If you feel like you’ve been struggling to keep up with car payments, you’re not alone: According to a recent report from the Federal Reserve Bank of New York, over 7 million Americans are at least 90 days behind on their auto loans.
You've shopped for weeks and you've packed for hours. Now, you're finally ready to load your trunk and pull out of the family driveway toward your next stage in life.
Which set of wheels will accompany you on your rite of passage into the grown-up world?
Yes--you've chosen your college, your major, and perhaps your roommate. Now it's time to choose your car.
There are loads of factors at play when making this decision, though.
Some bills can't be changed. For other bills, though, a little legwork can make a big difference in your monthly payment. Your car payment is a great example. Refinancing your vehicle loan can lead to a lower monthly payment, a shorter payment term or both! It depends on various factors, including the value of your vehicle, how much you owe and your credit standing.
Read on for three common life changes that might mean it's a good time to refinance your vehicle.
You've probably heard that a car is the second-largest purchase the typical American makes after their home, but that's not really true. It might seem like it, since the median home price in the U.S. was just under $190,000 last year, while a new Honda Civic starts at about one-tenth as much. When you look a little deeper, though, you'll probably only ever own one home at a time, and when you sell it, you'll get your money back. You might even make a profit on the sale.
My daughter’s first car buying experience didn’t start out very well. She had graduated from college, moved hundreds of miles from home to start her career and needed to buy a car. The thought of working with a salesperson at a Dealership was intimidating and she had no idea how to negotiate or know if she was getting a good deal. She didn’t have a local bank yet so I suggested she call my credit union to see if they could help. And boy did they!
Topics: auto loan