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(image: https://burst.shopifycdn.com/photos/free-shipping-written-in-notebook.jpg?width=746&format=pjpg&exif=0&iptc=0)Co-signing or. co-ownership of a vehicle: Which is better? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by providing you with interactive tools and financial calculators as well as publishing objective and original content, by enabling you to conduct your own research and compare information for free and help you make financial decisions with confidence. Bankrate has agreements with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that are advertised on this website are provided by companies that compensate us. This compensation can affect the way and where products appear on the site, such as such things as the order in which they appear in the listing categories in the event that they are not permitted by law. Our mortgage home equity, mortgage and other products for home loans. However, this compensation will not influence the information we provide, or the reviews appear on this website. We do not contain the universe of companies or financial offerings that might be open to you. FG Trade/Getty Images

2 minutes read. Published 28 October 2022

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Written by Bankrate This article was generated by using automated technology. It was then thoroughly checked and edited by an editor on our editorial team. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers feel confident to take control of their finances by providing clear, well-researched information that is broken down into complicated topics into digestible pieces. Review by Mark Kantrowtiz by Nationally recognized expert on student financial aid Mark Kantrowitz is an expert on financial aid for students, the FAFSA, 529 plans, scholarships, tax benefits for education along with student loans. The Bankrate promises

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

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

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

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

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

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

We make sure that everything we publish will ensure that our content is reliable, honest and reliable. Our loans reporter and editor are focused on the areas that consumers are concerned about most -- the various types of loans available and the most competitive rates, the best lenders, the best ways to repay debt and many more -- so you'll be able to feel secure when investing your money. Integrity in editing

Bankrate follows a strict , so you can trust that we put your interests first. Our award-winning editors, reporters and editors create honest and accurate content to help you make the right financial choices. Our main principles are that we value your trust. Our mission is to provide readers with accurate and unbiased information, and we have standards for editorial content in place to ensure this is the case. Our reporters and editors thoroughly verify the truthfulness of content in order to make sure that the information you're reading is true. We have a strict separation between our advertisers and our editorial team. The editorial team of Editorial Independence Bankrate does not receive compensation directly from our advertisers. Editorial Independence Bankrate's team of editors writes for YOU as the reader. Our aim is to provide you the most accurate advice to help you make smart financial choices for your own personal financial situation. We follow rigorous guidelines that ensure our content is not influenced by advertisers. Our editorial team receives no directly from advertisers, and all of our content is verified to guarantee its accuracy. So whether you're reading an article or a report it is safe to know that you're getting reliable and dependable information. How we earn money

If you have questions about money. Bankrate has the answers. Our experts have been helping you manage your money for over four years. We continually strive to provide consumers with the expert advice and tools needed to be successful throughout their financial journey. Bankrate adheres to a strict code of conduct standard of conduct, so you can rest assured that our content is truthful and reliable. Our award-winning editors and reporters create honest and accurate content to help you make the best financial decisions. Our content produced by our editorial staff is objective, factual and uninfluenced by our advertisers. We're honest about how we are in a position to provide quality content, competitive rates and useful tools to you by explaining how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or through you clicking certain hyperlinks on our website. So, this compensation can affect the way, location and in what order products are displayed within the categories of listing, except where prohibited by law for our mortgage home equity, mortgage and other home loan products. Other factors, like our own website rules and whether a product is available in your area or at your own personal credit score may also influence the way and place products are listed on this website. While we strive to provide the most diverse selection of products, Bankrate does not include details about every credit or financial item or product. Co-signing for a car and co-owning it are two methods of requesting the loan with an additional borrower. In both instances the second borrower has to have a good credit score and income to support their loan on their own. But each has benefits and drawbacks, based on what both parties are looking for. The differences between a co-signing and a co-owning vehicle. A co-signer is a person who is equally responsible for paying off the loan however, they don't have any legal ownership of the vehicle. Co-owners have equal rights to the vehicle. Co-signing for a car loan If it's an automobile co-signer, they agree to make monthly repayments if the borrower is unable to make the payments. It's a huge choice to make and could be . Benefits of co-signing on a car loan Aid in to qualify: A co-signer is eligible apply for a car loan they otherwise wouldn't be qualified for. Credit building When the principal borrower can remain on top of their payments, the credit score of both the primary borrower as well as the co-signer may be improved. Reduce costs: If the co-signer is a good to good credit score and the primary borrower is in good standing, they can be eligible for a lower interest rate and fees. There are risks associated with co-signing for a car loan The responsibility for repayments In the event that the borrower is in default on a loan, the co-signer has the responsibility in charge of the entire loan payments. Legally insolvent: The co-signer is not in the title of the car and has no legal rights to the car. Co-owning a car in the instance of a car both the owner and the co-owner are listed on the title. Co-ownership doesn't alter the fact that the primary borrower owns the property. Based on the way in which the vehicle is named or registered, the primary borrower could require approval before they are able to sell the vehicle. Benefits of owning a car with a co-owner Co-owners are safer Co-borrowers have the safety that their names are on the title. Greater terms: If the two borrowers have good credit scores the primary borrower could be extended more favorable conditions than if they were applying on their own. The risks of co-owning a vehicle Equal right: A co-borrower enjoys equal rights to the car as the primary borrower. This means the co-owner must be involved in the transfer or sale of the car. Insurance In the event that co-owners don't actually use the car the car, they'll likely have to be on the insurance policy. This could mean more expensive costs for the two parties involved. The best option is to choose between co-signing and co-owning the car. The primary distinction between co-borrowers and co-signers is the amount of money invested in the loan. Co-borrowers have more responsibility and ownership than co-signers. Co-borrowing is best for people who both have excellent credit scores and wish to have equal rights to the vehicle- such as couples who want to buy a car together. However, it is not recommended it is a good option for someone who doesn't meet the requirements for the loan at all, or requires assistance in obtaining more money or a lower interest rate. How to prepare to co-sign or co-own a vehicle To be a co-signer for the loan it is necessary to be able to prove a steady income and meet the requirements for credit scores set for you by your lender. This is the same for co-ownership, as the credit of both the borrowers will be assessed. If you do meet the requirements, an open conversation should be had between both parties. Co-signing or co-owning each comes with substantial credit risk. Make sure there is an insurance plan to cover the case that the principal borrower is unable to pay. The bottom line There are many reasons why you may choose to co-sign or purchase a car with another person. In either case it is essential for both of you to be in agreement about what their relationship is about and what expectations are expected of both of you. Learn more

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Written by The article was created using automated technology and was thoroughly checked for accuracy and quality by an editor on our editorial staff. Edited by Rhys Subitch The article was edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to control their finances by providing concise, well-researched and well-informed details that cut complicated topics into digestible pieces.

Auto loans editor

Reviewed by Mark K. Kantrowitz Reviewed by Nationally known Student Financial Aid expert Mark Kantrowitz is an expert on student financial aid, the FAFSA and 529 plans, scholarships, education tax benefits along with student loans.

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Auto Loan Calculator

Utilize this auto loan calculator to determine what your car loan will really cost, with the exception of any additional fees that lenders might impose. Enter the amount you wish to lend, as well as the amount of the loan as well as the type of vehicle and interest rate. The calculator will estimate your monthly payment to assist you in determining . Auto loan questions

In general, the is the weekday, and you'll get a better deal than on the weekend. Also, don't forget to look for holiday sales, especially late during the season.

A new car purchase will give you a fresh car smell and the newest features. However, it is a more expensive cost over . Weigh the benefits and drawbacks of both options when determining which one is best for you.

The best way to leave with your car comes down to preparation. Shop around and compare at minimum three loan options and pay close to the rates, terms and fees offered by each lender.

Repaying your vehicle purchase through varies by the dealer , and offers you cash in exchange for a vehicle purchase. The auto loan rebates are especially an excellent option to consider if they are available for a car you are already interested in.

is the amount you pay for borrowing cash to finance your vehicle. The monthly cost is the repayment of the loan amount borrow plus the interest which builds. Auto Loan Tips

Be prepared for extra costs, the will be higher than the sticker that you can see on the vehicle window. It is important to include expenses like taxes, title fees and even future vehicle maintenance when calculating vehicle cost.

A long-term loan could not be worth the cost. The terms of repayment for loans can vary from 24 to . While the longer term loan will result in less monthly costs but the longer the duration of your loan is the higher you'll have to be paying in interest. Also, consider that a longer term means that you could be stuck with that vehicle for up to seven years.

You may want to consider refinancing your existing vehicle loan Refinancing your existing loan is a fantastic alternative to save money and keep your vehicle. You might consider this option if you first signed off at a dealer or you've improved your credit score and could be eligible for a period. Buying vs. leasing

Determining if you want to lease or purchase a new vehicle requires you to consider the number of miles you'll be able to count on the vehicle odometer as well as how much you can afford each month.

What leasing is

If you are a driver and have the right to use the car but do not have full ownership. Consider it taking the car on loan for a specific period of time, typically three or four years, but not having full rights to the car. Leasing also carries specific in terms of usage. With a lease, you are restricted to a certain amount of miles driven, and the expectation to return the car in perfect condition -- or incur fees.

There is a good chance that you will see leasing options with dealerships and it's an excellent option if you are adamant about an exact model. It is worth looking into leasing if you are looking to drive several more expensive vehicles every few years, rather than settling on a single. Leasing also carries , such as the ability to drive a more expensive vehicle with cash rebates, manufacturer warranty and subvention of residual values.

How to decide between buying or leasing

When deciding whether you should purchase or lease your next vehicle you should take into consideration three key aspects: the amount you travel, the function of the vehicle and the you are able to spend. Buying is best if you desire total ownership of your vehicle and are able to manage a larger monthly payment. The leasing option is ideal when you want to be flexible with regards to vehicle models and adhere to the mileage limit. Similar to purchasing a car, you will have monthly payments over the term of your lease. However, when it comes to purchasing, there is hope at the end of the tunnel in terms of ownership. When leasing, unless plan for a lease buyout the lease will only cover the car for a certain period of time, with a deadline.

Leasing comes with quite a number of pitfalls that could result in a damaged credit report or a loss of funds. In the event that leasing might be the right option for you think about it before signing off.

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(image: http://i1.ytimg.com/vi/pMGkUW1534Y/maxresdefault.jpg)Is car loan interest tax deductible? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by offering interactive financial calculators and tools as well as publishing independent and objective content. We also allow you to conduct research and examine information for no cost to help you make financial decisions with confidence. Bankrate has agreements with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this website are provided by companies that pay us. This compensation may impact how and where products appear on this site, including for instance, the order in which they appear within the listing categories in the event that they are not permitted by law for our mortgage or home equity products, as well as other products for home loans. However, this compensation will have no impact on the content we publish or the reviews that you read on this site. We do not include the vast array of companies or financial deals that might be available to you. SHARE Luis Alvarez/Getty images

2 min read Read Published March 8, 2023,

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 the beginning of 2021. They are passionate about helping readers gain the confidence to manage their finances by providing concise, well-studied information that breaks down complicated topics into bite-sized pieces. The Bankrate guarantee

More info

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

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

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

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

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

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

who ensure everything we publish will ensure that our content is reliable, honest and reliable. The loans reporters and editors concentrate on the areas that consumers are concerned about the most -- various types of loans available and the most competitive rates, the most reliable lenders, ways to pay off debt and more . This means you can feel confident when investing your money. Integrity of the editing

Bankrate follows a strict and rigorous policy, so you can rest assured that we put your interests first. Our award-winning editors and journalists provide honest and trustworthy content that will assist you in making the right financial decisions. The key principles We respect your confidence. Our mission is to provide readers with truthful and impartial information, and we have editorial standards in place to ensure that happens. Our reporters and editors thoroughly verify the truthfulness of content in order to make sure the information you're receiving is true. We keep a barrier between advertisers as well as our editorial staff. Our editorial team doesn't receive direct compensation from our advertisers. Editorial Independence Bankrate's editorial team writes on behalf of YOU - the reader. Our aim is to provide you the most accurate information to assist you in making smart personal finance decisions. We adhere to strict guidelines in order to make sure that the content we publish is not affected by advertisements. Our editorial staff receives no directly from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So whether you're reading an article or a report, you can trust that you're getting credible and reliable information. How we make money

If you have questions about money. Bankrate has the answers. Our experts have been helping you master your money for over four years. We continually strive to give our customers the right guidance and the tools necessary to succeed throughout life's financial journey. Bankrate adheres to a strict code of conduct , so you can trust that our information is trustworthy and reliable. Our award-winning editors and journalists produce honest and reliable information to assist you in making the best financial decisions. Our content produced by our editorial staff is objective, truthful, and not influenced by our advertisers. We're honest regarding how we're able to bring quality content, competitive rates, and helpful tools to you , by describing how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the promotion of sponsored goods andservices or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order the products are listed within categories, except where prohibited by law for our mortgage and home equity products, as well as other products for home loans. Other factors, such as our own website rules and whether a product is available within your region or within your own personal credit score can also impact the way and place products are listed on this website. We strive to offer the most diverse selection of products, Bankrate does not include specific information on every credit or financial item or product. Owning a car that you use for some or all of the time to run your business can provide tax benefits. Perhaps the most well-known benefit can be the mileage deduct, a amount set by the IRS that small entrepreneurs and those who are self-employed can use to write off some of the costs associated with operating a vehicle for business purposes. However, that's not the only write-off that is available to owners of a vehicle for business needs. If you own a car , you might also be able to deduct the interest when making Federal tax return. Are the costs of an auto loan deductible?

Car loan interest is tax deductible in certain instances where you use your vehicle for business purposes.

You can take deductions for car loan interest from your taxes Only those who are self-employed, or who own a business and purposes may take advantage of a tax deduction for car loan interest. If you're an employee of someone else's business, you can't claim this deduction. In addition, interest paid on the loan to purchase a car solely for personal use is not deductible. If the vehicle is used for personal and professional requirements, then claiming the tax deduction can be a bit more difficult. You need to determine how much time the vehicle is used for personal needs and apply that calculation in your loan interest deduction you are claiming on tax returns. If, for instance, you use your vehicle 50 percent of the time to fulfill business needs it is only possible to deduct 50 percent of loan interest on your tax returns. If you pay $1,000 in interest on your car loan every year, you are able to only claim a deduction of $500. If, on the other hand the car is being used entirely for business purposes and you are a business owner, the entire amount of the interest may be written off. Documentation to keep When of any kind on your tax returns, it is best to keep detailed documents and records. It is important to be able to confirm all expenses should there be any questions or audits arise. A few records you should keep when claiming the tax deduction of the auto loan interest deduction on your tax returns include the following: A record or log of all trips taken by the vehicle to work, and the log of the odometer mileage. The car loan payments records that verify the interest paid. Though you cannot claim tolls or parking in the context of the auto loan expense, it is possible that you might want to keep these types of receipts if they help support your claim that the vehicle was used for business reasons. Bankrate tip

Keep supporting documentation for a minimum of three years from the time when you file your tax return.

If you're uncertain, you can hire an expert consult a professional if: There's a question about whether you're eligible for the car loan interest deduction You're unsure about the best method to determine the exact amount of the deduction to claim on your tax returns A professional can guide you through the process and determine whether the deduction makes sense in your particular situation. For example, if you use your car for both personal and business uses, it may not be a good idea to take advantage of deduction for deduction for auto loan interest deduction if the business use of the vehicle is minimal. Bankrate's tip

The deduction you claim could be more effort than it is worth if you only use the vehicle to conduct business less than 50% of the time.

Bottom line Deducting the car loan interest on tax returns can be an excellent write-off for you if either self-employed or self-employed. However, before you can claim this deduction, you must be sure you qualify. Consult a tax professional If you're unsure of how to determine the exact amount you may be eligible for.

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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. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are enthusiastic about helping readers gain confidence to control their finances through providing precise, well-researched and well-written details that cut complicated subjects into bite-sized pieces.

Auto loans editor

Related Articles February 27, 2023 Loans 5 min read February 27, 2023 Credit Cards 3 minutes read in July 07, 2022. Car Insurance 4 min read Mar 29, 2022

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(image: https://farm66.static.flickr.com/65535/50210079697_efe225007e.jpg)Should I get a prepaid maintenance plan for my vehicle? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by providing you with financial calculators and interactive tools, publishing original and objective content, by enabling users to conduct studies and compare information at no cost to help you make sound financial decisions. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site come from companies who pay us. This compensation may impact how and where products appear on the site, such as, for example, the sequence in which they appear within the listing categories in the event that they are not permitted by law. Our mortgage and home equity products, as well as other home lending products. This compensation, however, does have no impact on the information we publish, or the reviews that you read on this site. We do not include the vast array of companies or financial deals that might be open to you. SHARE Westend61/Getty images

3 min read Read Published 13 March 2023

Written by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ways and pitfalls of taking out loans to buy a car. Edited by Helen Wilbers Edited by Helen Wilbers has been editing for Bankrate since the end of 2022. He believes in clear reporting that helps readers easily find deals and make the most appropriate choices regarding their finances. He specializes in small business and auto loans. The Bankrate promise

More information

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

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

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

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

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

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

We make sure that everything we publish is objective, accurate and trustworthy. We have loans reporter and editor are focused on the areas that consumers are concerned about the most -- various types of loans available, the best rates, the top lenders, ways to repay debt, and more . This means you'll be able to feel secure when investing your money. Integrity of the editing

Bankrate adheres to a strict code of conduct and rigorous policy, so you can rest assured that we put your interests first. Our award-winning editors and reporters create honest and accurate content to aid you in making the best financial choices. Our main principles are that we respect your confidence. Our aim is to offer readers truthful and impartial information, and we have established editorial standards to ensure that is the case. Our editors and reporters thoroughly fact-check editorial content to ensure that the information you're reading is accurate. We keep a barrier between advertisers as well as our editorial staff. Our editorial team doesn't receive compensation directly through our sponsors. Editorial Independence Bankrate's editorial staff writes in the name of YOU - the reader. Our goal is to give you the most relevant guidance to make intelligent financial decisions for your personal finances. We adhere to strict guidelines to ensure that our editorial content is not affected by advertisements. Our editorial team receives no direct compensation from advertisers, and all content is fact-checked to ensure accuracy. Therefore when you read an article or reviewing it is safe to know that you're getting reliable and dependable information. How we make money

You have money questions. Bankrate can help. Our experts have been helping you manage your finances for more than four decades. We strive to continuously provide consumers with the expert guidance and tools required to succeed throughout life's financial journey. Bankrate adheres to a strict code of conduct policy, which means you can be confident that our content is truthful and precise. Our award-winning editors and journalists create honest and accurate information to assist you in making the right financial decisions. Our content produced by our editorial team is factual, objective and uninfluenced through our sponsors. We're transparent about the ways we're capable of bringing high-quality content, competitive rates and helpful tools to our customers by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the promotion of sponsored goods and services, or by you clicking on specific links on our website. Therefore, this compensation may influence the manner, place and in what order items appear within listing categories in the event that they are not permitted by law. This is the case for our mortgage or home equity products, as well as other home loan products. Other elements, such as our own website rules and whether the product is available within your area or at your self-selected credit score range may also influence how and where products appear on this website. Although we try to provide an array of offers, Bankrate does not include information about each financial or credit item or service. Dealerships offer prepaid auto maintenance plans, such as extended warranties, credit insurance, as well as anti-theft tools. They're not always a bad bargain. However, the best way to decide if a prepaid maintenance plan is the right choice is to investigate the anticipated maintenance costs and examine them against the cost you're given. If you plan to add the prepaid maintenance plan your auto loan it might make more sense to instead keep the savings account to earn you earn, not paying interest. What is a prepaid vehicle maintenance plan? Prepaid car maintenance plans provide scheduled and expected maintenance. In contrast to other plans, they pay for preventative maintenance, such as tire rotations and . The warranty of the manufacturer or extended warranty may provide for unexpected repairs. A maintenance plan that is prepaid could be discussed when purchasing a new vehicle that doesn't include scheduled car maintenance into the retail price , or when the manufacturer doesn't cover. In either case, make certain to inquire if the plan you are offered can be utilized at an independent mechanic's shop , or when it's limited to services from the dealers. Many such plans only allow service at the dealer selling the plan and limit the options you have to future maintenance. In the case of the plan for prepaid maintenance you are looking at, maintenance could be limited to specific intervals (for instance, oil change only being covered each 10,000 mile). Certain prepaid plans offer services once a calendar year or every six months, so depending on the amount you drive, you could need additional paid maintenance on the car. Many manufacturers, like Jaguar, Toyota, BMW, Volvo, MINI and Land Rover -- offer pre-paid maintenance plans. Some of these factory plans also cover wear and tear items including windshield wiper blades or brake pads. However, certain plans don't. It's important to do your research prior to heading to the dealership. Do these plans that are prepaid for maintenance worth the cost? Similar to many other aspects of the car-buying process taking the time to calculate the cost prior to meeting with the dealer is essential to making savings. Check the cost of the plan with the estimated price of cost of the scheduled or out-of-pocket expenses for the period covered. The owner's manual will list the maintenance you'll need and the time you'll require it. Call the dealer service manager and ask for details of maintenance costs. It is also worth considering the cost of insurance, maintenance, and other expenses. If the cost estimate for regular maintenance of your new car for its first thirty-three miles is $400 and you're paying $800 for the plan, a prepay maintenance plan for your vehicle is not worth the cost. If you're willing to pay 250 for the program you save money. You could make a deal, but keep in mind that if you're able to include the plan for prepaid maintenance as part of your loan, calculate how much you'll pay in interest alongside the maintenance fee to get an idea of the full cost. The pros and cons of pre-paid car maintenance plans Don't simply sign up to the prepaid maintenance plan. Before you step foot into an auto dealership, you should know the expected maintenance costs for the vehicles you're looking at. Be sure to keep this list of pros and cons when you make a deal. Pros Prices for covered services are set and are not increase due to inflation. You may be able transfer the plan if you decide to sell your vehicle. The value of the residual on vehicles leased might increase with a prepay maintenance plan. Prepaid costs may be discounted in comparison to regular maintenance costs. Manufacturer-backed plans are generally provided by affiliated dealerships regardless of location. Cons Service intervals may not match those listed in the manual of the owner. Prepaid maintenance plans may cost more than the actual expense of maintaining. In many cases, you must get fixed at the place which you bought the vehicle from. Common wear-and-tear items are generally not covered. May include coverage that is unnecessary or is already part of an the extended warranty. The bottom line Prepaid maintenance plans are a matter of negotiation- so don't just agree to the price provided by the finance office of the dealership. If you're aware of the expense of regular maintenance you can prepare ahead and avoid the stress of deciding when and where to take your vehicle. However, it's not the most ideal option when you already have a reliable mechanic or body shop , or don't plan to stay in the area where you bought the vehicle. And if you wrap the maintenance plan you have prepaid into your auto loan and you are able to pay more interest than the maintenance will be worth. Be mindful of your loan's rate of interest and don't be afraid to . If you want to determine whether a prepay maintenance plan is beneficial to you, you should take the time to research expected costs and then compare them to the plans the dealership has to offer.

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The article was written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ins and outs of securely borrowing money to buy an automobile. Edited by Helen Wilbers Edited by Helen Wilbers has been editing for Bankrate from late 2022. He believes in clear reporting that helps readers easily get deals and make best choices for their financial situation. He specializes in small and auto loans. Related Articles Auto Loans 5 min read Mar 03, 2023 Auto 6 min read Mar 02 2023 auto Loans 3 min read October 13 2022. Auto Loans 4 minutes read Aug 22 2022

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(image: https://i0.wp.com/fabiusmaximus.com/wp-content/uploads/2012/11/20121118-college-debt-statue.jpg)Check reliability ratings when buying a car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by providing you with interactive financial calculators and tools as well as publishing high-quality and impartial content, by enabling users to conduct research and compare information for free and help you 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 Earn Money The deals that are advertised on this site come from companies that pay us. This compensation could affect how and when products are featured on the site, such as for instance, the order in which they appear within the listing categories, except where prohibited by law. Our mortgage, home equity and other home lending products. This compensation, however, does not influence the information we provide, or the reviews that you read on this site. We do not include the vast array of companies or financial deals that could be open to you. Getty Images/nd3000

3 min read Published August 25, 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. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to control their finances by providing detailed, well-studied information that breaks down otherwise complex subjects into digestible pieces. The Bankrate guarantee

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At Bankrate we strive to help you make smarter financial decisions. We adhere to the highest standards of editorial integrity ,

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

Founded in 1976, Bankrate has a long experience of helping customers 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 follow next. process and gives people confidence in the next step.

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

We make sure that everything we publish ensures that everything we publish is accurate, objective and reliable. Our loans reporter and editor focus on the points consumers care about the most -- the various types of loans available and the most competitive rates, the best lenders, ways to pay off debt and more -- so you'll be able to feel secure when investing your money. Integrity of the editing

Bankrate follows a strict and rigorous policy, so you can rest assured that we'll put your needs first. Our award-winning editors and journalists produce honest and reliable information to assist you in making the right financial decisions. Our main principles are that we respect your confidence. Our aim is to provide our readers with reliable and honest information. We have editorial standards in place to ensure that this happens. Our reporters and editors thoroughly check the accuracy of editorial content to ensure the information you're receiving is true. We keep a barrier between advertisers as well as our editorial staff. The editorial team of Editorial Independence Bankrate does not receive any direct payment by our advertising partners. Editorial Independence Bankrate's team of editors writes for YOU - the reader. Our aim is to provide you the best advice to assist you in making smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not affected by advertisements. Our editorial team is not paid direct compensation from advertisers, and our content is 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 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 years. We strive to continuously give our customers the right guidance and the tools necessary to make it through life's financial journey. Bankrate follows a strict standard of conduct, so you can rest assured that our content is truthful and accurate. Our award-winning editors and reporters provide honest and trustworthy information to assist you in making the best financial decisions. The content created by our editorial staff is objective, factual and uninfluenced by our advertisers. We're transparent about how we are in a position to provide quality content, competitive rates and helpful tools to you by explaining how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the promotion of sponsored goods and, services, or through you clicking specific links on our site. So, this compensation can impact how, where and in what order items appear in listing categories in the event that they are not permitted by law. This is the case for our mortgage, home equity and other home loan products. Other elements, such as our own proprietary website rules and whether or not a product is available in the area you reside in or is within your personal credit score could also affect the way and place products are listed on this website. Although we try to offer the most diverse selection of products, Bankrate does not include specific information on every credit or financial product or service. Car reliability rankings are issued by both consumer and industry organizations every year. These rankings, which are based on detailed analysis and feedback from owners of vehicles they provide a reliable indication of the amount you're likely to spend on repairs. This is an important element in determining what the total costs of ownership will be. In addition, the reliability ratings can help you determine the best options for buying and make a more informed buying decision. Presently, there are two primary reliability reports for the auto industry: annual auto reliability brand rankings and J.D. Power's U.S. Vehicle Dependability Study. Consumer Reports The Consumer Reports annual auto reliability brand ranking is designed to show how well vehicles hold up in time, while providing details about the likelihood that a car owner could be impacted by problems or required repairs. The yearly ranking includes the predicted reliability score of each car, which is calculated using a range of the zeros to 100 points. The mean score of a vehicle within the report usually is between 41 and 60 points. In order for a company to be ranked at all, Consumer Reports must have survey data for at least two models. The most recent ranking released by Consumer Reports from February 2022 featured Asian automobile makers in the top spot of all the competitors by substantial margin. Asian automobiles have an overall reliability standard of 62, while vehicles that are made by European manufacturers are in a distant second position with an overall average of 44. Domestic car brands finish in last place having an average of just 42. The top five reliable companies of the year 2022 Consumer Reports ranking are: Subaru Mazda BMW Honda Lexus When ranked by car type by itself (cars versus SUVs, versus pickups and minivans The cars are considered to be the most reliable overall. The average score for reliability is 57. SUVs are second with an average score of 50. Minivans and pickups are tied for last , with an average score of 43. When it comes to domestic cars, the rankings show the pickups and SUVs are more efficient with scores of 41 and 45 respectively. Domestic cars are less reliable, scoring just 38. J.D. Power Now in its 33rd year, J.D. Power's 2022 U.S. Vehicle Dependability Study measures problems that owners have experienced with their three-year-old vehicles. The assessment covers the symptoms of problem with a wide range of categories, including Exterior Driving experience Features, controls and displays (FCD) Driving assistance Infotainment Seats Climate Powertrain Interior The J.D. Power study has been updated to encompass all of the technologies and features that have become standard in modern automobiles. It now covers a few new problem areas and provides new information on customer expectations concerning vehicle appearance, wear and tear as well as software upgrades. The resigned J.D. Power's survey also measures whether customers are happy that their cars have stood the tests of time, in terms of the deterioration of their appearance and also appeal. It also examines the way that a car's features perform three years after the purchase. The report includes a vehicle dependability score that's dependent on the amount of issues reported per 100 vehicles or PP100. Based on this measurement method the five most reliable vehicle brands in the 2022 report include: Kia Buick Hyundai Toyota Dodge Do not overlook looking at safety ratings. To gain a comprehensive overview of a vehicle's security and reliability, check out the vehicle safety rankings published every year through the Insurance Institute for Highway Safety (IIHS), an independent, nonprofit scientific and educational organization. The mission of the IIHS is reduce deaths, injuries as well as property damages caused by vehicle collisions. As part of this mission, it conducts and publishes studies on the safety of vehicles. Every year, the company announces its top safety Pick -- which are the vehicles that perform best in evaluations. Its Top Safety Pick has been issued since the 2006 model year. The IIHS has also published Top Safety Pick+ awards from 2013. Both awards aim to identify the top vehicles each year in terms of safety across different sizes, including small, medium-sized, luxury, large, large luxurious, small SUVs, midsize SUVs, midsize luxury SUVs, large SUVs minivans, and big and small pickup trucks. The vehicles that receive either a Top Safety Pick+ or Top Safety Pick award in 2022 are: small automobiles Honda Civic hatchback and sedan Honda Insight sedan Hyundai Elantra sedan Kia Soul wagon Mazda 3 hatchback and sedan midsize automobiles Honda Accord sedan Hyundai Sonata sedan Kia K5 sedan Nissan Altima sedan Nissan Maxima small SUVs Buick Encore GX Chevrolet Trailblazer Ford Bronco Sport Ford Escape Honda CR-V Midsize SUVs Ford Edge Ford Explorer Ford Mustang Mach-E Hyundai Palisade Hyundai Santa Fe The bottom line Buying cars is an enormous expense -- both upfront and during the subsequent many years. Researching before making such a purchase is a crucial step. Take time to research reliability ratings from trustworthy organizations to save money as well as prevent unnecessary repair headaches in the long term. Find out more about

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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. 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 confidence to manage their finances with concise, well-studied information that breaks down otherwise complex topics into manageable bites.

Auto loans editor

Related Articles Auto Loans five minutes read Oct 10 2022. Auto Loans 3 min read September 27 2022. Auto Loans 3 minutes read May 12, 2022 Auto Loans 3 min read Mar 29, 2022

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(image: https://farm66.static.flickr.com/65535/50210079697_efe225007e.jpg)A graduate's guide to buying a car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by offering you interactive financial calculators and tools that provide objective and original content. We also allow you to conduct research and compare information for free and help you make informed financial decisions. Bankrate has agreements with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site are from companies that compensate us. This compensation could affect how and when products are featured on this site, including, for example, the order in which they may appear in the listing categories and other categories, unless prohibited by law for our mortgage, home equity, and other home lending products. This compensation, however, does affect the information we publish, or the reviews that appear on this website. We do not consider the universe of companies or financial deals that could be available to you. Kali9/Getty Image

4 minutes read. Published September 16, 2022

Written by Allison Martin Written by Allison Martin's work started over 10 years ago as a digital content strategist. She's published in numerous prestigious financial outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com. Editor: Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain the confidence to manage their finances by providing precise, well-researched, and well-sourced information that breaks down otherwise complex subjects into digestible pieces. The Bankrate promises

More information

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

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

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

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

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

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

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

Bankrate follows a strict standard of conduct, which means you can be confident that we're putting your interests first. Our award-winning editors, reporters and editors provide honest and trustworthy content to aid you in making the best financial choices. The key principles We appreciate your trust. Our aim is to offer readers truthful and impartial information, and we have established editorial standards to ensure that this happens. Our reporters and editors thoroughly fact-check editorial content to ensure that the information you're reading is true. We maintain a firewall with our advertising partners and the editorial team. Our editorial team doesn't receive compensation directly by our advertising partners. Editorial Independence Bankrate's team of editors writes for YOU - the reader. Our aim is to provide you the most relevant information to assist you in making smart personal finance decisions. We adhere to strict guidelines in order to make sure that the content we publish is not in any way influenced by advertising. Our editorial staff receives no any compensation directly from advertisers and our content is thoroughly fact-checked to ensure accuracy. Therefore, whether you're reading an article or a report it is safe to know that you're getting reliable and reliable information. How we make money

You have money questions. Bankrate has the answers. Our experts have been helping you master your money for over four years. We continually strive to provide consumers with the expert guidance and the tools necessary 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 right financial decisions. The content created by our editorial team is objective, factual and uninfluenced by our advertisers. We're open about the ways we're in a position to provide quality information, competitive rates and useful tools to our customers by revealing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the placement of sponsored products and services or when you click on certain links posted on our site. Therefore, this compensation may influence the manner, place and in what order the products are listed within categories, with the exception of those the law prohibits it regarding our mortgages, home equity, and other home lending products. Other factors, such as our own website rules and whether the product is available in your region or within your self-selected credit score range can also impact how and where products appear on this site. We strive to provide the most diverse selection of products, Bankrate does not include the details of each financial or credit item or service. It's your turn to walk through the halls soon to receive your diploma and now you're ready to go out into the world. The purchase of a car could be a part of the plan if you are going to be living in a place where public transportation isn't the most efficient method of travel. But before you head to the dealership to select the ideal ride, do your research and obtain preapproved an so you can shop with confidence. Select the vehicle that is suitable for your needs post-graduation. prospect of owning your own vehicle is thrilling. But, it is important to avoid being distracted, or you might choose a car that fits your style but isn't practical. What's your commute to and from work? If your commute is long, you may want limit your searches to cars with high efficiency ratings in terms of fuel consumption -- especially with the current trend in gas prices. The current price is $3.70 to the gallon in regular fuel according to AAA that's less than the last month's median of $3.96. However, this is more than the average price per gallon of $3.18 only one year earlier. Visit the and use its online tool to view the annual average fuel cost for any vehicle you're contemplating. You can narrow your search down to year, make and model, or browse recommendations for the most fuel-efficient automobiles. Size and add-ons Can a small car be sufficient for you, or do you require something bigger, like a crossover or pickup truck? What are the best features? are certain ones a "must-have" on your list? If you've recently secured a job with a good pay that will begin soon after graduating, you may have the most recent technologies and features. Still, you could prefer a smaller ride without all the hassles until you get started and get more established in your job. Safety features How safe is the vehicle you're looking at? Request an official copy of the vehicle's . It contains maintenance records and provides information on whether the car was involved in any accidents. It is a good reference. You can search safety ratings and look for recalls by entering the vehicle's model and model or VIN. Choose between used and new There is a lot to enjoy about a new vehicle. It's shiny, in tip-top form and smells delicious. However, there are some that are as solid as the others. Additionally, you can buy an extended warranty for about $1,500 and have added assurance that you're protected in the event the worst happens and you experience a mechanical malfunction. Take note of the following when making a decision between a new and used ride: New cars are covered by a manufacturer's guarantee. This warranty can save you a significant amount of money if your car breaks down and requires major repairs during the initial several years that you own it. New cars often have all the latest technology. You may also find a slightly used vehicle with the features you want. Certain used cars may have low mileage. This means that if you don't encounter many mechanical issues for some time. Maintenance costs will likely be lower , and you'll get a better deal. Some used cars are . They receive the manufacturer's seal of approval after having been brought up to a set level mechanically and are covered by a limited factory warranty. Take a look at the entire cost of ownership of a vehicle. Besides the monthly payment as well as fuel and auto insurance premiums and also take the cost of maintenance and repairs. In 2021, the average cost of maintenance, repairs and tires was around 9.55 centers per mile as reported by . The costs can vary according to the vehicle you own and you can utilize the information to estimate how much you could pay over the course of. The cost of annual registration renewals, which generally vary from less than $20 to just over $200 annually, is important to consider. Some states assess an annual fee that is fixed for registration, while other states use the vehicle's age, energy efficiency, or weight to determine fees for registration. Explore cars and apply for financing before going to a dealership The majority of dealerships offer financing in-house, but it's wiser to before you start shopping for the car. You want to have a concrete idea of what you can actually afford, and quotes from your bank or credit union will help you decide on the best price for your purchase. There's also greater leverage when . The sale won't be contingent upon your ability to secure financing from the dealer, and you can behave like a cash buyer. Understand the benefits of buying instead of. leasing. There's a lot of chatter around and what is the best option. Here are some benefits of both options to consider: Lease payments on newer automobiles are usually more affordable. If you have your sights set on a particular vehicle that is a bit pricey it is possible to pay for the monthly installments by leasing. You'll receive a manufacturer's guarantee for leases of a new vehicle. It typically provides coverage for up to 36,000 miles or three years, so you won't be required to spend thousands of dollars on repairs when an issue with your vehicle arises. There are no mileage restrictions for buying a vehicle. However, if you choose to lease, you'll be restricted to a range of 10,000 to 15,000 miles per year or be at risk of accruing exorbitant mileage fees. These can range between 10 cents to 25 cents per mile or more, subject to the specifics that the contract for lease. You'll own the car once the loan is paid in full. Lease agreements operate differently, however. You'll have to return the vehicle to the dealer after the lease ends unless you choose to . The next step is to buy cars at college is one of the largest purchases you'll make. To ensure you get the best price it is important to conduct your homework to find the right vehicle that fits your lifestyle and budget. It's also crucial to be preapproved to finance your purchase prior to visiting any dealership. You should also weigh the benefits of buying or leasing to determine which is the best option. Learn more

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Allison Martin's work began over 10 years ago when she was a digital content strategist and since then she's been published in various top financial media such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain confidence to manage their finances by providing precise, well-studied details that cut complicated topics into digestible pieces.

Auto loans editor

Other Articles Related to Auto Loans 4 min read Mar 07, 2023 Automobile Loans 4 min read March 02 2023 Car Insurance 7 min read Feb 15 2023 Auto Loans five minutes read Oct 10 2022

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What to do when you can't afford your car payment Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by providing you with interactive financial calculators and tools, publishing original and objective content. We also allow you to conduct your own research and analyze information for no cost and help you make financial decisions with confidence. Bankrate has agreements with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are advertised on this website come from companies that compensate us. This compensation may impact how and when products are featured on the site, such as for instance, the order in which they may appear in the listing categories, except where prohibited by law for our loan products, such as mortgages and home equity and other home lending products. However, this compensation will affect the information we provide, or the reviews that you see on this site. We do not cover the entire universe of businesses or financial offers that may be available to you. Westend61/Getty Images

4 min read . Published April 19, 2022

Authored by Dan Miller Written by Points and Miles Expert Contributor Dan Miller is a former contributing writer for Bankrate. Dan wrote about loans as well as home equity as well as debt-management in his work. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to control their finances by providing precise, well-studied and well-informed facts that break down complex topics into manageable bites. The Bankrate promise

More info

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

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

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

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

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

So you can be sure that we're putting your interests first. All of our content was authored by and edited by

who ensure everything we publish ensures that everything we publish is accurate, objective and trustworthy. Our loans reporters and editors focus on the points consumers care about most -- the different kinds of loans available as well as the most favorable rates, the top lenders, the best ways to pay off debt and more -- so you can feel confident 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 content that will aid you in making the best financial decisions. Key Principles We respect your confidence. Our mission is to provide our readers with accurate and unbiased information. We have standards for editorial content in place to ensure this happens. Our reporters and editors rigorously verify the truthfulness of content in order to make sure that 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 from our advertisers. Editorial Independence Bankrate's editorial staff writes in the name of YOU the reader. Our aim is to provide you the best advice to help you make intelligent financial decisions for your personal finances. We follow rigorous guidelines that ensure our content is not influenced by advertisers. Our editorial staff receives no directly from advertisers, and our content is thoroughly fact-checked to ensure accuracy. Therefore, whether you're reading an article or a report, you can trust that you're receiving reliable and reliable information. What we do to earn money

There are money-related questions. Bankrate has answers. Our experts have been helping you manage your finances for over four years. We are constantly striving to give our customers the right guidance and the tools necessary to succeed throughout life's financial journey. Bankrate follows a strict standard of conduct, so you can rest assured that our content is truthful and precise. Our award-winning editors and reporters create honest and accurate content that will help you make the right financial decisions. The content created by our editorial team is objective, factual and is not influenced through our sponsors. We're open about the ways we're able to bring quality content, competitive rates and helpful tools for you , by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products andservices or through you clicking specific links on our site. This compensation could influence the manner, place and in what order items appear within listing categories in the event that they are not permitted by law. We also offer mortgage or home equity products, as well as other products for home loans. Other elements, such as our own website rules and whether or not a product is available within the area you reside in or is within your personal credit score can also impact how and where products appear on this site. We strive to offer a wide range offers, Bankrate does not include information about every financial or credit product or service. One of the most important aspects of creating an effective budget is incorporating all your expenses for the month within your income. As part of your ongoing review of your budget, you may be in a position in which you feel you're not able to afford the car payment. If that's where you're at you've got a few options to find relief. Each of these options has its own pros and cons, and it is important to study them carefully to see which option is the best for you. Contact the dealership and ask for an offer to trade in your vehicle. One of the first steps that you can take is to contact your dealership and ask if you are able to trade in your vehicle to a less expensive model. It might be simpler to work out when you purchased your car through the dealership and your loan is financed by it. That might make the dealership more flexible in working things out with you. But even if that is not the case, it's worthwhile contacting the dealer to see what options are available to you. Based on the difference in price between your new and current vehicles, as well as the terms and , you may be in a position to save a substantial sum of cash by switching choosing a less expensive car. Be aware that the current market may make trading your car somewhat more difficult. The prices of used cars have climbed significantly over what they were years ago. Also, depending on the type of vehicle you're trading in and what type of vehicle you're hoping to buy it could be more difficult than you anticipated. Request a loan modification Another option that is available if you're unable to make the monthly car payment, is to request the loan modification . With a loan modification, you work with the lender to modify the terms of your loan. This could include lowering your interest rate, deferring payments for a certain period, or altering the due date so it aligns more closely with your timetable. A loan modification could also extend the duration of your current loan. It will typically lower the monthly payment, however you'll pay more interest over the duration of the loan. You'll want to proceed carefully and ensure that the numbers work for you before agreeing to any modification. Refinance your car loan If your lender will not modify your loan You also have the option of refinancing . It is possible to shop for a prequalification with several lenders to determine the most favorable rates and terms. If you have an account with an institution like a local bank or credit union it is possible to get better rates as you have a long-standing relationship with them. When you are considering refinancing your car loan determine whether you qualify. Even if you have a poor credit score, you could be eligible if you can pay off your car loan quickly or have improved you credit scores. Also, make sure to determine if there are any fees that are associated with refinancing your auto loan. Certain fees are fees for early termination as well as transaction fees and state registration fees. auto insurance cost and late payment fee. Consider this as a possible method to refinance your vehicle Consider refinancing as the right financial move. Examine your current loan. Examine your credit score. Determine the worth of your car. Shop around for the best refinancing rates. Find out how much you could save by refinancing. Get your paperwork in order. Sell privately and buy within your budget. If can't afford your car payments right now, another possibility to consider is to sell your car privately and purchase a different car that is more compatible with your budget. There are a few more steps in this process, but it's still definitely doable. The current market is good for selling a used car, as prices are significantly higher than in previous years which means you might be able to command the best price. Of course, the other aspect of a booming second-hand car marketplace is that it might be harder to find the right replacement car to fit your budget. Be sure to study the market and understand what it will cost to buy your replacement car. This will provide you with an idea of the amount you'll save when you switch cars and whether it will be worth the cost to you. Get help from your family and friends assistance A last resort may be to contact friends and family for assistance. This may or may not be the right choice for you depending on the relationship you have with your relatives and friends, as well as their financial situation. But if you're in a dire situation where you can't afford the car loan, talking with those that are closest to you may be a viable option to think about. Keep in mind as well that the help of friends and family doesn't always require a financial commitment. While it's great if you had a rich uncle who would take care of your loan immediately, most people aren't in that type of scenario. In addition to financial help, your friends and family might be looking to sell a used car or know someone who is. These connections could assist you in saving money. If you're in a situation in which you're unable to make car payments, recognizing and assessing your financial position is the most important step. In the event of ignoring the issue, or even worse, missing payments to your auto loan can cause serious problems with your financial health overall. After you identify the problem you should look into the alternatives. Contact your lender first, and ask whether they're willing to amend your loan. Lenders don't like modifying existing loans However, they don't like repossessing cars. You must convince them of why a modification is necessary for you to keep making payments. Based on your personal situation as well as your credit rating, you could be able to refinance your loan and possibly save money. Be sure to research the costs associated with refinancing and read the conditions of your loan agreement before taking any action. Commonly asked questions What should I do if I'm unable to pay for my car? If you're unable to make payments on your car loan it's the best time to take action. Review these options: reach out to your lender, see if you can defer payments, look into the possibility of obtaining an alternative loan, swap your car in for a new one, trade it in or give up your vehicle in a voluntary manner. What are the charges associated with refinancing an auto loan? Fees associated with refinancing an automobile loan could include an early termination fee, transactions fees, state registration fees, insurance for autos, late payment fees and an upfront cash payment. Can you refinance a car loan with a poor credit score? Yes, you could be qualified to refinance a loan even if you have a bad credit score. Learn more

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Written by Points and Miles Expert Contributor Dan Miller is a former contributing writer for Bankrate. Dan wrote about loans, home equity and managing debt in his work. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to manage their finances through providing concise, well-researched and well-documented facts that break down complicated topics into digestible pieces.

Auto loans editor

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Are you able to pay off a car loan in order to avoid repossession? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by providing you with interactive financial calculators and tools, publishing original and objective content. This allows users to conduct studies and compare information for free - so that you can make informed financial decisions. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site come from companies that pay us. This compensation may impact how and when products are featured on this website, for example, for example, the sequence in which they be listed within the categories of listing and other categories, unless prohibited by law for our mortgage, home equity and other home loan products. But this compensation does have no impact on the information we publish, or the reviews that you see on this site. We do not cover the universe of companies or financial offerings that might be open to you. Srinrat Wuttichaikitcharoen/EyeEm/Getty Images

5 minutes read. Published November 28, 2022

The article was written by Sarah Sharkey Written by Contributing Writer Sarah Sharkey is a contributing writer for Bankrate. Sarah writes about a wide range of topics, including savings, banking homeownership, homebuying and personal finance. Editor: Rhys Subitch Editored By Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to take control of their finances by providing detailed, well-studied information that breaks down complex topics into manageable bites. The Bankrate guarantee

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

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

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

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

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who ensure everything we publish is objective, accurate and trustworthy. The loans journalists and editors focus on the points consumers care about the most -- the various types of loans available, the best rates, the most reliable lenders, ways to pay off debt and more -- so you can feel confident when making a decision about your investment. Integrity of the editing

Bankrate adheres to a strict code of conduct and rigorous policy, so you can rest assured that we put your interests first. Our award-winning editors, reporters and editors produce honest and reliable content to help you make the right financial decisions. Our main principles are that we respect your confidence. Our aim is to offer readers truthful and impartial information, and we have standards for editorial content in place to ensure this happens. Our reporters and editors thoroughly fact-check editorial content to ensure the information you're receiving is true. We maintain a firewall between advertisers as well as our editorial staff. Our editorial team doesn't receive direct compensation from our advertisers. Editorial Independence Bankrate's editorial team writes on behalf of YOU - the reader. Our goal is to provide you the best information to assist you in making intelligent financial decisions for your personal finances. We adhere to the strictest guidelines in order to make sure that content is not affected by advertisements. Our editorial staff receives no directly from advertisers, and our content is thoroughly checked for accuracy to ensure its truthfulness. Therefore when you read an article or a report, you can trust that you're getting credible and dependable information. What we do to earn money

You have money questions. Bankrate has answers. Our experts have been helping you manage your money for over four decades. We are constantly striving to provide consumers with the expert guidance and the tools necessary to make it through life's financial journey. Bankrate follows a strict , so you can trust that our information is trustworthy and accurate. Our award-winning editors, reporters and editors provide honest and trustworthy content to help you make the best financial choices. Our content produced by our editorial staff is objective, factual and is not influenced by our advertisers. We're transparent about how we are capable of bringing high-quality information, competitive rates and helpful tools to you , by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods andservices or when you click on certain links posted on our site. So, this compensation can influence the manner, place and when products are listed, except where prohibited by law. This is the case for our mortgage, home equity and other home loan products. Other factors, like our own website rules and whether a product is available within the area you reside in or is within your own personal credit score may also influence the manner in which products appear on this site. We strive to provide an array of offers, Bankrate does not include specific information on each credit or financial product or service. Repossessions of cars have increased dramatically since 2020, according to reports . If you're in debt on your obligations and your car is at risk of repossession The good news is that you can take steps to avoid this unfortunate outcome. Between reinstatement and loan modification you have a number of opportunities to stay clear of repossession. Does paying off a car loan prevent repossession? The rules of repossession vary depending on the state you live in. In most states, the lender may take possession of the vehicle as soon as you are in default. Based on the terms of the terms of your loan agreement, this could mean missing one or two payments. There are a variety of steps to take from missing a payment up to the eventual repossession of your car. Based on your current situation you're able to take proper steps . If you've not received any notification that you can't make your car payment, you'll probably know about that financial reality well before your lender is aware. Do not wait around for the lender to discover that you miss a payment make sure you call the lender to explain your situation. The lender might be willing to listen to you in order to save the cost of repossession. Try to come to an acceptable solution. For example, you can provide more details about your situation, when you will be able to make your next payment or what you are able to pay today. Based on your past relationship with the lender, you might be able to negotiate a temporary reprieve or . This is particularly true when this is the first time that you've been in the habit of missing a payment. When the lender has sent only notice A lender can legally repossess your vehicle with or without notice in many states. But your lender will likely send you a notification of its plans to take possession of the vehicle prior to when it actually happens. If you are given a notice of repossession, the first call you should contact your lender. Also, a dialogue between you and the lender can lead to an option that prevents repossession. In the meantime, waiting until you get notice of repossession means that you'll be caught up in explaining the issue in front of your lender. If the lender is willing to hear your concerns, provide as much information as you can regarding the time you'll be able to pay. Also volunteer how much you have available to put to make a payment in the present. In the end, it's beneficial for the lender to negotiate an arrangement that is temporary. After all, the business wants to get paid, and you'll likely require your vehicle to go to work. Depending upon the lender and your past it isn't out of the realm of possibility. In the event that your lender has begun the process, if you are the lender has already started the repossession process it is possible that you will not be able to access your vehicle. At this point, reinstatement or restitution of the loan -- also known as curing the default -- could be the best alternative. In certain states, you'll need to pay the full past due amount. This includes all missed payments and any late fees that accrued. In most cases, the lender will also require you to pay repossession charges prior to releasing the car to you. In other states, you might be required to repay the entire loan in order to receive your vehicle back. This process is known as redemption. Not every state allows for reinstatement. If your state does not have reinstatement laws and it's not included in your contract, you should nonetheless contact your lender. It might be willing to modify the terms of your loan so that it includes it. How auto repossession works Auto repossession is an unpleasant experience. But understanding the process can help you work through it, and possibly find a solution. 1. When a borrower is late on payments, the lender can repossess the vehicle as soon as you are in default -- and also to send it send it to a debt collection company. The exact number of missed payments that are required to default on your loan is determined by your state as well as your loan contract. In certain cases you only have only miss one installment for you to become in default. In other situations you may need to miss two or three payments to cause an issue. In this situation, clear communication between you and your lender is crucial. If you are able to work out an extension, now is the right time to inquire. 2. Lender will take your vehicle once in default Your lender could or might not notify you of its intention to repossess the car. Contact your lender to request a temporary payment arrangement to avoid repossession should you get an official notice. In the event of a state-wide restraining order the lender could be able to take possession of your vehicle at any time -- whether or not you've received a notification. 3. Lender sells the vehicle once the lender has taken possession of your car, it could hold onto the car until you are caught up on your loan. However, the most likely outcome is that the lender will sell the vehicle. In many states the lender will notify you of the sale and offer you the chance to re-establish your loan. If you want to buy the vehicle before the auction, you'll need to pay the entire amount due and any fees associated with repossession. However, many repossessions are sold at auction. It is your right to attend the auction and put in an offer for your car. 4. Lender will send you a bill for any deficiency After selling the car the lender must use those funds to pay the debt you have to pay. However, the price you pay for the car may not be enough to cover the entire amount owed. If you owe more than your lender gets in exchange for selling the vehicle, it's a deficiency. Unfortunately, in many states you can be sued by your lender could be able to sue you for any defects. For example, let's say you owe $10,000 however, your lender will only offer it for $7,000. In that scenario the deficit is $3000, and the lender could be able to claim the difference. However, if there is an excess from the sale then the lender may be required to transfer the money to you. It's not common however, if it does happen, you will at least have a small benefit by selling the property. Other methods to avoid repossession The prevention of repossession is the top priority for most consumers. Since your car is likely to be a major component of your ability to earn an income. A few ways to avoid repossession are Reestablishing the loan If you are able to make your overdue payments and the lender will allow you to reinstate your loan. Essentially, that means you are bringing the situation back to the beginning. Once reinstated, you'll need to keep making your regular car payment. Pay off the loan: Of course that paying off the whole auto loan is easier to say than do. If this is possible this is a way to exit this situation. Refinancing can be difficult given your credit score suffers a hit from missing payments. If you can locate an alternative loan with an interest rate that is lower or a the monthly installment, it could be the right move to manage your finances. Declare bankruptcy. If you're behind on other debts, bankruptcy may be an option. While there are methods to avoid bankruptcy however, it's not a sure thing. Repossession can still occur when you don't find a workable solution. The downside to this option is that you'll need to come up with an amount of money to settle the issue. The bottom line If you're facing the uncomfortable possibility of repossession discuss the situation with your lender immediately. Through open communication with your lender, the lender may offer a deal that is beneficial to everyone.

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The article was written by a contributing writer Sarah Sharkey is a contributing writer for Bankrate. Sarah writes on a variety of subjects, including savings tips, banking, homebuying, homeownership and personal finances. Editor: Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are enthusiastic about helping 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.

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Related Articles Automobile Loans Read 4 minutes Jan 13, 2023. Auto Loans 3 min read April 29, 2022. Loans 4 min read April 22 2022 Debt 2 minutes read on Sep 1, 2021.

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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 financial calculators and tools, publishing original and objective content, making it possible to conduct your own research and compare information for free - to help you make informed financial decisions. Bankrate has agreements with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site are from companies that pay us. This compensation may impact how and where products appear on this site, including for instance, the order in which they may appear within the listing categories and other categories, unless prohibited by law. Our mortgage home equity, mortgage and other home loan products. This compensation, however, does have no impact on the information we provide, or the reviews that you read on this site. We do not cover the entire universe of businesses or financial offerings that could be available to you. Getty Images/D3sign

3 minutes read. 21st October, 2022.

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Written by Bankrate The article was created using automation technology and thoroughly checked and edited by an editor from our editorial team. The article was 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 to control their finances by providing concise, well-studied facts that break down complex topics into manageable bites. Review by Mark Kantrowtiz by Nationally acknowledged scholar financial aid specialist Mark Kantrowitz is an expert on student financial aid including the FAFSA as well as 529 plans, scholarships, education tax benefits as well as student loans. The Bankrate promises

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

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

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

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

process and giving people confidence about what actions to follow next. Bankrate follows a strict ,

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

They ensure that what we write will ensure that our content is reliable, honest and trustworthy. We have loans reporter and editor concentrate on the things that consumers are interested about the most -- the various kinds of loans available, the best rates, the most reliable lenders, how to pay off debt and more -- so you can feel confident when making a decision about your investment. Editorial integrity

Bankrate adheres to a strict code of conduct and rigorous policy, so you can rest assured that we're putting your interests first. Our award-winning editors and reporters produce honest and reliable content to aid you in making the best financial choices. The key principles We appreciate your trust. Our aim is to provide readers with accurate and unbiased information. We have established editorial standards to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you're reading is true. We maintain a firewall between advertisers as well as our editorial staff. Our editorial team does not receive direct compensation through our sponsors. Editorial Independence Bankrate's team of editors writes for YOU - the reader. Our aim is to provide you the best advice to aid you in making informed personal finance decisions. We follow rigorous guidelines that ensure our content is not influenced by advertisers. Our editorial team is not paid direct compensation from advertisers, and our content is thoroughly checked for accuracy to ensure its truthfulness. Therefore, whether you're 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 the answers. Our experts have helped you understand your finances for more than four decades. We continually strive to provide consumers with the expert advice and tools required to be successful throughout their financial journey. Bankrate adheres to a strict code of conduct , so you can trust that our content is truthful and precise. Our award-winning editors and journalists produce honest and reliable content to help you make the right financial decisions. Our content produced by our editorial team is factual, objective and uninfluenced through our sponsors. We're honest regarding how we're able to bring quality content, competitive rates and valuable tools to our customers by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for the placement of sponsored products and, services, or by you clicking on certain links posted on our site. This compensation could impact how, where and in what order the products are listed within categories, except where prohibited by law for our mortgage, home equity and other products for home loans. Other factors, like our own proprietary website rules and whether the product is offered in your area or at your personal credit score could also affect the way and place products are listed on this website. Although we try to offer an array of offers, Bankrate does not include specific information on every credit or financial products or services. After you've decided which color, model, and make you want for your future car, you need to decide on the method you plan to buy it. And if you are looking to finance a , there are a lot of options available. One of these is direct auto financing which means you receive the financing directly from a lender. The process may differ depending on the lender, consider the benefits before determining if direct financing is the right choice for you. What is direct auto financing? Direct Auto Financing is kind of car loan which is available through banks, online lenders and . Its counterpart, indirect financing, is available through car dealers and loan marketplaces. If you prefer a streamlined purchase and financing process, direct financing could potentially be an issue. Along with this there is the possibility of having a hard time finding a lender with decent rates without a minimum . But is not perfect either. Dealerships usually offer markups when it comes to financing -- something you can avoid when you directly work with an lender. Direct or. in-direct auto financing In the case with direct finance, you'll deal with a bank, credit union, or online lender on your own, which means you have the ability to shop for the most competitive price. After you've been preapproved by the lender, you'll go to the dealer, choose your vehicle and then negotiate the best deal and then sign the documents. Direct financing works differently. You'll go to the dealer then choose your car and then work with the dealership's in-house finance department to secure an auto loan. Despite having a guide through the entire procedure, there's one major disadvantage -- the dealer may increase their interest. Therefore, it's a good idea to get preapproved by an outside lender before shopping for a car , and then present it to the lender to possibly negotiate more favorable loan conditions. Another advantage of direct auto financing is the capability to explore different lenders that might not be available on the vehicle lot. You can get quotes from several lenders and choose the best deal based on the conditions, rates and other aspects rather than simply taking what you're matched with. Direct auto financing is how it works The procedure of financing your vehicle with a direct lender varies, but these basic steps are always in place. 1. Prequalifying with multiple lenders is like searching to get quotes from lenders. You can choose from rates offered, loan terms and monthly payments among other features. to make sure you're getting the best deal. 2. Choose a lender and then apply. Once you've prequalified with a number of lenders, you will be able to select the lender with the most favorable conditions. You'll likely have to present proof of income and a Social Security number and a bank account number for verification to be able to qualify for a loan. The lender will determine what loan amount they will provide according to your income, debt, employment and other variables. 3. If you want to buy the car, then head to the dealership or . As you already have financing secured and you are able to shop as a cash buyer would. 4. Make payments to begin making payments in the earliest time possible. The majority of lenders accept online payment, and you can join using this option by creating an online account. There is also the option to pay by phone or mail, but there may be a processing charge. Where can you find direct lender direct lender When you are seeking a direct lender, it is recommended to begin with the institutions that you already have an account with. If that is not an option, you can look into other direct lending sources. Ask your local bank or credit union There are many credit unions and banks that offer direct auto loans although they might have limitations for dealerships. If you are a member of the particular bank or credit union, and are on good terms , you might get a decent rate no matter if you credit isn't perfect. Check online. There are many online lenders that offer direct auto financing, like or . Most of the time, you'll be able to obtain financing on the same day you submit your application, and you don't necessarily have to be in possession of a vehicle depending on the lender. Captive finance companies Captive finance companies are financing companies that are owned by auto makers. You can get and car loan options for cars manufactured through their subsidiary company. For instance, GM Financial offers both options for vehicles made through General Motors. The bottom line Financing your vehicle through a dealer is one of the easiest ways to acquire financing for an entirely new vehicle, but the best financing choice for you is contingent on your specific situation. For example, if there is an existing account at an institution like a credit union or bank, you may qualify to receive the direct financing of your vehicle. Be sure to shop around with at three lenders to make sure you receive the best price on a new auto loan. Learn more

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Written by This article was generated using automation technology and thoroughly edited and fact-checked by an editor from our editorial staff. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to take control of their finances with clear, well-researched information that breaks down complicated topics into digestible pieces.

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

Nationally recognized student financial aid expert

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