You know inflation is bad when your monthly car payment hits a thousand bucks.
For an increasing number of drivers, thats the reality.
That share of car buyers more than doubled in two years.
It is possible to get a car loan with bad credit.Here’s how.
Even used car buyers arent totally safe.
That number more than tripled in two years.
Analysts fear that some of these high-dollar borrowers are getting in over their heads.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…
Weve got four tips for each.
The average sticker price of a new automobile has shot up to nearly $46,000.
Here are some ways to get a lower car payment:
Did you know?
With no down payment and those same terms, youd have a monthly payment of nearly $500.
Get Preapproved for a Loan
Get a loan preapproval.
Buy a Used Car
Theyre more affordable.
Heres ourultimate beginners guidefor how to buy a used car.
If youve ever heard someone refer to a car as a depreciating asset, its true.
The longer you have a car, the less its worth.
The first year of owning a new vehicle is when depreciation really packs a punch.
Refinancing can make sense if youre looking to lower your car payment over a longer term.
While youre at it, you might be able to get alower interest rateas well.
Interest rates have likely risen since you bought your car, though.
On the flip side, yourcredit scoremight have gone up, too.
Checking on your refinancing options may be worthwhile.
Hang Onto Your Car
This is really the best option, financially speaking.
Youll end up with a bigger loan and a higher interest rate.
If this is your only option, you might consider downsizing to a cheaper car if possible.
Be warned that car prices have been going up, though.
Remember, unless youre wealthy, a $1,000-a-month car payment is something to avoid if possible.
Mike Brassfield ([email protected]) is a senior writer at The Penny Hoarder.
When you log into your bank account, how do your savings look?
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
