Showing posts with label car purchase. Show all posts
Showing posts with label car purchase. Show all posts

Thursday, November 24, 2022

4 Ways to Finance Your New Vehicle

You might be interested in purchasing a vehicle, and you might not have the money to pay for the car in cash. If this is the case, you shouldn't worry, since there are various financing options that might work for paying for your car purchase.

If you're wondering about the different ways that you can finance your vehicle, you may want to consider the following options.

Apply for a Loan through Your Bank

First of all, if there is a bank that you already regularly work with for your financial needs, you might want to check into your options with them first. Your bank might offer car loans

If you are able to secure one of these car loans, you might find it's easier for you to get approved than if you were to go through a different bank that you don't already have an established financial relationship with. 

Plus, you might feel better about taking out a car loan from a financial institution that you already trust.

Get a Loan from a Finance Company

Not only can you potentially get a car loan from a big bank, but you can also check into finance companies. There are various finance companies that grant car loans, and some of them are even willing to work with people who have less than perfect credit, so this could be a good option for you.

Opt for Dealer Financing

Some car dealerships actually offer their own financing. Basically, this means that you make payments directly to the dealership each month instead of to a bank. Check into dealerships like On-Trac Auto Sales to find out if dealer financing might be a good option for you.

Pay with a Credit Card

When you think about swiping your credit card, you might think about using it to pay for things like new clothes or electronics or to pay your day-to-day expenses. 

However, believe it or not, many dealerships do accept credit cards. This means that you might actually have the option to pay for your car purchase with a credit card. 

This can be a good option if you have a credit card that has a high enough limit to cover the purchase. However, you should make sure that you are mindful of things like interest rates and minimum payments on your credit card after making this big of a purchase.

As you can see, there are a few different ways that you can finance your vehicle. You might find that one of these options will work well for you and will allow you to purchase the car that you want, even if you don't have cash on hand to pay for your purchase outright.

Thursday, November 10, 2022

Got a New Car? The First Steps Needed to Take Right After

It is always exciting to buy a new car, especially if this is your first car. You do need to take a few important steps before hitting the road in your vehicle. In fact, the following steps should be taken right after purchasing your new car.

Transfer The Title

You need to ensure the dealership signs the title over to you. This way, you have legal documents stating you are the new owner of the car. If you are financing the car, the dealership may have to send the title to your state agency.

Register The Car

Your car cannot legally be driven until it is registered. Depending on how you purchased the car, you can register it with the dealership or the Department of Motor Vehicles. Place your registration in your glove compartment for easy access.

Maintain Your Car

It is important to have the car inspected for any issues, especially if it is a used car. You can talk to your dealership about having a mechanic inspect your vehicle. Owning a car also means taking care of routine maintenance, such as oil changes.

Make Necessary Repairs

The last thing you want is a car that is not safe or possible to drive. This is why you must make the necessary repairs as soon as possible. Remember that mechanical repairs are more important than cosmetic repairs because this could be a safety hazard.

Obtain Auto Insurance

It is illegal to drive your car without auto insurance. If you get into an accident, you also need to take care of the out-of-pocket costs for repairs. It is important to insure your car before driving it, which you can do with local companies such as Mike Pierce Insurance.

Read The Manual

Reading the owner's manual is important for learning how your car works. While you may not want to sit down and read every page of the owner's manual, you need to at least scan the manual for important information.

Learn The Features

In addition to reading the manual, you also want to take a hands-on approach to learn the features of your car. You need to know how to activate features such as your turn signal, windshield wipers, and headlights. It is also important to learn how the dashboard warning lights work.

After you take the above steps and ensure your car is safe and ready, you can hit the road and show off your new vehicle. These beginning steps will help driving be both safe and enjoyable for all.

Wednesday, November 2, 2022

How to Compare Auto Prices and If You're Paying the Best Price

If you are in the market to purchase a vehicle, you are probably hoping you will get a good deal. However, you might not be sure of how to tell whether or not you're getting a good deal on the vehicle that you're purchasing.

These tips can help you compare auto prices and can help you make sure that you get the car you want for a fair and reasonable price.

Search Online

First of all, you should know that the internet is your friend when you're shopping for a car. Not only can you use the internet to look for available vehicles near you, but you can also get online to search for vehicle pricing. 

If you search for similar vehicles to the one you are looking at, you can see what other dealers and individuals are charging for these vehicles. This can give you a good idea of whether or not you're being charged a fair and reasonable price for the car you want.

Check Multiple Local Dealerships

Even if you see a car that you're interested in, you should not buy a car from the first dealership that you stop at. Instead, you should check out multiple car dealerships like On-Trac Auto Sales

For one thing, this can help you learn about the different cars that are available in your area, so you can make sure that you don't miss out on a car that you really want. 

Plus, it can give you a better idea of how much-used cars cost in your area, so again, you can ensure that you are getting a good deal.

Try to Negotiate

When buying a used vehicle, you should never assume that you have to pay the sticker price on the car, even if it seems fair and reasonable. 

Instead, you will probably want to at least negotiate a lower price. You might just find that the dealer will shave something off of the cost of the car, or they might throw in a few extras if you're willing to go through with the purchase.

As you can see, there are a few things you can do if you want to compare auto prices and make sure that you're paying the best price. Hopefully, you will be able to find the car that you want for a fair and reasonable price.

Friday, July 17, 2020

Top Benefits of Getting Last Year's Car Model

When many people think of their next vehicle, they think that the latest is the greatest. While this might be true in some cases, there is something to be said for getting a car model that's already spent some time sitting on the lot. 

If you're willing to buy last year's car model, you could realize multiple benefits that will make it more advantageous than buying a vehicle from the current model year. To see if this is the right choice for you, here are a few of the benefits you can expect to receive.

No Unexpected Issues

When a new vehicle is released on the market, it has already been thoroughly tested to try and work out any possible issues. However, once that vehicle is driven by thousands of people, unexpected issues inevitably make themselves known and can be corrected through recalls and updates to the model design. 

If you buy last year's car model, though, most of those issues will have already been corrected, ensuring that your ownership experience is relatively trouble-free.

Lower Price

The sticker shock that accompanies a new vehicle can be significant. This is especially true when you realize that many car models will lose a substantial portion of their value after the first year. 

However, pre-owned cars and year-old new car models will already be largely depreciated, meaning you can potentially save thousands of dollars. Plus, since the value of the vehicle is lower, the associated property taxes will be lower, as well.

Easier to Locate Parts

Some parts, such as brake pads, should never be purchased used. However, other parts are perfectly fine to buy used in order to perform your own repairs. By purchasing last year's car model, you give time for the used part market to develop as other vehicles from the same model year end up in junkyards after accidents. 

Plus, there will be more do-it-yourself guides for replacing the parts yourself if you wait a year before purchasing a new car.

Lower Insurance Rates

One cost that can be exceptionally high when you purchase a new car is the cost of insurance. Since new vehicles tend to be more expensive to repair than older cars, the cost of insuring them is higher, as well. Also, since the actuaries at the insurance companies have had a longer time to calculate the risk associated with a particular vehicle, your insurance rates are less likely to fluctuate in the years ahead.

Another great benefit of buying a year-old car model is that there are still plenty of options to choose from. Though the selection will be more limited than it would be for the current model year, there are still lots of different colors, accessories, and body styles to consider. This gives you a new-car shopping experience while providing the benefits listed above.

Wednesday, January 9, 2019

5 Things To Consider While Buying A Car For Investment Purposes

Your latest automobile purchase must have burned a hole in your pocket, but that doesn’t mean buying a car is always an investment. A wise investment is when you expect a return on the original amount of money you put in the asset. For example, the value of a house is more likely to appreciate over time. Stocks pay a dividend and appreciate.

However, unlike other expensive assets, a car starts to lose value the second you drive it off the parking lot. Most cars are high-maintenance and need regular services like gas, oil, repairs, and insurance. Usually, a car’s value depreciates every year and is worth less money as time passes.

But that doesn't mean you shouldn’t buy a car. Almost everyone buys cars several times throughout their adult years. Today, we are going to discuss different ways that can ensure that purchasing an automobile is a good investment for the long haul. Here are X things to consider to make sure that your next car purchase is a wise investment for the future:

Buy a used car

You will be surprised to know that buying a used car can often get you the best deal. Visit scrap car buyers or used car dealers if you’re tight on budget and looking for an essential vehicle in the least amount of money. 

A late used car model means that you can save some extra bucks through reduced maintenance and warranty coverage. However, these factors are only applicable if you have done adequate research beforehand and gotten the used car inspected from a trusted mechanic. Which brings us to our next point...

Do your research

If you’re looking to buy a car for investment purposes, then you can’t skimp on a thorough investigation. Make sure you have evaluated some hard data about various kinds of car models before you approach a car dealership.

Invest in classic cars

Thanks to the internet, there are lots of classic car auction sites that can help you spot a great classic car. Many websites offer valuation tools and a classic car newsletter to help you stay updated. Buying a classic car has a lot more emotional value and is considered a better investment than owning stocks and bonds.

Choose a reliable brand

Another big factor to look while investing in a used car is to make sure that the automobile brand is reliable. Focus on brands that have a relatively high-reliability element, such as Honda and Toyota. Research consumer reports about the reliability of a particular model and also study how the cost of spare parts will affect your car insurance later on.

Reliability is critical because it will minimize your car’s repair costs in the long run and will also give it a longer life on the roads. Both scenarios will put back cash in your pocket.

Start saving today

The last tip of this article is that if you're planning to buy a car for investment purposes, start saving now instead of taking out a loan. You don’t want your savings to go down back on returning the loan.


We hope these tactics will help you in dealing with the pain of buying a car for investment purposes. Start applying all these rules together and you will notice that your yearly vehicle expenses will reduce significantly over the long run. This means you’ll have a car that not only runs better but also has smaller monthly payments and you might land up with some savings!

Do you have any tips and tricks that can help people buy a car for investment purposes? Share your best-kept used car buying secrets with us in the comments below:


About Erica Silva. Erica Silva is a blogger who loves to discover and explore the world around her. She writes on everything from marketing to technology. She enjoys sharing her discoveries and experiences with readers and believes her blogs can make the world a better place.

Find her on Twitter: @ericadsilva1

Tuesday, December 12, 2017

What's the Most Reliable Luxury Car On The Market?

All too often, when we are shopping for a luxury vehicle, we don't place enough importance on the reliability. We look at all of the extra features that come with the car, like heated seats or Bluetooth connectivity. 

But if you have ever broken down on the side of the road, you know how much of a hassle it is. Suddenly you are stuck in the middle of nowhere, with large car repair bills in your future. If you had taken some more time during the shopping to consider reliability, you might not be in this situation.

So if you're in the market for a new car, and you want something that is reliable yet luxurious, start your search with one of the cars listed below. Each one received good grades when it comes to reliability, and doesn't sacrifice any of the luxury components you're looking for.

The BMW 2 Series

When you get something with the letters BMW on it, you know you are getting something that drives well. The 2 series is no different, and offers drivers a great ride with fast acceleration and excellent fuel economy. 

But this car is also reliable, with J.D. Power giving it 5/5 stars for dependability. You can't do much better than that, and you won't have to sacrifice ride quality. The BMW 2 Series has an MSRP of around $34,000.

The Audi A7

For those of you who want a little more room inside the cabin, consider the Audi A7. This large luxury car offers plenty of cargo space, and room for your taller passengers. 

J.D Power gives this car a 4.5/5 in terms of reliability, which is better than most cars, especially luxury cars. The price tag is pretty high on this one, compared to the other cars on this list, starting at $68,000. 

But if you want large luxury car with the best performance, and an excellent reliability rating, this is certainly a car to consider.

The Lexus ES

This Lexus model is a lot like other Lexus models that have come before it – it puts an emphasis on ride quality. This shows in both the design of the cabin, and the ride quality. 

You can be sure you're getting a smooth ride inside an Lexus, and the ES model is no different. But with this model, you are also getting a car that is reliable. J.D. Power gave it excellent marks for both dependability and quality, and it even got a recommendation from Consumer Reports because of its reliability. The base model starts at $39,895.

Acura ILX

For something a little cheaper, consider the gateway model from Acura, the ILX. With this car you get all of the amenities you've come to expect from a luxury car, along with a spacious cabin and a smooth ride. 

Both Consumer Reports and J.D. Power praised this model for its dependability, and it has a base cost of $28,940, making it a little more affordable compared against some of the other cars on this list.

Lexus GS

Another Lexus, this model is very similar to the ES, but nicer. This is one well put together car, and it shows once you step inside. Just like with any other Lexus, you are treated to great performance, a smooth ride, a spacious and well-designed cabin, and in the case of the GS, dependability. 

Both J.D. Power and Consumer reports gave this car an excellent score when it comes to dependability, so you can't go wrong with this model, which starts at $47,305.

Mercedes Benz E-Class

One word comes to mind when you look at the Mercedes Benz E-Class – elegant. The Germans know how to make a good car, and it shows in this newest Mercedes Benz model. 

Inside is everything you want out of a luxury car, but with the added bonus of being reliable as well. The base cost for this model is $53,075, which makes it more expensive than the other cars on this list, but in this case, you are absolutely getting what you pay for.

Make Reliability a Priority

When shopping for your next car, don't overlook how reliable the car is. You might have a trusted source that you go to for car repair, and some excellent car insurance, but that doesn't mean you want to use them all the time. 

Instead, it would be better if your car remained on the road, and that you only took your car in for repairs infrequently. By going with one of the cars on the above list, you are getting a car that has been rated highly for dependability and reliability. 

This will hopefully end up saving you more money in the long run, and make you happier with your purchase.

Friday, June 30, 2017

Avoiding the Middle Age Car Buying Impulse

We've all seen it on countless TV shows and movies. The main character, a middle-aged man, experiences great distress at the thought of getting older so he acts out by buying a flashy sports car or dating a woman much too young for him. 

Approaching middle age doesn't have to be that way and it's much more economical to rent that flashy sports car for a fun weekend getaway with your adoring wife of 30+ years. You can count on her, always. 

Car Buying Impulse

A fast car really won't make you happy. In fact, as you focus on the future, and eventually enjoying retirement, that big ticket splurge will hurt your bottom line. 

The Chevrolet Corvette is probably one of the most common cars that scream midlife crisis. According to, a new Corvette will set you back almost $100,000. 

That could represent more than a year of your retirement, relaxation and well-deserved respite.

If you step back for a minute and consider the emotions that swirl around as you approach middle age, the realization that you probably have more life behind you than ahead of you, and that maybe you're running out of time to do everything you wanted to, it's probably tough to see the forest for the trees. 

Avoid the Midlife Crisis Car Buying Impulse

Sure, a new Corvette in your driveway will deliver a surge of immediate excitement, would be pretty fun to drive and will win you the love and affection of many a lady likely incapable of true love and affection.

Avoid the midlife crisis car buying impulse all together. It's not money well spent. The transaction will fly in the face of your hard work and savings efforts for decades. 

With one check you'll sign away more than a year of your future financial life for a fleeting, superficial experience. Your life is really just beginning. You'll see.

Saturday, May 27, 2017

How Car Enthusiasts Can Save Money on Their Next Vehicle

For a car enthusiast, buying a new vehicle is exciting. A new car may be your second biggest monthly expense after housing. You can save money on your purchase with these four tips.

Consulting Consumer Review Websites

One great way to get more information about a make and model of car is to visit consumer review websites. There are paid review websites that require a subscription in order to receive all of the available information, or you can visit some of the more informal review websites. 

On these sites, you can get information from people who have actually driven and owned the car that you are thinking of buying. You might find out pertinent details such as whether the car has a recurring issue with its brakes or if it is more of a gas guzzler than expected. 

Finding out this information ahead of time could help you steer clear of a car that is known to have costly problems, frequent maintenance or repair needs or that requires more gasoline than other cars of its size.

Visiting an Auto Dealership

Finding the right dealership is key to finding the right vehicle for you. Visiting a few car dealerships in St. George or in other areas is an important step when shopping for your next vehicle. 

You can talk with the salesperson and find out more about any special offers that the dealership might have. For example, if you are trading in your current car, you might be able to get a discount from the dealer on your new car. 

If you are a repeat customer at the dealership, they might offer you a special incentive. From time to time, manufacturers also offer incentives that are only available through the dealership. 

While at the sales center, you will also be able to go on a test drive and make sure that the car is comfortable and feels good to you when you drive it.

Look Into Financing Options

Most people will need some financing for the purchase of a new vehicle. If possible, work on improving your credit score in the six months leading up to your car purchase. 

The better your credit score, the lower your interest rate on your car loan. Look into both dealership and manufacturer financing options. 

If you can make a down payment or have a trade-in that can reduce the principal of your loan, this could also save you money. Consider a shorter loan term. 

Even though your monthly payments would be more on a five year loan compared to a six or seven year loan, you will pay less in interest, saving you money over the long run.

Paying With Cash

If possible, pay for your new vehicle with cash. You might be able to lower the purchase price with a trade-in or dealer incentives, and then pay cash to cover the rest of the vehicle's cost. 

By paying cash in full up-front, you might be able to negotiate a lower price because the dealer is not taking a risk in you defaulting on payments. Paying cash might require that you put a "car payment" into a separate savings account until you are ready to buy your new vehicle. 

Avoiding taking out a loan could save you thousands of dollars in fees and interest over the next few years. Do keep in mind that timely payments on a loan can help you build credit, so there is a trade-off if you pay cash.

Doing plenty of research about cars you're considering buying could help you to avoid getting a lemon. 

Consider the costs of fuel and insurance when buying your next vehicle. The staff at an auto dealership are also helpful resources and can point you to financial incentives and financing options.

Friday, January 31, 2014

How to Save Money on a Car

Buying a new car can be exciting, but it can also be a bit confusing if you don’t really know what kind of car you are after, or if you’re trying to buy it on a budget. As you get older, the things that you need from your car might change.

Do your research before you go to the dealership

Do your research before you go to the dealership and try and decide on a make a model of car that you want to buy, so that you could possibly haggle on the price if you need to or feel comfortable enough to do it. Don’t let yourself be bullied into buying a better model if you can’t afford it.

Buying a new car or a used one?

Perhaps one of the first decisions that anyone will make when it’s time to buy a new set of wheels is whether they want to buy a new car, or one that has been already owned by someone else. While lots of us may wish that we could afford to buy new, buying a used one could save you a lot of money, and, you may also be able to part-exchange your old car to help cover the cost. 

Think about size

Think about the size of the car that you want too. If your family is no longer young, then you may be able to buy a smaller car than you have been able to in the past, which could end up being cheaper for you. However, you should keep in mind that your family may expand if your children decide to have kids of their own, that you might wish to take on car journeys.

Shop around to get a good deal on the insurance

When it comes to getting the insurance on the car, shop around and make sure that you get the best deal for you.

Choose the time of year carefully

If you can manage to wait before you buy your new car, wait until dealers are selling off their models cheaper to make way for new ones. This isn’t always possible if your old car suddenly becomes no longer road worthy, but if you can wait, it can help save you money.

Finally, make sure that you take care not to overspend on the cost of your car and make sure that you still have savings left afterwards.

Wednesday, November 20, 2013

Are Baby Boomers Fueling The Auto Industry?

This past decade has been an especially tough one for the automotive industry. Now, as the American economy is recovering, auto makers are finding that baby boomers are responsible for a very large chunk of their business. According to research from the University of Michigan’s Transportation Research Institute, consumers aged 55 – 64 were responsible for 23 percent of all new car purchases, which those aged 45 – 54 made up 26 percent of the sales.

These figures aren’t just coincidence – there are a number of factors in play which are causing this generation to be such good customers. Here are three reasons that potentially help explain why so much of the automotive market is filled by baby boomers:

1. The Sheer Number Of Baby Boomers

The first reason that it makes sense for such a high proportion of purchases to be made by baby boomers is that there are so many of them. According to studies on the subject, there are well over 70 million baby boomers in the United States. They make up the second largest age demographic in the United States, following millennials born after the year 2000. This provides a foundation for the other potential explanations to even further push baby boomers into the position of top consumers in the automotive market.

2. Financing Is Available For This Generation

For older adults such as baby boomers, financing is often much more available than it is for the younger generations. This is due to the fact that a much larger percentage of baby boomers are financially secure than their less-aged counterparts. Not only have they generally advanced into higher-paying jobs in their careers, but they likely have many more assets stashed away for retirement. The type of loan security that comes along with many baby boomers makes lenders much more likely to approve them for loans with favorable terms. On the other hand, many members of younger generations are feeling the effects of the recent recession more strongly and face greater challenges in obtaining funding for their automotive purchases.

3. They May Be More Optimistic About The Future

To put it simple, this isn’t the first trip around the sun for baby boomers. Despite the economic recovery we’ve seen over the past few years, the younger generations still seems more hesitant about making major purchases than baby boomers are. While many members of generation Y were unsure whether the economy would ever be the same, baby boomers had already been through their fair share of economic downturns. From recessions in the 1970’s and 80’s to the dot-com bust early last decade, they have seen ups and downs and understand that the economy will always be cyclical.

One thing is for sure – baby boomers are one of the biggest factors aiding the recovery of the nation’s automotive industry. Despite the proven statistics, many automobile companies are still targeting their advertisements towards a younger generation X and generation Y crowd. As a growing number of these companies begin to understand the importance of baby boomers in their industry, we are starting to see a shift in focus in order to increase their market share among the nation’s largest demographic. Thanks to the sheer size of the baby boomers, the financial security that they possess and their outlooks on the future of the economy, this generation represents a crucial market segment to automakers.

David Lye is the founder of He has always been passionate about cars, finances, businesses and enjoys sharing tips with others.

Thursday, September 12, 2013

How Are You Going to Pay for Your New Car?

When it comes to being over 50 and wanting to maintain the same lifestyle as you did in your 30s, budgeting and smart planning are your most important tools in this endeavor. Sure saving some weekly cash is a good alternative when you want to purchase something more substantial, but is that really going to get things done?

Are you interested in buying a car? If you have already chosen the desired model, all you have to think about is finding the most advantageous method of payment. Funding opportunities are own resources, bank loan or finance lease.

Since a car is a perishable good, irrespective of the acquisition, the cost should be minimal, while the ratio between quality and cost should be balanced. Thus, given the fact that “own resources” requires no further explanation, let’s go straight to the other two versions and ask the million dollar question: what is the difference between credit and leasing? Both options involve purchasing property in monthly installments. 

The difference between loan and lease

Unlike a financial lease, in the case of a bank loan, the owner of is the client (user) and the loan is paid in monthly installments (comprising a share of the purchase value of the property - including VAT, interest rate and borrowing fees).

In the case of lease, the owner is the leasing company that transfers the right to use to you, through a rental system, at the end of which, if you paid every installment on time, you will also become the owner of the car.

How’s the car loan market?

According to credit bureau Experian, nearly 85% of new-car buyers in the second quarter signed up for a loan or lease to fund their purchase. And car dealers had a lot to do with this impressive number (the highest since 2006) since they are offering incentives such as low-interest financing. But experts tell us to pay attention since on paper things might not be the same as verbally agreed to, especially with all the unscrupulous dealers out there who would say anything to make a sale.

Furthermore, the guys at Motive Auto Finance warn us about the “unholy” practices of certain auto dealers. They act like a middleman for car lenders. In order to make even more money, some dealers will offer you a higher interest rate than what they are actually paying to the lender. Known as the “dealer markup”, this “bonus” can add an additional 3% in interest, thus increasing the cost of your car. And it is perfectly legal to do so, with only a few states having specific regulations in order to limit how much a car dealer can markup rates.

Pushing for add-on services is no surprise. Dealers will try to sell extended warranties or supplemental insurance, causing your monthly payments to increase. Remember that these products are optional and if you don’t want them you shouldn’t be persuaded in purchasing them. A good idea is to contact your insurance company for further information.

Another thing you should consider is that certain banks are now offering loans at below the RBI-mandated base rate. They have taken advantage of a “grey area”, using special schemes to offer luxury car customers auto loans at 9-9.15%, which is below its base rate of 10%. How do they do it? It seems that banks get around the RBI's base rate stipulation by using two methods: booking the loan at the base rate on their books and booking dealer payouts separately as promotional or brokerage cost.

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