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There are some current reports indicating that auto loans are becoming more difficult to get.
We don’t view this as a bad thing, but rather something that all consumers should be aware of, and prepared for.
Requiring car buyers to provide more money down, and that they have a better credit score, will protect the lenders as well as all consumers - as they will be less likely to have to pay for the unpaid loans of others.
Don’t decide to lease a car just because the payments are lower than on a traditional auto loan. The leasing payments are lower because you don’t actually own the car.
There are times when leasing is indeed the best choice however, just be sure you’re doing it for the right reasons.
Remember there is no “cooling off” period on new car sales. Once you have signed a contract, you are obligated to buy the car.
Don’t be pulled in by that new car smell and the fast-talking salesperson. Make absolutely sure that this will be the vehicle that you want to drive for the next 3-6 years, or longer.
Consider purchasing a used car from an individual you know and trust. They are more likely than other sellers to charge a lower price and point out any problems with the car.
Leasing a car is very complicated. When shopping, consider the price of the car (known as the capitalized cost), your trade-in allowance, any down payment, monthly payments, various fees (excess mileage, excess “wear and tear,” end-of- lease), and the cost of buying the car at the end of the lease.
A valuable source of information about auto leasing can be found in Keys to Vehicle Leasing: A Consumer Guide, which is published by the Federal Reserve Board and Federal Trade Commission.
We’ve all heard this before, yet so many drivers continue to neglect their tire air pressure.
You can save up to $100 (or more with current prices!) a year on gas simply by keeping your tires inflated to their proper pressure.
Purchase an accurate tire guage and check the pressure weekly. Always check the pressure when the tires are “cold”. Even leaving the car parked in the direct sunlight will cause changes in the pressure as the air heats up.
Consider investing in a small, inexpensive, air compressor to keep in your garage. People are more likely to monitor their air pressure and add more air as needed if they can do it from the convenience of their own home.
When considering new vehicle financing options, make certain to consider the dollar difference between low-rate financing and a lower sale price. Remember that getting zero or low-rate financing from a dealer may prevent you from getting the rebate.
People are keeping their cars longer than ever, but consumers lose billions of dollars each year on unneeded or poorly done car repairs.
The most important step that you can take to save money on these repairs is to find a skilled, honest mechanic. Before you need repairs, look for a mechanic who:
Everyone loves the new car experience - everything from the smell to the shine. But, don’t just follow your heart when shopping for a new car. Research the various makes and models before ever setting foot onto the dealer’s lot.
You can save thousands of dollars over the lifetime of a car by selecting a model that combines a low purchase price with low depreciation, financing, insurance, gasoline, maintenance, and repair costs. Ask your local librarian for new car guides that contain this information.