Auto Loans

A Car Lending Change That Both Borrowers & Lenders Can Get Behind

The Consumer Financial Protection Bureau has reportedly made an offer to a leading auto lender that it can’t refuse. According to a recent Wall Street Journal article, the regulatory agency is proposing a dealer incentive of sorts to Fifth Third Bank: If the lender agrees to limit the interest-rate markups that auto dealerships and brokers,… Read More

The post A Car Lending Change That Both Borrowers & Lenders Can Get Behind appeared first on Credit.com.

Why Auto Loans From Car Dealers Are So Hard to Regulate

When we think about borrowing money, the first thing that comes to mind is how much: How much we need, how much it’ll cost, how much we’ll have to pay each month and how much time it’ll take to get out of debt. Whether the money’s for a house, a car, college or for an… Read More

The post Why Auto Loans From Car Dealers Are So Hard to Regulate appeared first on Credit.com.

Should I Get a Loan for a Used Car?

One of the many decisions consumers must make when buying a car is whether to get a new vehicle or a used one. Even though a used car is generally cheaper than a new one, it makes the car-buying process much more complicated, especially if you need to finance it. Some people argue that taking… Read More

The post Should I Get a Loan for a Used Car? appeared first on Credit.com.

7 Reasons Buying a Car May Be Smarter Than Leasing

More than ever before, people are leasing their vehicles. Yet 75% of Americans believe that buying a vehicle is smarter than leasing one. Why? Karl Brauer, senior analyst, Kelley Blue Book’s KBB.com, summed it up: “Buying a car allows the owner to build equity in a vehicle and recoup some percentage of it when it’s time… Read More

The post 7 Reasons Buying a Car May Be Smarter Than Leasing appeared first on Credit.com.

Are You Ready to Buy Your First Car?

When I lived in Washington, D.C., right after college, I was the only one of five roommates who had a car. The townhouse we rented was just three blocks from a Metro station which meant that for most of us, it wasn’t necessary. But when my employer moved to the Virginia suburbs, I had no… Read More

The post Are You Ready to Buy Your First Car? appeared first on Credit.com.

Should I Use My House to Finance a New Car?

Q. I need a car loan, and I’m thinking of using my home equity instead of taking a loan with the dealer. How can I decide which is a better deal? A. There are pros and cons to every borrowing situation — including the strategy of using the equity in your home to buy a… Read More

The post Should I Use My House to Finance a New Car? appeared first on Credit.com.

The Average New Car Payment Is Inching Closer to $500 a Month

It seems logical that buying a used car would be generally more affordable than buying a new one, but that cost gap has grown recently, making used cars increasingly appealing to budget-minded consumers. The difference between the average monthly payment for a new car and that for a used car was $122 in the second quarter of… Read More

The post The Average New Car Payment Is Inching Closer to $500 a Month appeared first on Credit.com.

Would You Share a Car With Friends? A New Ford Program Thinks So

Many people opt to lease their car instead of buy it because of some of the conveniences that can come with this option. And a new program from Ford could be taking this a step further with its car share program. Ford Credit Link, which is running its pilot program in Austin, Texas, makes it possible… Read More

The post Would You Share a Car With Friends? A New Ford Program Thinks So appeared first on Credit.com.

Can I Get a Car Lease With Bad Credit?

Your heart is set on a shiny, new set of wheels but your credit is tanked. Don’t despair; you’re not the first driver to face this dilemma. Car leases do exist for those with bad credit and may even help you beef up your score. Here’s why: Monthly payments can be much lower for leased cars, they often fall under… Read More

The post Can I Get a Car Lease With Bad Credit? appeared first on Credit.com.

The Average New Car Loan Payment Is $499

New car loans continue to set all kinds of records — average monthly payments are now essentially $500 — and a long-feared subprime lending bubble has yet to show signs of popping. But suddenly slumping auto sales raise plenty of questions about the overall health of the car sales market. The car loan market expansion… Read More

The post The Average New Car Loan Payment Is $499 appeared first on Credit.com.