Auto Loan Education

Latest Guides

  • Guide to Secured vs. Unsecured Debt
    Many people don’t realize it, but not all debts are the same. There are two basic types of debt – secured debt and unsecured debt. At the most basic level, the difference between the two is that one type of debt is tied to a piece of property while the other type is not.
  • Refinancing Your Auto Loan
    In general, the two largest loans that consumers take out, are for homes and cars. The reasons to refinance a car loan, are the same as those for a home- lower interest rates, and reduced payments. Your new lender will pay off the original lender, and the vehicle's title will be transferred to them. We outline the benefits, costs, and savings of a car refinance loan to help you decide.
  • Buying a New or Used Car with Financing
    So you found the car of your dreams but don't know how you are going to pay for it? Well, there are a few steps involved in financing: Get Your Credit Report: Before you walk into the dealership and apply for financing you need to know what your credit record is like. Too many dealers will try to slide in a higher interest rate. Consider credit unions or online lenders.
  • Before You Buy
    Decide what type of car you want. The Real Basics: standard or automatic transmission; engine size/horsepower; antilock, power lock, or power-assisted brakes; extended warranty.... Medium Level Considerations: leather, power seats; wiper and/or defroster for the rear window; power mirrors on the exterior; air conditioning. The Frills: remote starter; sunroof; car alarm; audio system.
  • Tips for Buying a Used Car
    If you've decided to purchase a used car, do your homework before buying. Check out the following important items: Fuel consumption, Maintenance costs, Insurance rates, Past repair record, and Safety record for that make and model. Plus, we show you the 4 elements of the FTC's "Used Car Rule," as set out in their Buyer's Guide. There is more to buying a used car, than kicking the tires.
  • 10 Steps to Buying a New Car
    The following is an overview of the new-car buying process. How Much Of A Car Payment Can You Afford? Decide how much you have to spend on a new vehicle. Your monthly car payment should be no more than 20 percent of your monthly net income. Will You Get A Car Loan Payment? Decide whether to pay cash, finance or lease your new car. Each method offers different advantages. Plus, 8 more steps.
  • Buying vs. Leasing
    There are 7 considerations vital to making the right financial decision on whether you should secure a loan, or go with a lease: Initial costs; Cost by month; Mileage; "End" value; Maintenance; Changing your mind; and At term expiry. Understanding how each of these variables affects your final payout will help you determine which is the right choice for you.
  • Comparing Quotes For A New Car Loan
    We can't say it enough. Compare rates when you're looking for a new car loan. It's essential because lender offers vary wildly. We give you 4 quick, easy-to-understand tips on finding the car you want, and then securing a financing deal you can live with. When looking for a new car, knowledge is power. Get yours here.
  • An Auto Loan To Buy A New Car
    Choosing the right auto loan can save you a lot of money. Research is key. Know the car model and options you want and establish a ceiling on how much you'll spend. We give you 6 suggestions on how to go about looking for a great deal. And we teach you the meaning of the following terms: Invoice Price, Base Price, Monroney Sticker Price (MSRP), and Dealer Sticker Price.
  • Using Your Bad Credit Auto Loan
    When you need a new car, don't let your bad credit stand in your way. Though you'll need a bad credit auto loan, which may be higher than standard loans, you can still save by comparing interest rates and negotiating with lenders. Figure out what your monthly payments should be before you apply for a loan. Then get multiple quotes for your loan. We give you 11 helpful tips on saving money.
  • Save Money On A Used Auto Loan By Spending Time Now
    Finding a used auto loan takes time, but the savings are worth it. Learn 4 things you should know before you buy. See payment options. We tell you what to watch out for. If you decide to finance, we teach you 6 things you must understand before signing anything. Know the 6 types of dealers. We tell you how to effectively return a lemon.
  • Financing Using A New Car Loan
    Rule number one: If you decide to finance your car, be aware that financing at the dealer's may not be the best new car loan deal you can get. Contact lenders directly, especially on the Internet which tends to have the lowest rates. We explain how to get the best deal: Always compare offers; advice on trading in your old car; credit insurance; and if you should consider a service contract.

Latest Blog Posts

  • The Cost of Marrying Someone with Bad Credit
    What better time to talk about couples and credit than the week leading up to Valentine’s Day? See how your partner's bad credit can cost you money each month.
  • Friday Grab Bag: Erase Debt Edition
    It's Friday again, and that means it's time for the weekly SpendOnLife grab bag! Today it's all about erasing debt. Here's a round-up of some tips and resources that will help you reduce, eliminate, or otherwise master your debt, no matter how big a hole you're in.
  • Thursday Grab Bag - 10/15/2009
    We usually do a Friday Grab Bag but we're changing things up a bit this week. Here's some interesting stuff from the world of credit and personal finance.
  • Credit Recipes: Cooking up Credit Score Greatness
    Like a slow-simmering chicken cacciatore, your credit score requires certain ingredients and ample time to bring out its full potential. The credit score recipes we show here will make the most out of the ingredients you already have in your “pantry” at home.
  • Friday Grab Bag - 8/28/2009
    It's Friday again, and that means it's time for the weekly SpendOnLife grab bag post. Here we share some of the week's more interesting tidbits from the world of credit and identity theft. Enjoy!
  • The Reality of the Joneses
    Do you have a "keeping up with the Joneses" mentality? You know, the mindset that you should have a better, bigger, and brighter lifestyle than those less fortunate, little people around you? Yep…you know what I’m talking about!
  • Friday Grab Bag - 7/24/2009
    It's Friday again, and that means it's time for the weekly SPENDonLIFE grab bag post. Here we share some of the week's more interesting tidbits from the world of personal finance and identity theft. Enjoy!
  • When a Credit Search Hurts You
    Does shopping around for the best rate during your search for a new credit card, auto loan, or mortgage hurt you? Learn when credit inquiries affect your credit score here.
  • Obscure Credit Score Facts from Liz Pulliam Weston
    In this week's Personal Finance Hour, Liz Pulliam Weston shares some interesting tidbits, personal anecdotes, and FICO facts that you might not know about credit scoring.