and decrease the total amount of debt you have before time. This will ensure that your application is the best it can be before you send it to an lender. Find out more

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Written by Personal and business financial Contributor Kellye Guinan is a freelance editor and writer with more than five years of experience in personal financial. She also is a full-time worker at her local library, where she assists the community gain access to information on financial literacy, among other topics. 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 control their finances through providing clear, well-researched facts that break down otherwise complicated topics into digestible pieces.

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Best value cars and SUVs in 2022 Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by offering you financial calculators and interactive tools that provide objective and original content. This allows users to conduct research and compare information at no cost - so that you can make informed financial decisions. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site are from companies that pay us. This compensation could affect how and where products appear on the site, such as, for example, the order in which they may appear within the listing categories, except where prohibited by law. Our mortgage, 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 accessible to you. xijian/Getty Images

5 minutes read. Published May 04, 2022.

Authored by 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 borrowing money to buy a car. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to control their finances by providing precise, well-researched and well-documented facts that break down complex topics into manageable bites. The Bankrate promise

More details

At Bankrate we strive to help you make better financial decisions. We are committed to maintaining strict ethical standards ,

This article may include some references to products offered by our partners. Here's how we make money . The Bankrate promise

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

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

process, and giving people confidence in the decisions they will take next. process and gives people confidence in the next step.

You can rest assured you can trust us to put your needs first. Our content is written with and edited

They ensure that what we write is objective, accurate and reliable. Our loans reporter and editor focus on the areas that consumers are concerned about the most -- various kinds of loans available as well as the most favorable rates, the most reliable lenders, the best ways to pay off debt and much more. So you'll feel safe making a decision about your investment. Integrity of the editing

Bankrate has a strict policy and rigorous policy, so you can rest assured that we put your interests first. Our award-winning editors and journalists create honest and accurate information to aid you in making the best financial decisions. Our main principles are that we respect your confidence. Our mission is to provide our readers with accurate and unbiased information, and we have editorial standards in place to ensure this happens. Our editors and reporters thoroughly check the accuracy of editorial content to ensure that what you read is correct. We have a strict separation between advertisers as well as our editorial staff. Our editorial team does not receive compensation directly through our sponsors. Editorial Independence Bankrate's editorial staff writes in the name of YOU as the reader. Our goal is to give you the best advice that will aid you in making informed financial decisions for your personal finances. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no directly from advertisers, and our content is fact-checked to ensure accuracy. So when you read an article or a report you can be sure that you're receiving reliable and dependable information. How we make money

You have money questions. Bankrate can help. Our experts have helped you understand your finances for more than four years. We continually strive to provide consumers with the expert advice and tools needed to be successful throughout their financial journey. Bankrate follows a strict , therefore you can be confident that our content is truthful and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual and is not influenced by our advertisers. We're open about how we are capable of bringing high-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 are compensated in exchange for the promotion of sponsored goods and, services, or when you click on certain links posted on our site. So, this compensation can affect the way, location and in what order items appear within listing categories and categories, unless it is prohibited by law. This is the case for our mortgage or home equity products, as well as other home lending products. Other factors, like our own rules for our website and whether a product is offered in your region or within your personal credit score can also impact the way and place products are listed on this website. Although we try to offer a wide range offers, Bankrate does not include details about every credit or financial product or service. The purchase of a brand new car is among the biggest purchases many Americans make. And with current prices, it's appealing to simply look at price to save money. However, a car that is cheap is not necessarily a good bargain. A car that is cheap could be a burden to you with expenses that pile up over the years of ownership, such as higher fuel costs, expensive repairs and pricey insurance. While you should never buy the cheapest car to save money, it isn't financially wise for the majority of people to pay extra cash to purchase a high-end car with the latest features. Instead, research which vehicles are available and offer the most value for what they have to offer. This means you'll save money on the road as well as a better overall ownership experience. The best sedans Although the classic car doesn't have much of the space that an SUV or a midsize car can provide but they're a reliable and classic option for all drivers. The top three winners of the category are ranked by their price point and combined excellent ratings from experts. The Chevrolet Impala takes the gold award for sedans that are affordable and large cars. It ranks first according to the 2022 J.D. Power's Dependability study and holds an impressive score in the Kelley Blue Book (KBB). It is well-known for its comfortable ride and large trunk. Following close behind, the Avalon along with the Chrysler 300 both receive high scores by Consumer Reports and also receive particular recognition for their large interiors. Thanks to Chevrolet Best value sedans

Price

Chevrolet Impala

$31,620

Toyota Avalon

$36,375

Chrysler 300

$32,545

$32,500

Buick LaCrosse

$29,570

Best midsize cars A slight size and space improvement from a sedan -- an midsize car has more trunk space and legroom for both drivers and passengers. The top midsize vehicles have an ideal balance between spaciousness and driving comfort by offering an ample interior and an overall size that is yet easily manageable. In this class, the Sonata is ranked first by J.D. Power and is well-known for its impressive fuel efficiency. For its middle-tier price point, the Camry has driver assistance as well as amazing technology options. It's also the cheapest on the list, the Legacy has a high safety rating and has a high resale price. Thanks to Hyundai Best value midsize cars

Price

Hyundai Sonata

$24,150

Toyota Camry

$23,395

Subaru Legacy

$22,995

Honda Accord

$26,120

Kia Optima

$23,400

Best midsize SUVs A midsize SUV gives the best of both when it comes to tough durability while not being too big to handle. The scoring of these vehicles proved to be more difficult however, all of them received top scores, according to Kelley Blue Book, the Santa Fe beat out the other vehicles for its fuel efficiency and the latest technology. The Outback came in second with its roof-mounted cargo options as well as its comfortable driving experience. Finally, the Murano is rated for its safety rating and robust engine. The car is courtesy of Hyundai Midsize SUVs with the best value

Price

Hyundai Santa Fe

$27,200

Subaru Outback

$27,145

Nissan Murano

$33,210

Chevrolet Blazer

$33,400

Toyota 4Runner

$37,605

Best minivans The minivan is no longer just the perfect vehicle for parents. Modern minivans boast the latest tech packages and extra space. Selecting the right minivan for your money requires some thought on aspects like space, dependability and safety. The Sienna has the edge when it comes to top minivans. J.D. Power rates it as one of the most efficient minivans, and it has excellent fuel economy. The Carnival and Odyssey follow close behind scoring for their powertrain performance and utility, respectively. Thanks to Toyota Best value minivans

Price

Toyota Sienna

$34,710

Kia Carnival

$33,595

Honda Odyssey

$33,040

Chrysler Pacifica

$38,690

Dodge Grand Caravan

$29,025

Best hybrids and EVs The green vehicle market has grown dramatically over the past few years, both in terms of access and price. Take a look at the top choices and consider a green car loan to finance the purchase, with added discounts. Although hybrids are more expensive, the price per mile can save money over the long term. The first place winner is the Insight has a simple drive, and a high number of miles per gallon. Next, the RAV4 boasts a top Consumer Reports score along with more space than the competitors in this category. Finally, the least expensive option is the Kona is a powerful turbo engine and fun design. Courtesy of Toyota Best value hybrids and electric vehicles

Price

Honda Insight

$25,760

Toyota RAV4 Prime

$38,800

Hyundai Kona

$21,300

Kia Niro

$39,090

Nissan Leaf

$27,400

The best compacts Compact cars are renowned for their ease of commuting and premium parking facilities. But the most small cars available are also fuel efficient as well as some additional space. The winners of this category won based on their reliability scores and the their ease of driving. J.D. Power ranks the Corolla with the top spot as the best dependable compact option -- together with KBB as well as Consumer Reports giving almost perfect rating. Similar in price, the Elantra comes with a turbocharged engine as an added feature and offers a more practical driving experience. The most affordable model is the Impreza, boasts an advanced navigation system, as well as quick steering. The Impreza is courtesy of Toyota Best value compact cars

Price

Toyota Corolla

$20,175

Hyundai Elantra

$20,200

Subaru Impreza

$18,795

Nissan Sentra

$19,610

Chevrolet Cruze

$18,870

The best SUVs and suburbans large SUVs come with the cost of higher, you get what you spend for. The largest vehicles can accommodate up to eight persons and come with the latest technology. So, while this vehicle segment tends to be more expensive, you can still garner good value from a pricier choice. While it is the most expensive model, the Expedition ranks highly in Kelley Blue Book and boasts the capacity to tow 6,000 pounds. Next, recognized by its spacious interior and extreme towing capability The Tahoe is a great option for those who want to save on their expenses. Finally, the Yukon is highly rated by J.D. Power, and offers a variety of trim upgrades. Courtesy of Ford Best value SUVs and suburbans

Price

Ford Expedition

$69,150

Chevrolet Tahoe

$50,500

GMC Yukon

$52,500

Chevrolet Suburban

$53,200

Nissan Armada

$49,150

The top brands according to data obtained by J.D. Power for their 2022 U.S. Dependability Study, Genesis brand vehicles top the list of the top brands, and Kia took first place among the brands that are mass-market. Though most drivers show an attraction to one brand over another separate from reliability, this rating is based on the number of problems per 100 vehicles. Land Rover and Ram rounded off the list with over 250 problems per vehicle -two of the most reliable brands available in the opinion of J.D. Power. Top brands

Price range

Kia

Between $17,490 and $52,590

Buick

From $25,595 to $43,995

Hyundai

From $20,200 to $48,740

Toyota

$19,925 to $53,050

Methodology Vehicle ranking was based on a mix of findings from industry reports and the price of the vehicle. This gives a firm idea of the value that each vehicle holds based on industry standards and the ratio of price-to-purchase. Specifically, cars are scored on a three-point scale according to J.D. Power's 2022 U.S. Vehicle Dependability Study. This study aimed to determine which vehicles over the past year held the longest lifetime for drivers. Although not every vehicle falling in the top five positions was the winner of this study and was used as the primary determining factor. Alongside J.D. Power, Kelley Blue Book's expertise rating that is based on the five-point scale was also added to the calculation. In addition, the five-point scale used by Consumer Reports noting vehicle reliability was added. The resulting factors were assessed using the price of each vehicle, choosing the top five models that fit the style. The bottom line Vehicle value is based on a range of variables. Are you constantly taking visits to the mechanic or a poor fuel efficiency? These are questions that are important when determining the best vehicle for you -- colour and make -- the best way to select a vehicle is to consider how much you are spending and what the cost per mile is. Take advantage of the above scores when it's time to purchase your next car.

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The article was written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the ins and outs of securely borrowing money to purchase an automobile. 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 by providing well-informed, clear information that breaks down otherwise complicated topics into digestible pieces.

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Related Articles Auto Loans 6 minutes read Sep 23 2022. Loans 3 minutes read on Sep 21, 2022 Car Insurance 6 min read Sep 09 2021. Auto read 3 minutes Mar 02, 2019

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Direct auto financing: What it is and how to find a lender Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by offering you interactive tools and financial calculators as well as publishing authentic and objective content. We do this by enabling you to conduct research and analyze information at no cost - so you can 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 displayed on this site come from companies who pay us. This compensation could affect how and when products are featured on the site, such as, for example, the order in which they be listed within the categories of listing and other categories, unless prohibited by law. This applies to our mortgage home equity, mortgage and other home lending products. However, this compensation will affect the information we provide, or the reviews you see on this site. We do not include the vast array of companies or financial offers that may be open to you. D3sign/Getty Images

3 min read 21st October, 2022.

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At Bankrate, we take the accuracy of our content seriously. "Expert verified" means that the Bankrate Financial Review Board thoroughly evaluated the article's accuracy and clarity. Its Review Board comprises a panel of financial experts whose objective is to make sure that our content is always impartial and balanced. Their evaluations ensure that we are publishing top-quality, reliable content.

Written by Bankrate Written by Bankrate. This article was written using automation technology and thoroughly verified and edited by an editor from our editorial staff. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to control their finances by providing concise, well-studied information that breaks down complicated subjects into bite-sized pieces. Written by Mark Kantrowtiz and reviewed by Nationally well-known scholar financial aid specialist Mark Kantrowitz is an expert on student financial aid including the FAFSA and 529 plans, scholarships education tax benefits as well as student loans. The Bankrate guarantee

More details

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

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

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

We've maintained this reputation for over four decades by making financial decisions easy to understand

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

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

who ensure everything we publish ensures that everything we publish is accurate, objective and trustworthy. The loans journalists and editors concentrate on the areas that consumers are concerned about the most -- the various types of loans available, the best rates, the best lenders, ways to repay debt, and more -- so you're able to be confident about making a decision about your investment. Editorial integrity

Bankrate adheres to a strict code of conduct , so you can trust that we're putting your interests first. Our award-winning editors, reporters and editors create honest and accurate content that will assist you in making the right financial choices. The key principles We respect your confidence. Our goal is to offer readers reliable and honest information, and we have editorial standards in place to ensure that is the case. Our reporters and editors rigorously fact-check editorial content to ensure that the information you're reading is correct. We maintain a firewall with our advertising partners and the editorial team. Our editorial team doesn't receive direct compensation by our advertising partners. Editorial Independence Bankrate's team of editors writes for YOU the reader. Our goal is to provide you the best advice that will help you make smart financial choices for your own personal finance. We adhere to rigorous guidelines that ensure our content isn't influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is checked for accuracy to ensure its truthfulness. So, whether you're reading an article or reviewing it is safe to know that you're getting reliable and dependable information. How we make money

There are money-related questions. Bankrate can help. Our experts have been helping you manage your finances for more than four decades. We strive to continuously provide consumers with the expert guidance and the tools necessary to make it through life's financial journey. Bankrate adheres to a strict code of conduct , so you can trust that our information is trustworthy and accurate. Our award-winning editors and reporters produce honest and reliable content to help you make the best financial decisions. Our content produced by our editorial team is objective, factual and uninfluenced by our advertisers. We're open about the ways we're capable of bringing high-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 the promotion of sponsored goods and, services, or when you click on certain hyperlinks on our site. So, this compensation can impact how, where and when the products are listed within categories, except where the law prohibits it for our mortgage and home equity products, as well as other home lending products. Other factors, like our own rules for our website and whether the 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 provide a wide range offers, Bankrate does not include information about every financial or credit products or services. After you've decided which color, make and model you want for your future car, you need to decide on the method you plan to buy it. If you're planning to finance a car, you have quite a few choices available. One of these are direct car financing that is, when you get financing directly from an lender. Although the procedure can differ depending on the lender be sure to consider the benefits before determining if direct financing is the right choice for you. Direct auto finance: What exactly is it? Direct auto financing is a kind of auto loan which is available through banks, online lenders and . Indirect financing, the opposite is offered through car dealers as well as loan marketplaces. If you're looking for a simpler purchase and financing process, direct financing can be a hassle. Additionally it is possible that you will have a hard time finding a lender which offers reasonable rates for low-cost and . But it's not perfect, either. Dealerships usually charge markups in relation to financing, which you can avoid when you directly work with a lender. Direct vs. direct auto finance In the instance of direct financing, you'll work with a bank, credit union, or online lender independently, which means you have the option of shopping around for the best deal. And once you're preapproved and have the approval, you'll be able to visit the dealership, pick out your car and then negotiate the best deal and then sign the documents. Direct financing works differently. You'll go to the dealer, select your ride and then work with the dealership's internal finance department to get an automobile loan. Despite having a guide through the entire process, there's a significant negative: the dealer will likely mark up the interest rate. It's therefore worth getting preapproved by an outside lender before you shop for a car , and then present your car to the lender in order to agree to more favorable loan terms. Another benefit to Direct auto finance is the ability to compare other lenders than what could be offered on the car lot. You can request estimates from several lenders and select the most suitable deal based on the rates, terms and other factors rather than simply taking the deal you're matching to. Direct auto financing is how it works The procedure of financing your vehicle through the use of a direct lender varies, but these steps will always apply. 1. Prequalifying with multiple lenders is like looking around to get quotes from lenders. You are able to choose between offered rates, loan terms and monthly payments among other features. So you can be sure that you're getting the most value for money. 2. Choose one lender and apply Once you've been prequalified by a variety of lenders, you will be able to select the lender that offers the best terms. It is likely that you will need to show evidence of your income as well as the Social Security number and a bank account number for verification in order to prequalify for a loan. The lender will decide how much loan amount they are willing to offer depending on your income, your debts, and other factors. 3. If you want to buy the car, then head to the dealership or . If you have financing secured, you can shop like an individual who is a cash buyer. 4. Make payments to start making payments in the earliest time possible. Most lenders accept online payments and you can sign up for the service online by setting up an account profile. You may also have the option of paying by phone or mail, but there may be a processing charge. Where to locate direct lender direct lender When you are seeking a direct lender, it is best to begin with institutions that you already have an existing account. If this isn't an option, you can look into other sources of direct lending. Check with your local bank or credit union A lot of credit unions and banks offer direct auto loans -- though they may have dealership limitations. If you are a member of this particular financial institution and you are on good terms you may get a decent rate no matter if you credit isn't perfect. Check online. There are many online lenders offering direct auto financing, such as or . Oftentimes you will be able to receive financing on the same day you apply, and you don't have to necessarily have a car picked out depending upon the lender. Captive finance companies. Captive finance companies are financing companies that are owned by automakers. You can get and vehicle loan options for cars made by their parent company. For example, GM Financial offers both options for cars manufactured by General Motors. The main point is that financing your car through a dealership is one of the easiest methods of financing an entirely new vehicle, but the most suitable financing option for you will depend on your circumstance. For instance, if you already have an account at the credit union or bank, you may qualify for a through direct auto financing. Make sure you shop around with at three lenders to make sure you receive the best price for a new car loan. Learn more

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Written by The article was generated using automation technology that was then thoroughly edited and checked by an editor on our editorial staff. 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 committed to helping readers feel confident to control their finances with concise, well-researched, and clear information that breaks down complex topics into manageable bites.

Auto loans editor

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

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How to avoid buying a water-damaged car 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 unique and impartial content. This allows users to conduct research and compare data for free to help you make informed financial decisions. Bankrate has agreements with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site come from companies that pay us. This compensation can affect the way and where products appear on this website, for example such things as the order in which they may appear within the listing categories, except where prohibited by law for our loans, mortgages,, and other products for home loans. This compensation, however, does have no impact on the information we provide, or the reviews that you read on this site. We do not include the universe of companies or financial offers that may be accessible to you. Luis Diaz Devesa/Getty images

5 min read Published June 22, 2022

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

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

This article may include some references to products offered by our partners. Here's how we earn our money . The Bankrate promise

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

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

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

so you can trust that we'll put your interests first. All of our content is written with and edited ,

who ensure everything we publish ensures that everything we publish is accurate, objective and reliable. Our loans journalists and editors focus on the things that consumers are interested about the most -- the various kinds of loans available and the most competitive rates, the top lenders, how to pay off debt and more -- so you'll be able to feel secure when making your decision to invest your money. Integrity in editing

Bankrate has a strict policy standard of conduct, which means you can be confident that we put your interests first. Our award-winning editors, reporters and editors create honest and accurate information to aid you in making the best financial choices. Key Principles We value your trust. Our mission is to offer readers truthful and impartial information, and we have established editorial standards to ensure that happens. Our reporters and editors thoroughly check the accuracy of editorial content to ensure that the information you're reading is accurate. We keep a barrier with our advertising partners and the editorial team. The editorial team of Editorial Independence Bankrate does not receive direct compensation from our advertisers. Editorial Independence Bankrate's editorial staff writes in the name of YOU the reader. Our aim is to provide you the best advice that will aid you in making informed personal financial decisions. We adhere to strict guidelines to ensure that our editorial content is not in any way influenced by advertising. Our editorial team receives no directly from advertisers, and our content is thoroughly fact-checked to ensure accuracy. Therefore, whether you're reading an article or reviewing it is safe to know that you're receiving reliable and dependable information. What we do to earn money

If you have questions about money. Bankrate can help. Our experts have helped you understand your finances for more than four years. We strive to continuously provide consumers with the expert guidance and the tools necessary to succeed throughout life's financial journey. Bankrate adheres to strict standards , so you can trust that our information is trustworthy and precise. Our award-winning editors and journalists produce honest and reliable content to help you make the best financial decisions. The content created by our editorial staff is objective, factual and uninfluenced through our sponsors. We're open regarding how we're able to bring quality content, competitive rates and useful tools for our customers by describing how we make 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. This compensation could influence the manner, place and when the products are listed within categories, except where prohibited by law for our mortgage, home equity and other home loan products. Other factors, like our own rules for our website and whether or not a product is available within your region or within your self-selected credit score range could also affect how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include details about every financial or credit product or service. Automobile buyers across the United States are susceptible to the effects of catastrophic floods, if they do not know to purchase water-damaged cars. New and used vehicles that have been damaged by floods of significant magnitude like Ida in 2021. Ida which hit 2021 in the year 2021 may find their way to the market after a storm. Carfax data shows that as high as 212,000 vehicles could be damaged due to the storm Ida. When flood-damaged vehicles are sold, unsuspecting buyers often face expensive electrical and mechanical problems which surface after a few months. Even if you don't live in a place where flooding is common it is possible to purchase a car that has water damage. Carfax research also shows that damaged vehicles with water damage are found across all states, which means people from coast to coast are at risk of purchasing damaged by flooding. What can you tell when an automobile is damaged by water? Cars with water damage can be difficult to spot. They are usually clean and could even run for a short time. Eventually, however you will be faced with problems because flooded cars decay from the inside out. Here are some of the indicators that your car could be damaged by water: Musty odor A car's interior that has been damaged by water vehicles will usually smell musty. Unscrupulous sellers may try to mask the smell with powerful air fresheners, but it's very difficult to truly rid a car of a moldy aroma. One method to determine the smell of a car is to be inside the vehicle and close the windows. Carpets that are damp or moist: Water damage can collect in areas you cannot immediately notice, such as under carpeting. Take a look at the carpets in the car, and rub them in order to find any possible moisture buildup. Check the trunk as well and remove the spare tire to look for water beneath it. Stained or mismatched upholstery and carpeting: Another sign that water has damaged your vehicle is to see a car that has stained or loose carpeting and upholstery. Be on the lookout for blotchy brown stains, which are signs that water has damaged the car. When conducting inspections, compare flooring carpeting with the upholstery on the doors and the roof. All of them should appear like they're of the same in age and color. Rust: A vehicle with water damage might be covered in rust on the doors, under the hood, or even beneath the dashboard. Screws, hinges for doors or trunk latches as well as door handles may also show signs of rusting. Brittle wires: Look under the dashboard if you believe the car might have water damage. Brittle wires could suggest that the car is a victim of any water-related event of any kind. Fog or moisture beads: If your vehicle's interior light, instrument panel or exterior lights appear to be hazy or contain water beads in them, consider it an indication that the vehicle may have water damage. Mud or silt buildup: In floods, specifically water may carry dirt and mud inside the vehicle. Once the flood is gone, the dirt will remain. Some of the areas to look for silt and mud include the glove compartment, trunk, under the dashboard, and under the seats. Four tips to avoid purchasing an automobile that is flooded If you think that a vehicle may have water or flood damage, it's important to do the research to determine whether your suspicions are right. There are many tools to assist you in getting to the root of this vital issue, and also indicators to watch out for. 1. Check the history of your vehicle A vehicle history report can reveal issues with your car prior to you buy. A clear sign of a water-damaged car will be one branded as such. Departments of motor vehicle require permanent title marks on vehicles that were badly affected by flooding. If the car was declared to be totally damaged, it is expected to receive the new title completely that's branded "salvage" as well as "flood." Depending on the condition, this fact may be made clear by a numerical code. Carfax and Experian provide tools for flood checks that permit users to conduct a free check on the background of a vehicle. The platforms require only the VIN of the vehicle to be checked. When reviewing a car's history take a look for vehicles that are from areas that have been affected by flooding. It is also important to check the National Insurance Crime Bureau also provides VIN checks online that permit users to discover if the vehicle has been declared salvaged. You will want to check a car's historical report to see if there is any indication that the car was sold numerous times in a short period of time. Be cautious of a history that involves buyers in multiple states. This could be an indication of what's known as car "title washing," when unscrupulous sellers alter the title of the car several times to conceal its past. 2. Look for evidence of water damage. Cars which have been even partially submerged in water will often show evident signs, but they can be subtle, especially if the car was cleaned prior to resale. Take note of stinky or sour smells such as those emanating from the climate control system. Be aware of any stains that show up on the car's interior as well as the engine compartment and trunk. Dirt, sand or mud in odd places , and seat belts that sound sluggish when they are pulled or retracted are also indicators of damage from water. It's also important to try driving a car, especially one you think might be prone to flooding or water damage. Hints to watch out for when you test drive are compromised electrical systems and infotainment systems. These systems will react if they've been impacted by water. You will also want to be on the lookout for signs of smoke during your test drive. 3. Be wary of cars that are priced below market value. There's a good reason behind the saying that something is too good to be true. It's the case with cars that are priced at a premium over their actual value. This can be a red flag that something isn't right. Check the typical selling price for the car you are considering buying through independent price sites for vehicles like Edmunds as well as Autotrader. A car that is new or used priced below market value is an indicator the seller is anxious to sell it. Buyers should tread cautiously when a car is being listed for a significant discount. In addition to asking questions regarding the reason why the vehicle is being sold for a lesser price than what it is, it may be an excellent idea to have the vehicle looked at by a professional who can identify any problems. 4. Have a professional inspect the vehicle It's always a good idea engage a certified mechanic automotive technician to inspect a car prior to you purchase it, but it's even more critical to take this step to safeguard yourself from a possibly water-damaged car. A professional can help calm your mind, especially when the vehicle you're considering has one or more of the warning signs mentioned here. Be sure that the inspection does not just include obvious signs of water damage but also a thorough inspection of the electronic equipment, as issues in these systems could last for months before they become apparent. A pre-purchase inspection generally be paid by you, the prospective buyer, it's money well spent in the event that it stops you from getting the car that's unsatisfactory. It is possible to pay between $100 and $200 for an inspection. What should you do if you bought a water-damaged car If you've purchased a car that has water damage all may remain intact. Repairs can be made to the vehicle with an experienced mechanic. But , keep in mind that these aren't DIY fixes. It will require an expert with a vast experience with cars. It's also worth bearing in mind that fixing an affected vehicle after a flood won't be inexpensive, and you'll need to decide if it's worth the cost. In particular, since flood-damaged vehicles typically have no potential for resales. The bottom line is that flood-damaged vehicles are used in every state of this country. If you suspect a car could have been affected through flooding or any other type of water event there are steps you need to follow, such as obtaining a vehicle history report, looking for evidence of water damage, and having the vehicle inspected by a qualified professional. Remember, even if you aren't in a region that has been affected through flooding you could not be aware of an automobile that has been damaged by water. Find out more

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

Auto loans editor

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Reasons to arrange auto financing before visiting a dealership Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by providing you with interactive financial calculators and tools, publishing original and objective content. We also allow users to conduct research and compare information at no cost - so that you can make sound financial decisions. Bankrate has agreements with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this website are provided by companies that pay us. This compensation can affect the way and where products are displayed on the site, such as such things as the sequence in which they appear in the listing categories and other categories, unless prohibited by law for our mortgage, home equity and other products that lend money to homeowners. But this compensation does affect the information we provide, or the reviews that appear on this website. We do not cover the entire universe of businesses or financial deals that might be accessible to you. SHARE Tim Robberts/Getty images

3 min read Published August 18 2022

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At Bankrate we ensure the accuracy of our content very seriously. "Expert verified" means the fact that the Bankrate Financial Review Board thoroughly evaluated the article's clarity and precision. This Review Board comprises a panel of experts in finance whose goal is to make sure that our content is impartial and balanced. Their reviews make us accountable for releasing high-quality and trustworthy content.

Written by Bankrate This article was generated with the help of automation technology, and then edited and fact-checked by an editor from our editorial staff. Written 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 confidence to take control of their finances by providing precise, well-studied information that breaks down complex topics into manageable bites. Reviewed by Mark Kantrowtiz Reviewed by Nationally recognized expert on student financial aid Mark Kantrowitz is an expert on student financial aid as well as the FAFSA, 529 plans, scholarships tax benefits for education and student loans. The Bankrate promises

More info

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

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

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

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

process and giving people the confidence that they can take the right actions next. Bankrate follows a strict ,

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

who ensure everything we publish ensures that everything we publish is accurate, objective and reliable. The loans reporter and editor concentrate on the points consumers care about most -- the various types of loans available as well as the most favorable rates, the most reliable lenders, the best ways to pay off debt and more -- so you'll be able to feel secure when making a decision about your investment. Editorial integrity

Bankrate has a strict policy , so you can trust that we put your interests first. Our award-winning editors, reporters and editors produce honest and reliable information to assist you in making the right financial decisions. Our main principles are that we respect your confidence. Our goal is to provide our readers with truthful and impartial information, and we have established editorial standards to ensure this is the case. Our reporters and editors thoroughly fact-check editorial content to ensure 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 compensation directly through our sponsors. Editorial Independence Bankrate's team of editors writes for YOU the reader. Our aim is to provide you the most accurate advice to assist you in making smart financial decisions for your personal finances. We adhere to strict guidelines in order in order to make sure that the content we publish isn't influenced by advertisers. Our editorial team receives no 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 a review, you can trust that you're getting reliable and reliable information. How we make money

You have money questions. Bankrate has answers. Our experts have been helping you master your money for more than four decades. We are constantly striving to provide consumers with the expert advice and tools required to be successful throughout their financial journey. Bankrate follows a strict , so you can trust that our information is trustworthy and precise. Our award-winning editors and reporters produce honest and reliable information to assist you in making the best financial decisions. The content we create by our editorial team is factual, objective and is not influenced through our sponsors. We're open about the ways we're capable of bringing high-quality content, competitive rates, and useful tools for you , by describing 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 and, services, or through you clicking specific links on our site. This compensation could affect the way, location and in what order products appear within listing categories, with the exception of those it is prohibited by law in the case of our home equity, mortgage and other home loan products. Other factors, like our own website rules and whether a product is offered in your area or at your personal credit score may also influence the way and place products are listed on this site. Although we try to offer an array of offers, Bankrate does not include information about every financial or credit product or service. In the present, it is smart to do your research prior to going to a dealership. Making arrangements for financing before visiting the dealership gives you the chance to look at your options and determine the rates you are eligible for before speaking to an agent. It also makes sure that you don't purchase an automobile you're not able to afford or take the dealer's financing when you could obtain a better price elsewhere. Benefits of financing prior to your visit If you plan financing in advance of visiting the dealership you have a better likelihood of getting the most favorable deal. Favorable terms Before you walk into a store, you will know what rates of interest, loan terms and monthly payments that you are eligible for based on the credit scores of your. When you already know what rates you are eligible for, you can go to the dealership with confidence that you're receiving the best price. Lower stress levels Sitting in a meeting with a lender -- or in person -- before visiting a dealership can reduce the stress you feel when the dealer offers you with financing options. If you can conduct some research and determine the most appropriate loan conditions for your particular situation you'll be equipped to make an informed choice, instead of being pressured to buy buying something right away. You're prepared to arrange financing prior to going to a dealer will make it easier to make a purchase that you are happy with. With finance set up, you'll be able to determine which vehicle makes the most economical sense, and you will be shopping based on the the monthly payments. How do you arrange auto financing in advance to ensure you're receiving the best terms, you should take these steps. 1. Shop around Start by shopping around. This can be done either way. You can either go online to look up rates where you don't have to input a lot of personal details or contact several lenders and ask for rates. More quotes that you request, the more likely to receive a fair rate. Make sure you get quotes from at least three lenders. 2. Check out the dealerships Dealerships tend to be honest about this , so once you have a quote in the mail, you can look at the websites of any dealerships you are considering to find out what rates are on offer. If the dealership has an affordable cost, you can bring it to the lender you're working with to determine whether they are able to beat that rate. 3. Get preapproved The next step in financing is to get fully in touch with the lender with the best rate and term to meet your requirements. This will allow you to enter the dealership with an offer in hand which gives you more flexibility when it comes to negotiating. 4. Make sure you negotiate for the best price After you have been accepted for financing, it's now time to shop around and negotiate for the most favorable deal. You can easily do this by walking into several dealerships with preapproval forms in hand. Make sure you inform the salesperson you're going to think about financing from a dealership. Keep your preapproval near the box until the time you're prepared to actually buy. You can then use the advantage of having financing to avoid the typical high-pressure . What do you do if you cannot get financing in advance If you are unable to get approved for a loan prior to going to a dealership but that doesn't mean you shouldn't visit. You may ask to speak to a salesperson who can assist you with getting financing. If you're still unable to get financed by the dealership, it might be time to reconsider taking a step back. Instead of applying for an auto loan specifically designed for those using a "buy here pay here" lot, it might be more beneficial to focus on improving your credit and lowering your credit card debt. There are a variety of ways to do this , but they take time. Start by pulling your credit report, and then examining it for . From there, you will need to work on paying the debts you have and lowering your debt-to-income ratio overall. If you are in need of an automobile sooner then later in the future, you may require looking into alternatives with lower credit scores or a cheaper car. Shopping is a good way to get a good deal on a well-maintained car. You may also be able to get a ride for low cost by looking at cars being sold by students at college Just make sure it'll actually get you where you need to get to. The bottom line There are numerous advantages to getting financing in advance, including favorable terms, a lower stress levels and the chance to negotiate a price you likely wouldn't get by taking a trip to the dealer. To ensure you're receiving the best rates and terms possible You should do some research to get preapproved and investigate the dealership. Learn more

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The article was written by generated using automation technology and thoroughly edited and fact-checked by an editor from our editorial team. The article was 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 their readers gain the confidence to take control of their finances by providing precise, well-studied information that breaks down otherwise complex topics into manageable bites.

Auto loans editor

Review by Mark Kantrowtiz by Nationally recognized student financial aid expert Mark Kantrowitz is an expert on student financial aid and the FAFSA as well as scholarships, 529 plans educational tax benefits, and student loans.

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Denied the auto loan? Here's everything you need to know Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by offering interactive financial calculators and tools as well as publishing original and impartial content. This allows users to conduct research and analyze data for free - so that you can 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 Make money The products that appear on this site come from companies that compensate us. This compensation may impact how and where products are displayed on this site, including, for example, the order in which they may appear in the listing categories, except where prohibited by law. This applies to our mortgage or home equity products, as well as other products for home loans. But this compensation does affect the information we provide, or the reviews appear on this website. We do not cover the entire universe of businesses or financial deals that could be available to you. yourstockbank/Getty Images

4 min read. Published 12 October 2022

Written by Kellye Guinan. Written by Personal and Business Finance writer Kellye Guinan is a freelance editor and writer with more than five years of experience in 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. 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 their readers to manage their finances through providing concise, well-studied information that breaks down complex subjects into bite-sized pieces. The Bankrate promise

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

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

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

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

process and giving people confidence in the decisions they will do next. process and gives people confidence in the next step.

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

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

Bankrate has a strict policy , so you can trust that we're putting your interests first. Our award-winning editors and journalists create honest and accurate information to aid you in making the best financial choices. Key Principles We appreciate your trust. Our goal is to provide readers with truthful and impartial information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly verify the truthfulness of content in order to make sure the information you're reading is true. We keep a barrier with our advertising partners and the editorial team. Our editorial team doesn't receive any direct payment by our advertising partners. Editorial Independence Bankrate's editorial staff writes in the name of YOU the reader. Our goal is to give you the best advice to assist you in making smart financial choices for your own personal finances. We adhere to strict guidelines in order to make sure that the content we publish is not influenced by advertisers. Our editorial team is not paid directly from advertisers, and all of our content is fact-checked to ensure accuracy. Therefore whether you're reading an article or a report it is safe to know that you're receiving reliable and dependable information. How we make money

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 give our customers the right guidance and the tools necessary to be successful throughout their financial journey. Bankrate adheres to a strict code of conduct , so you can trust that our content is truthful and accurate. Our award-winning editors and journalists produce honest and reliable content that will help you make the best financial decisions. The content we create by our editorial team is objective, truthful, and not influenced by our advertisers. We're open regarding how we're capable of bringing high-quality information, 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 are compensated in exchange for the placement of sponsored products andservices or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order items appear within listing categories and categories, unless it is prohibited by law. This is the case for our credit, mortgage and other home lending products. Other factors, like our own website rules and whether a product is available within your region or within your self-selected credit score range may also influence the way and place products are listed on this site. We strive to offer the most diverse selection of products, Bankrate does not include specific information on every credit or financial products or services. An auto loan application could be rejected because of your credit history or financial circumstances. If you contact your lender and improving your financial situation, you can work on making an application that won't be rejected in the near future. What caused me to be refused a car loan? Most lenders deny applicants due to credit scores, credit history and overall debt. Errors in the application You can be denied a loan because of simple mistakes on the application. If you do not complete a section or note information incorrectly, lenders may reject you without giving you the opportunity to amend inaccurate data. Be sure to review every detail of your application to make sure you have everything correct. You might be able to reapply again however, being precise when you first apply will help you save time. Poor credit score Most lenders have minimum credit scores to satisfy their eligibility criteria. In the general case, they need to see fair credit -that is, at least 620 points or greater. If you have a credit score less than the minimum, you will immediately be rejected. There are . But these will cost more over the long term and may have more fees -for example, origination fees or prepayment penalties as opposed to standard auto loans. Limited credit history If you have a limited or no credit history, lenders won't be able to determine your capacity to pay the future auto loan repayments. They might use it as a reason to deny your application. Unfortunately, it will take time to rectify this. It is necessary to take on other smaller, less hefty debts to build your credit history prior to applying again or apply with a co-signer. Large amount of debt If you're in the middle of debt that you have accumulated by other loans and credit card in the meantime, your DTI ratio, also known as the debt-to-income ratio -- will be higher. An DTI ratio of 50% or higher is considered a red flag and may result in rejection. Repaying your debts is the best way to reduce your DTI, but if you're able, a second source of income can reduce your DTI. What should you do if were denied an auto loan A rejection isn't the end of the world. Take a few steps before applying for a loan again to increase your chances of approval. Contact your lender Lenders must give you the specific reasons your application was not approved. If it isn't automatically sent to you, ask for the information within 60 days after the date of your application. If not, it falls out of The Equal Credit Opportunity Act. If it was as minor as an application error you can make adjustments and reapply. If the reason was the credit rating or any other debts, you could improve them prior to applying again. Enhance your credit score. Your credit score is one of the main factors lenders consider when deciding whether to approve your application. Make sure you are checking your credit report and paying off your debts on time , and lowering your credit utilization ratio. This can take a few months. If you're trying to get a loan in a hurry think about other options while you work on improving your credit score. But once you've built up a solid recent repayment history, lenders will see you as less of a risk. Minimize your debt Lowering your debt is key to being able to attract future lenders. You should focus on paying down your debts currently and also avoiding the possibility of getting new loans and credit card purchases. Check your budget and attempt to cut out any unnecessary costs before applying again. This is also a good method to reduce your debt-to-income ratio (DTI) which is the ratio that lenders utilize to determine whether you're able to be able to afford the new loan payment. Find lenders with poor credit scores. There are lenders who are willing to accept . This could be a method to be able to get behind the wheel sooner instead of later. These lenders market specifically to drivers with low credit scores. However, you must be aware of the options and be aware that auto loans for those with bad credit tend to have significantly higher interest rates, which could cost you thousands over the long run. Other alternatives Your options don't hinge on how you can quickly improve your credit and lower your debt -- though both can certainly help. "Buy here, pay here" dealers BHPH dealership isn't ideal, but it could be a viable option for those with a low credit score and are looking for an automobile. BHPH dealerships both offer financing and sales of the vehicles on their lots. The standards for approval of credit are generally lower as well as the procedure is quicker than traditional lending. But interest rates are very high and there are not many cars readily available. Auto loans that are joint loans An auto loan is where you and someone else usually a partner or spouse -- share the responsibility for the car loan. The lender will take into consideration both income and credit scores when making an approval decision. A joint application could lead to a lower interest rate and the ability to accept a larger loan because of the added income. Co-signed auto loan Co-signed car loan will mean that you take on the entire responsibility for your monthly payments, but you have an additional person backing the loan. As with co-signed auto loan the credit history and your co-signer's credit history will be factored in when applying for the loan. This will increase your chances of approval and may mean more and better terms. In the end, if you've been denied, take a step back. Your lender should provide a letter explaining the reason you were denied. Like everything else in the realm of finance, preparation is crucial. When you next apply make sure you do your homework and keep an eye on your credit score and lower your total debt ahead of time. This will ensure that your application is the best it can be when you present it to the lender. Find out more

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Written by Personal and business financial writer Kellye Guinan is a freelance editor and writer with more than five years ' experience within personal financial. She's also employed full-time at the local library, where she assists the community gain access to information on financial literacy, as well as other topics. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to manage their finances through providing precise, well-researched and well-organized facts that break down complex topics into manageable bites.

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Tax advantages of leasing vs. buying a car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering you interactive financial calculators and tools as well as publishing objective and unique content. We also allow you to conduct research and compare information at no cost - so that you can make informed financial decisions. Bankrate has agreements with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The products that are featured on this site are from companies that pay us. This compensation can affect the way and where products appear on the site, such as for instance, the sequence in which they appear within the listing categories in the event that they are not permitted by law. This applies to our mortgage, home equity and other home lending products. This compensation, however, does affect the information we provide, or the reviews appear on this website. We do not include the entire universe of businesses or financial deals that could be available to you. SHARE: andresr/Getty Images

4 min read Published June 14, 2022

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

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We make sure that everything we publish ensures that everything we publish is accurate, objective and trustworthy. The loans reporters and editors concentrate on the things that consumers care about the most -- the various kinds of loans available, the best rates, the top lenders, the best ways to repay debt, and many more. So you'll be able to feel secure when investing your money. Integrity in editing

Bankrate has a strict policy and rigorous policy, so you can rest assured that we're putting your interests first. Our award-winning editors and reporters create honest and accurate information to aid you in making the best financial choices. The key principles We appreciate your trust. Our goal is to offer readers reliable and honest information. We have standards for editorial content in place to ensure that happens. Our editors and reporters rigorously fact-check editorial content to ensure the information you're reading is correct. We keep a barrier between our advertisers and our editorial team. Our editorial team doesn't receive direct compensation 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 best information to assist you in making smart personal finance decisions. We adhere to rigorous guidelines that ensure our content isn't affected by advertisements. Our editorial team receives no any compensation directly from advertisers and our content is thoroughly checked for accuracy to ensure its truthfulness. So, whether you're reading an article or reviewing, you can trust that you're receiving reliable and reliable information. How we earn money

There are money-related questions. Bankrate has the answers. Our experts have helped you understand your finances for more than four decades. We are constantly striving to provide our readers with the professional advice and tools required to be successful throughout their financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and journalists provide honest and trustworthy content that will help you make the best financial decisions. Our content produced by our editorial team is objective, truthful and is not influenced from our advertising. We're honest about how we are able to bring quality information, competitive rates and practical tools for you , by describing how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods or services, or when you click on certain links posted on our site. This compensation could affect the way, location and in what order items appear within listing categories and categories, unless it is prohibited by law. We also offer mortgage, home equity and other home loan products. Other factors, such as our own proprietary website rules and whether a product is available in the area you reside in or is within your self-selected credit score range could also affect the manner in which products are featured on this site. While we strive to provide an array of offers, Bankrate does not include details about every credit or financial product or service. As a business owner you likely need to put more thought into whether you should buy or lease your vehicles than the average motorist. All the standard questions that you have to answer about whether you should lease or buy are relevant, however there is an additional consideration which is: which are tax benefits? Tax deductions for business vehicles When you use a vehicle for business There are two options that are permitted by the IRS to claim the expense on the federal tax form. You can use what's referred to by the "standard mileage rate deduction, or opt to use the actual expense deduction. It is possible to switch between standard expense and actual expenses from year to the year when you purchase a vehicle however, you have to stick to the first option you select when leasing. Mileage deductions The standard method lets you be able to claim the miles you've driven for your business on your federal tax return. The IRS releases the standard mileage rates that can be used to calculate the tax-deductible costs of operating a car for business use every year. The rate for 2022 will be 58.5 cents for every mile for business purposes. If you travel 15,000 miles to support your business, you can deduct a total of $8,775. Lease payments. You are able to take the cost of monthly lease payments using the actual expense deduction on those federal tax return. The amount of lease payment deduction is contingent on the amount of time you drive the vehicle solely for business purposes. For instance, if your monthly lease payment is $400 and your vehicle is used 50 percent of the time to work, you can claim $200 per month to cover expenses. These benefits are only available when you sign a standard lease. You cannot claim an income tax deduction under the federal tax code on monthly lease payments if you take on a lease-to-own contract, meaning you'll own the car at the time of contract expiration rather than having to return the vehicle at the expense of the dealer. Depreciation Only purchased vehicles qualify for the depreciation deduction and only when the actual expense deduction is taken into consideration. The method of determining how much your car depreciated throughout the year is typically Modified Accelerated Cost Recovery System (MACRS). Much like the mileage deduction depreciation deduction changes every year. For 2021 the highest amount you could claim was $10,200 however, there are ways to increase the amount depending on the time when the vehicle entered service. You must review the IRS to become familiar with the various ways to depreciate your vehicle and other assets as an owner of a business. Operating and maintenance costs Actual cost rules also allow for the deduction of other costs such as oil, gas repair of vehicles, and tire purchases for your leased or purchased vehicle. If your vehicle needs extensive maintenance or repairs due to business use make sure you keep a meticulous track of the expenses. In this way, you'll be aware of exactly how much you spent and how much your company can reduce tax costs during tax season. Cost differences between the purchase and lease vehicles. Costs upfront can be much lower when you lease a vehicle with the same brand, model and year in comparison to purchasing it. If you are a business owner you can use those savings to be used to fund other investments and needs of the business. As long as you're sure you'll remain within the lease conditions for wear and tear as well as the expected mileage, you could find that the smaller payments open up more cash to your business. If you are comparing the same vehicle in a lease and a purchase, the monthly payments and the initial down payment could be cheaper when you lease. It is also possible to have lower expenses for maintenance if the lease covers regular maintenance, like oil changes. Purchasing has advantages when it comes to the fact that you will eventually own the car, while leases have to be terminated at some point, and the business is left with no equity. Early termination expenses if you have to terminate the contract early and excess mileage fees charged if you go over the limit of mileage can add significant costs with leases. Both of these options have charges for interest and other charges, so ultimately, it's all about how your business will need to use the vehicle. Is it better to either lease or buy a company vehicle? The potential tax benefits are only one of the factors to consider for owners of businesses. In the end, a car purchase or lease is a big expense for your company, so look at the problem from all angles before committing. Lease contracts usually limit the number of miles that a vehicle is allowed to travel to 10,000 or 20,000 miles annually. When you go beyond the limit, you may have a penalty of between 10 and 50 cents per additional mile. If you are driving a good deal for your business purchasing a car could be the right choice. Also, the car must be kept in good condition. If you fail to meet up with the agreement or if there's an excessive amount of wear on the car at the time of return the car, you may face additional charges. It's also worth bearing in your mind that if you continue to lease one vehicle after another it will be a constant monthly car payments, unlike when you purchase a car and then own it in full. On the upside, if you want to have access to the most recent car models with the latest technologies in the market, leasing a car can be a great way to achieve this, allowing you to get a brand new vehicle every three years or so. Additionally, since lease payments tend to be less expensive than a traditional car loan, you may be capable of affording a more expensive car. The bottom line As with the many aspects of running a business, there's no one-size-fits-all solution in determining if a lease or buying is more tax-efficient. Take into consideration how the vehicle is used, the upfront costs, long-term expenses and any additional fees that could be incurred along with the number of deductions you might be eligible for before you purchase the right vehicle for your business. Discover more SHARE:

Written by Contributing Writer Mia Taylor is a contributor to Bankrate and an award-winning journalist who has two decades of experience and worked as a staff reporter or contributor for some of the nation's leading newspapers and websites including The Atlanta Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and Credit.com. 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 dedicated to helping readers gain the confidence to manage their finances through providing precise, well-studied information that break down complex subjects into digestible chunks.

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Similar Articles: Auto Loans 5 minutes read in Mar 03, 2023. Loans Read 4 minutes January 24, 2023. Auto Loans 6 min read Sep 23 2022. Loans 4 min read August 22, 2022

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5 tips to use a car-buying service Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by offering you interactive tools and financial calculators as well as publishing original and impartial content, by enabling users to conduct research and compare information for free - so that you can make informed financial decisions. Bankrate has partnerships with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are advertised on this website are provided by companies that pay us. This compensation could affect how and when products are featured on the site, such as, for example, the order in which they may be listed within the categories of listing and other categories, unless prohibited by law. Our mortgage, home equity and other home loan products. This compensation, however, does affect the content we publish or the reviews you read on this site. We do not cover the universe of companies or financial deals that could be available to you. SHARE Skynesher/Getty Images

4 min read Published June 15, 2022

Written by Jackie Lam Written by Contributing writer Jackie Lam is a contributing writer for Bankrate. Jackie writes about auto loans. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain the confidence to manage their finances with clear, well-researched information that breaks down complex topics into manageable bites. The Bankrate promise

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

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

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

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

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

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

We make sure that everything we publish will ensure that our content is reliable, honest and reliable. Our loans journalists and editors are focused on the things that consumers care about most -- the different types of lending options as well as the best rates, the most reliable lenders, the best ways to repay debt, and much more. So you're able to be confident about investing your money. Integrity in editing

Bankrate follows a strict and rigorous policy, so you can rest assured that we put your interests first. Our award-winning editors, reporters and editors create honest and accurate information to assist you in making the right financial decisions. The key principles We value your trust. Our goal is to offer readers accurate and unbiased information, and we have editorial standards in place to ensure this happens. Our editors and reporters thoroughly check the accuracy of editorial content to ensure that what you read is true. We maintain a firewall between advertisers as well as our editorial staff. Our editorial team does not receive direct compensation by our advertising partners. Editorial Independence Bankrate's editorial staff writes in the name of YOU as the reader. Our goal is to give you the best information to assist you in making intelligent financial decisions for your personal finances. We adhere to strict guidelines in order in order to make sure that the content we publish is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and all of our content is fact-checked to ensure accuracy. So when you read an article or a report you can be sure that you're getting reliable and reliable information. What we do to earn money

There are money-related questions. Bankrate can help. Our experts have helped you understand your finances for more than four years. We strive to continuously provide consumers with the expert advice and tools needed to be successful throughout their financial journey. Bankrate adheres to strict standards policy, which means you can be confident that our content is truthful and reliable. Our award-winning editors and journalists provide honest and trustworthy content that will help you make the right financial decisions. The content we create by our editorial staff is objective, factual and is not influenced through our sponsors. We're open about the ways we're capable of bringing high-quality information, competitive rates and useful tools for our customers by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the promotion of sponsored goods and, services, or through you clicking certain hyperlinks on our site. Therefore, this compensation may impact how, where and in what order products appear in listing categories, except where prohibited by law for our mortgage, home equity and other home loan products. Other elements, such as our own rules for our website and whether the product is available in your region or within your own personal credit score can also impact the way and place products are listed on this website. We strive to provide an array of offers, Bankrate does not include information about every financial or credit product or service. If you hate the idea of haggling with a dealer on the price tag for a brand new vehicle, a car buying service may be a solid alternative. You can from the comfort at your home and some of the car buying services may offer ways to keep more money in your pocket. Are car buying services a good fit for you? Negotiation at dealerships can be intimidating. If fear of a bad deal has kept you away from checking out dealer lots, a car-buying service might be the best alternative for you. There are two primary kinds of car-buying options such as concierge services and membership-based. Concierge services are a great way to negotiate the price tag of the car and make the process of buying a car more convenient for you, like transporting the vehicle to your residence or the nearest center so you can try it out before you purchase. Many organizations, like AAA warehouse clubs, warehouse clubs, and others, provide car-buying assistance to members free of cost, according to John Nielsen, managing director of automotive engineering and repair at the AAA headquarters at Heathrow, Florida. Nielsen says buyers who use these services to buy cars can save thousands of dollars off their purchase. "I have a friend who purchased a car from the program, and saved $2600," he says. Although consumers have the ability to save a good deal of money, not all buying services are alike, says Lauren Fix, founder of The Car Coach and Car Smarts and expert in consumer automobiles. She advises consumers to be aware of what the company can profit from these deals, and if their goals are the same as yours. Tips to use a car-buying service If a service for buying cars seems right for you, think about these guidelines prior to pursuing one. 1. Companies offer negotiation, convenience Car-buying platforms are for shoppers who have a tight schedule and can't find and , explains Fix. For instance, Carvana, a popular car-buying service, offers fixed rates and can deliver the car to your residence for you to drive for seven days. Costs can vary and some companies cost a percentage of the price of the car. At Meriwest Credit Union in San Jose, California, members can avail the Autoland car buying service. Utilizing the service allows them to barely interact with anyone from a dealer, says William Fultz, an auto broker at Meriwest Credit Union. Members are paired with an auto consultant who will negotiate the cost of the car on your behalf and collaborate together to get an auto loan through Meriwest Credit Union. 2. The free services are generally available to members only If you're a participant in AAA, AARP, Costco, Sam's Club or a credit union, you could be eligible for their free car buying services. Each program is different and some may provide the option of negotiating the cost of a car on your behalf, while others will offer pre-negotiated fixed costs. Some of these clubs and associations may have discounts, benefits or incentives that car manufacturers offer only to members of their organization. 3. Buyers must still conduct their research prior to contacting an auto-buying service, Fix recommends looking up sites for research on autos like Edmunds or Kelley Blue Book, to learn the average sales price of your dream car within your region. Another reason to do your homework upfront is that buyers should know what they want before they contact the service company, Nielsen says. "It's difficult to assist with your search if you're looking at minivansand sports vehicles and convertibles at the same at the same time," he says. Nielsen suggests narrowing down your choices to your top two or three choices that include make, model, color and other options before you contact the car buying service. "Think about the kind of car that you truly want to buy and how much you'd like to spend," he says. When a company has that information, it can perform a better job of getting the car you want with a price that is competitive. 4. Learn how car buying services are paid for. While these services may be provided for free to members, the cost is integrated into the charges for membership. As for concierge service, they could charge a flat rate or a portion of the value of the vehicle. Car-buying services often can negotiate lower rates with dealers due to the volume of sales the dealership achieves through this process and can transfer savings to the customer. However, buyers must be aware that they may be directed by the company them to certain dealers with who they've established a working connection, she says. "You should determine if you get the best deal," Fix says. Fultz states that referral fees might just not be the sole advantage that these businesses receive. Credit unions usually offer car-buying services as they improve the relationship between the customer and the financial institution. "It ensures that we keep our loans within the institution on a greater base," he says. "It benefits our membership, as well as dealers." 5. Be aware of the return policy. Consumers should make sure they understand the policy regarding customer satisfaction prior to when they purchase the vehicle or car, Fix says. In the event that you don't, you could be stuck with a huge purchase and something you aren't pleased with. It is possible to check on the car buying service platform's website, or call customer support to inquire about what their return policy is. Beyond the time you're allowed to use after purchasing the car to return it, make sure for a cap on the miles you are allowed to drive. If you exceed the number of miles, you most likely will have to pay for every mile that is over the limit. Typically, the car can't be returned damaged or modified and must be in the same condition as the day it was given to you. The final word is that using an online car buying service can be an ideal alternative if you aren't looking to negotiate with salespeople at the dealership, would rather avoid stepping foot at a car dealer or are tight on time. Before you call make sure you do your research and look at the details such as researching the costs involved and the policy for returning a car purchased through a service. Learn more

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Written by a contributing writer Jackie Lam is a contributing writer for Bankrate. Jackie write about automobile loans. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to take control of their finances by providing clear, well-researched information that break down complex subjects into bite-sized pieces.

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