Help Buying A Car
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But many Americans make big mistakes buying cars. Take new car purchases with a trade-in. A third of buyers roll over an average of $5,000 in debt from their last car into their new loan. They're paying for a car they don't drive anymore. Ouch! That is not a winning personal finance strategy.
\"The single best advice I can give to people is to get preapproved for a car loan from your bank, a credit union or an online lender,\" says Philip Reed. He's the autos editor at the personal finance site NerdWallet. He also worked undercover at an auto dealership to learn the secrets of the business when he worked for the car-buying site Edmunds.com. So Reed is going to pull back the curtain on the car-buying game.
So Reed says having that preapproval can be a valuable card to have in your hand in the car-buying game. It can help you negotiate a better rate. \"The preapproval will act as a bargaining chip,\" he says. \"If you're preapproved at 4.5%, the dealer says, 'Hey, you know, I can get you 3.5. Would you be interested' And it's a good idea to take it, but make sure all of the terms, meaning the down payment and the length of the loan, remain the same.\"
So at the dealership, Reed and Van Alst both say, the first step is to start with the price of the vehicle you are buying. The salesperson at the dealership will often want to know if you're planning to trade in another car and whether you're also looking to get a loan through the dealership. Reed says don't answer those questions! That makes the game too complicated, and you're playing against pros. If you negotiate a really good purchase price on the car, they might jack up the interest rate to make extra money on you that way or lowball you on your trade-in. They can juggle all those factors in their head at once. You don't want to. Keep it simple. One thing at a time.
\"Concerning the extended factory warranty, you can always buy it later,\" says Reed. \"So if you're buying a new car, you can buy it in three years from now, just before it goes out of warranty.\" At that point, if you want the extended warranty, he says, you should call several dealerships and ask for the best price each can offer. That way, he says, you're not rolling the cost into your car loan and paying interest on a service you wouldn't even use for three years because you're still covered by the new car's warranty.
\"We're actually living in a golden age of used cars,\" says Reed. \"I mean, the reliability of used cars is remarkable these days.\" Reed says there is an endless river of cars coming off three-year leases that are in very good shape. And even cars that are older than that, he says, are definitely worth considering. \"You know, people are buying good used cars at a hundred-thousand miles and driving them for another hundred-thousand miles,\" says Reed. \"So I'm a big fan of buying a used car as a way to save money.\"
NPR has a personal finance Facebook group called Your Money and Your Life. And we asked group members about car buying. Many said they were shocked by how much money some other people in the group said they were spending on cars. Patricia and Dean Raeker from Minneapolis wrote, \"40 years of owning vehicles and our total transportation purchases don't even add up to the cost of one of the financed ones these folks are talking about.\"
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Which cars have the best maintenance and safety track records Are you looking for a vehicle with the latest high-tech features Are you choosing between a truck, sedan, SUV or electric vehicle AARP can help you make informed decisions when shopping for a car.
A safe and reliable car is essential to the success of most working families. Child care, jobs, groceries, medical appointments, and so many other everyday tasks are often out of reach for families without a car. Yet, buying, financing, and keeping a reliable car is fraught with dangers for everyone and simply not possible for some families.
Save $1,000s when you buy a car: Get live help from experts, exclusive data, and educational courses. Get 25% off CarEdge Data or CarEdge Coach using promo code: \"gold25\" for a limited time only. Learn more!
The Clean Vehicle Assistance Program provides grants and affordable financing to help income-qualified Californians purchase or lease a new or used plug-in hybrid, fuel cell, or electric vehicle. Our goal is to make clean vehicles accessible and affordable to all who qualify.
There are currently no general Veterans Affairs (VA) programs centered around helping vets purchase a new vehicle. However, there are specific programs that exist to cater to veterans facing extenuating circumstances. For example, the VA Automobile Allowance and Adaptive Equipment program assists anyone with a disability due to military service that hinders them from driving. This helps veterans with disabilities purchase vehicles that are adapted to their needs.
Several considerations go into knowing how much car you can afford. First, how are you planning on buying a car If you intend to use financing options like auto loans, your budget can vary widely depending on things like:
Fuel and maintenance are intrinsic costs of owning a vehicle. However, you may be able to lower these costs depending on the type of vehicle you buy. For example, buying an electric or hybrid vehicle can help severely cut down on fuel costs, and in some cases eliminate them.
The Wheels to Work program helps employed low-income people with disabilities get the tools needed to earn a living and care for themselves and their families. They do not give away used cars but will help you purchase a car for low monthly interest-free payments until it is paid off.
This charity, just like the Salvation Army, has always been dedicated to helping the poor and restoring lives and dignity to families and individuals. The program may go by other names in some states, such as Wheels for Work.
The name of the program tells it all. It is designed to help working people access reliable forms of transportation. Hopefully, it will take hours of travel time off your day and make life a little easier.
The Goodwill car vehicle program (Wheels for Work) helps low-income working families maintain better employment and family stability. Goodwill Industries sponsor this program to help low-income adults gain financial stability with a car. How do I get a free vehicle
If you want to buy a used EV, you may find some great deals. But here are some important factors to consider before buying a used EV. Read tips from AAA you need to know before buying a used EV.
In the market for a new car Use this guide to help you learn more about buying a car from a private seller. Although Chase doesn't offer private party auto loans, we'll cover how to buy a car from a private seller to help determine if this is the right option for you.
The first step to buying a car from a private seller involves researching vehicles that fit your needs and lifestyle. You should determine how much you can afford to spend on a car and set a budget. This is also the time to reach out to potential lenders. Private sellers typically don't offer financing, so you may need to take out a loan unless you have enough cash to pay for the car upfront. Either way, it's better to know how you're going to pay for the vehicle before you've locked in on the one you want.
Now that you know how to buy a car from a private seller, it's time to determine whether or not you should. Consumers differ in wants and needs which makes it hard to declare an outright superior car buying option. Therefore, it helps to run through the pros and cons of buying from a private seller when trying to decide your next move.
Choose from our Chase credit cards to help you buy what you need. Many offer rewards that can be redeemed for cash back, or for rewards at companies like Disney, Marriott, Hyatt, United or Southwest Airlines. We can help you find the credit card that matches your lifestyle. Plus, get your free credit score!
With prices so high, shoppers also need to keep a close eye on their budget. \"There is no point in test driving a car if it turns out you can't afford it,\" said Tom McParland, who runs the vehicle-buying service Automatch Consulting and writes about consumer issues and the automotive industry for Jalopnik.
Most experts advise spending no more than 20% of take-home pay on a vehicle, including payments, insurance and fuel or electricity. There are many online calculators to help consumers determine how much a car buyer can afford.
The Covid pandemic has muted depreciation, however, and prices for used cars are growing faster than for new. As the price gap narrows, buying new becomes more appealing because the vehicles are in better condition, plus, they have a full warranty and can be financed at a lower rate.
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If your state charges both, you may need to play with the numbers. Tax preparation programs, many of which allow taxpayers to file federal returns for free, may be able to help you calculate your best approach, but here are two strategies:
Costco Auto Program has taken the negotiation and haggle out of the car buying process by prearranging fair prices with approved dealers, and offering a unique member advocacy program to support you at every stage of the buying process. 59ce067264
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