Finance Globe Blog

U.S. financial and economic topics from several finance writers.

Don’t Forget the Other Costs of Buying a New Car

new-car-gray
Are you thinking about trading in your current vehicle? Do you have reason to believe that now’s the best time to make this move, both from a personal and financial perspective? While the actual cost of the vehicle will impact your budget in many ways, you don’t want to stop there. There are other costs to take into consideration, all of which will determine if making the move is a good idea. Here are three...
Continue reading
  231 Hits
  1 Comment
Recent comment in this post
Frank
I never advise anyone to buy a brand new car. Cars depreciate in value so quickly. My recommendation is to purchase one 1-4 years ... Read More
Saturday, 19 May 2018 14:30
231 Hits
1 Comment

Disadvantages of Auto Loans

sad-woman-in-car
If you need to purchase a car (new or used), it would great if you were in a position to purchase the car in cash. Unfortunately, very few people are in that kind of financial position to be able to do that. That really only leaves you with one option: financing the car through an auto loan. While that may be the only option available for you, I wanted to lay out some disadvantages you...
Continue reading
  455 Hits
  0 Comments
455 Hits
0 Comments

5 Things to Know About Getting the Best Auto Loan

auto-loan-couple1
A lot of people still do not do much research on auto loans when purchasing a car. While people assume the dealership will provide you the best option that is definitely not the case 100% of the time. Below I have summarized 5 things to know about getting the best auto loan for yourself: Focus on the total purchase price rather than the monthly payment: You should always focus and negotiate on the total purchase...
Continue reading
  328 Hits
  1 Comment
328 Hits
1 Comment

What You can do About a High Car Payment

woman-sad-car
Have you come to find that your car payment is entirely too high? Is this having a negative impact on your budget and finances as a whole? Are you hoping to make a change? It’s extremely common to bite off more than you can chew when purchasing a vehicle. You get so excited about pulling the trigger that you overlook the impact your new payment will have on your financial situation. If you find yourself...
Continue reading
  702 Hits
  1 Comment
Recent comment in this post
Frank
Cars never hold their value. I usually recommend to try and ride it out, but refinancing is sometimes an option for certain situat... Read More
Wednesday, 20 December 2017 17:45
702 Hits
1 Comment

What to Do After You Pay Your Car Loan

happy-woman-driving-car-paid-off
After what seems like an eternity of car loan payments, you’ve finally mailed off the last payment on your loan. Now you fully own your car and you’re free of payments, what should you do next? Store your title away safely . In some states, the motor vehicle department will automatically mail a title to you once the lender has notified them of the lien release. In other states, you may have to actually go...
Continue reading
  622 Hits
  1 Comment
Recent comment in this post
Frank
I always call the bank to confirm there is no more outstanding balance. I have had an issue before where I had a small balance and... Read More
Wednesday, 20 December 2017 17:42
622 Hits
1 Comment

Buying a New Car? Questions for the Finance Manager

test-drive1
If you find yourself in the market for a new car, it won’t be long before you’re sitting face to face with the finance manager (unless you’re paying with cash, of course). Reaching this point means you have found your next vehicle and are ready to finalize the purchase. As you make your way through the process, here are some of the more important questions to ask: •    What is the total amount financed? While...
Continue reading
  760 Hits
  2 Comments
Recent Comments
Pinky
We bought a new Chevy in 2004. We opted for the diesel Cruz for the mileage benefits but wondered about maintenance and repair of... Read More
Saturday, 22 July 2017 15:47
Frank
When I purchased my car, I used a 3rd party finance loan as I got a much better deal. I knew the rates prior to going in.
Wednesday, 20 December 2017 17:19
760 Hits
2 Comments

What are the Benefits of Buying a Car Online in 2017?

auto-loan2
In today’s day and age, you can purchase pretty much anything online. From groceries to construction supplies, there’s no reason to leave your home when it comes time to shop and make a purchase. A growing number of people have come to find that buying a car online is one of the most enjoyable ways to get a new set of wheels. Although the entire process is not typically completed via the internet, you can...
Continue reading
  956 Hits
  1 Comment
Recent comment in this post
Frank
One of my good friends purchased a car online and had only positive things to say about it. The next time I buy a car, I am going ... Read More
Wednesday, 26 July 2017 13:36
956 Hits
1 Comment

Will a biweekly payment plan really save you money on your car loan?

Will a biweekly payment plan really save you money on your car loan?
According to Experian’s latest quarterly report the average amount financed on a new car loan is $30,621. With the average loan term and interest rate at 68 months and 4.69% respectively, an average car buyer would end up paying $4308.49 in overall interest. For many of us that’s a lot of money. It’s no wonder “tens of thousands of people” sign up for so-called loan payment acceleration plans who claim to help them pay off...
Continue reading
  897 Hits
  1 Comment
Recent comment in this post
Frank
Incredible analysis Alison, this is awesome!!!
Friday, 30 June 2017 15:27
897 Hits
1 Comment

Do You Really Need That Gap Insurance Policy? Yes, but... (what the dealership doesn’t want you to know)

Do You Really Need That Gap Insurance Policy? Yes, but... (what the dealership doesn’t want you to know)
So you finally found your dream car (or something close to it that you can afford). You’ve done your homework and you’re pretty sure you’ve got all your ducks in a row. You took the test drive, shopped around for a fair price, got approved for a loan with terms you can live with and a budget friendly interest rate, and you’ve made arrangements to get the right kind of insurance coverage. Ready to sign...
Continue reading
  1119 Hits
  2 Comments
Recent Comments
Wanderer
Great post! Never heard of "Gap" Insurance. Good to hear about the pros and cons!
Thursday, 02 February 2017 04:10
Frank
This is extremely helpful and detailed! Thanks for the information. The next time I purchase a car, I will definitely look into th... Read More
Monday, 22 May 2017 10:34
1119 Hits
2 Comments

Top Reasons to Refinance Your Auto Loan

Top Reasons to Refinance Your Auto Loan
When you look at the details of your auto loan, what do you see? While some people are happy with the terms and conditions and the progress they’ve made, others realize one thing to be true: a change could do them some good. You don’t have to get rid of your current vehicle to make things better. Instead, you can consider the benefits of refinancing your loan. Here are some of the top reasons to...
Continue reading
  1014 Hits
  1 Comment
Recent comment in this post
Frank
I am currently going through the process right now, and finding it a little more difficult than other refinances. I will let you k... Read More
Tuesday, 24 January 2017 17:25
1014 Hits
1 Comment