Expert Advice for Car Financing

All Articles on Car Financing

How Long Can You Finance a Used Car?
There are no set rules for how long you can finance a used car, but there are pros and cons to taking either a shorter-term or longer-term loan.
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Jerry
Apr 27, 2022
Don't Fall for the Most Common Mistake People Make When Financing a Car
Financing a car can be a confusing and stressful process. Whatever you do, don't get suckered into signing an agreement that is longer than it needs to be.
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Jerry
Apr 27, 2022
What Is Collateral Protection Insurance (CPI)?
Collateral protection insurance (CPI) is usually more expensive than standard car insurance and should be avoided. Here's what you need to know about CPI coverage.
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Jerry
Apr 27, 2022
Does Financing a Car Affect Insurance Rates?
Car financing with insurance can get tricky. Insurance rates increase when you finance a car. Read this article about insurance while financing a car to learn why.
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Jerry
Apr 27, 2022
How to Pay Off a Car Loan Faster
Refinancing, bi-weekly payments, rounding up loan payments, and putting any extra cash towards your payments are the best ways to pay off your car loan faster.
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Jerry
Apr 20, 2022
How to Get Preapproved for a Car Loan
When you arm yourself with a pre-approval from a lender, you're much more likely to get a good deal on both your car purchase and your auto loan.
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Jerry
Apr 27, 2022
What Is the Average Car Loan Interest Rate?
Knowing the average interest rate for a car loan will help you understand if you're getting a good or bad deal from your lender. Read this article to learn the average car loan interest rate.
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Jerry
Apr 27, 2022
How to Sell a Car with an Existing Loan
If you're still stuck paying a car loan and want to sell your car early, don't worry: you can still sell your car, as long as you work with your lender so the buyer can pay the right party.
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Jerry
Apr 27, 2022
How to Refinance a Car
Refinancing a car is as simple as contacting your original lender, finding a new financier, and selecting a refinance plan that works for you.
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Jerry
Apr 27, 2022
Consumers Are Borrowing More Money to Drive Expensive Vehicles
A study on the auto credit market shows that consumers are financing vehicles longer and borrowing more to drive larger vehicles like SUVs and trucks. But, this probably isn’t something to worry about since on average, credit scores are also improving.
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Jerry
Apr 27, 2022

All Questions on Car Financing

Should I use a car loan to rebuild my credit?
I want to rebuild my credit, but I also need a set of wheels to get around. Is a car loan a good way to rebuild credit?
Eric Schad
Dec 06, 2021
How do you pay off your car loan early?
I took out my car loan years ago, and now I have a much better-paying job. I’ve been thinking about paying off the loan. Can I pay off the rest of my car loan early? If so, how?
Jack Walsh
Dec 10, 2021
Will applying for a car loan at a dealership hurt my credit score?
Is it true that applying for a car loan at a dealership hurts your credit score? I want to finance a car through the dealer, as they're offering a 1.9% APR promotional deal. However, I've heard that applying for financing through a dealership can hurt your credit.
Eric Schad
Jul 14, 2021
How can my daughter take over my car loan?
My daughter has always loved my car, and now that she's moved to the suburbs, she needs a car. She's always loved my car, so I said she could have it if she takes over the loan. Is this possible?
Eric Schad
Nov 03, 2021
Should I pay a loan off in 36 months or 60 months if they have the same interest rate?
If two car loans have the same interest rate, which loan is the better option? I went to a dealer to finance a new car, and they're running a 0.9% APR financing special for either 36 or 60 months.
Eric Schad
Jul 03, 2021
How do I use a pre-approved car loan?
The lender I'm thinking of using for my car loan says I can get pre-approved. However, I don't understand what that is or how it'll benefit me. How do I use a pre-approved car loan?
Lauren Smith
Nov 19, 2021
Does a dealer still need to run my credit if I got preapproval for a loan?
I got preapproval for a car loan from my credit union. When I went to the dealer, they insisted that I undergo a credit check before buying a car. Do I have to submit to this if I already have financing?
Eric Schad
Aug 12, 2021
How do I reduce the amount of interest I pay on a car loan?
I hate paying more money for things than necessary. How can I reduce the amount of interest I pay on a loan for my Ford?
Eric Schad
Oct 26, 2021
How much does it cost to lease a 2016 Honda Civic?
Now that I’ve graduated from college, I’m looking to lease my first car for my morning work commute. I think I’d like something like a Honda Civic, but I don’t know if it’s within my budget. What does it usually cost to lease a 2016 Civic?
Chloe Jenkins
Dec 15, 2021
Should I get a car loan?
I just graduated from college with about $10,000 in student loan debt. All the jobs I’ve applied to will require me to have a car to get to work. I have a few grand saved up to get a car and am thinking about taking out a loan to cover the rest. Is that a bad idea, though? Should I get a car loan or should I pay cash for a used car?
Eric Schad
Nov 09, 2021
How do you negotiate a car loan interest rate?
What are some ways that I can negotiate a car loan interest rate? I’m preparing to buy a new car and I want to make sure that I get the best deal on the loan so I don’t get behind on my payments.
Liz Jenson
Nov 17, 2021
Should I opt for car incentives and rebates or a lower interest rate?
"I'm shopping for a car and in quite a conundrum. My credit union has offered me a rate of 1.7% for 48 months. On the other hand, the dealer has offered $3,500 off the price of the car if I accept a 5.7% loan for 48 months. The amount I need to finance without the $3,500 off is $31,500. Should I go for the incentives or the lower interest rate?"
Eric Schad
Aug 10, 2021
What should I look for in a car loan?
I want to finance a car, but I don't know where to start. What do I need to look for in a car loan?
Eric Schad
Nov 01, 2021
How can I be approved for a car loan?
I need a car to drive my grandma to her doctor's appointments and work. I want to make sure I won't get denied when I apply. What’s the easiest way to get approved for a car loan?
Lauren Smith
Nov 19, 2021
Do I have to pay off my loan before I get a new car?
I want to get a new car, but I still have a loan on my current car. Do I need to pay this loan off first before I get a new car loan?
Eric Schad
Nov 24, 2021
Do you have to make a certain down payment to finance a Porsche?
Does Porsche (or other lenders) require a certain down payment to finance the vehicle? I want to buy a Porsche, but I also want the lowest monthly payments possible.
Eric Schad
Feb 25, 2022
How can I refinance my car loan?
I’ve had the same car loan for about a year. I’ve been building up my credit score since I got the loan, and now I want to refinance. What’s the best way to refinance my car loan?
Chloe Jenkins
Nov 17, 2021
What do you typically need to qualify for 0% APR financing?
The local Kia dealership is offering 0% financing for new cars, but in the fine print it reads for qualified buyers. What do I need to qualify for 0% APR financing?
Eric Schad
Aug 02, 2021
Why is the dealer turning me down for an auto loan even when I have a 700 credit score and a cosigner?
Why do we keep getting rejected for a car loan when we have good credit? I'm trying to buy a new car with 0% APR financing for 60 months. I have a credit score of 707, but I was denied. I added my mom to the loan as she has a credit score of 730 and we were denied once again. I'm not making a down payment either, if that matters.
Eric Schad
Feb 25, 2022
How long do I have to pay off a car loan?
I’m graduating from business school this winter and already have a job lined up in a new city, but I need to purchase a car to commute to work every day. I’ve owned a few cars before, but I always paid for them in cash and never had to take out a car loan. Thanks to student loans, I understand how they work, but how long do you typically have to pay off a car loan?
Jack Walsh
Dec 15, 2021
Is 660 a good credit score for a car loan?
I'm planning to buy a new car. To prepare, I checked my credit score. Can I get a good car loan if my credit score is 660?
Lauren Smith
Nov 18, 2021
What are the benefits of refinancing a car?
I have a 17% interest rate on my car loan and my friend told me I should consider refinancing. What are the advantages of refinancing my car?
Eric Schad
Dec 06, 2021
What information do I need for a car loan?
What do I need to prepare to apply for a car loan? This is my first time. I want to make sure I have the correct documents to make this process go smoothly.
Phoebe Mah
Nov 12, 2021
Can I have a loan for more than one car?
Am I allowed to have a loan for more than one car? I will pay off my old car in a few months, but I see a great deal on a new car now and I don't want to miss out.
Shannon Martin
Oct 14, 2021
Can I get a car loan at 19?
I just turned 19 and am attending a commuter college. I need a car, but I can't afford to pay for the full thing. How can I get a car loan?
Lauren Smith
Nov 12, 2021
What do banks use to determine car loan value?
I want to buy an Escalade, but it has tons of extras—such as an aftermarket stereo system, tinted windows, and 24-inch rims. As a result, it's more expensive than the Blue Book value. What do banks use to determine car loan value? Can I still get the loan?
Eric Schad
Oct 21, 2021
How many points will my credit score go up with a car loan?
I'm buying a car with a car loan. My credit is decent right now, but I'd love it if the loan bumped my score up a bit. How many points will a car loan boost my score?
Eric Schad
Nov 16, 2021
Why doesn't Chase have any record of a car loan that the dealer said they financed through them?
I'm a first-time car buyer. I went to purchase a vehicle with financing and the dealer said they were working with Chase. I was skeptical of the agreement from the start, as some of the initial numbers (interest rate and principal) they gave me don't match the numbers on the loan agreement. I also called Chase and they have no record of any loan. What gives?
Eric Schad
Jul 30, 2021
Can I get a car loan with bad credit?
My credit score is considered bad. I'm trying to work on it and didn't want to take out any loans until I improved it, but our car just died. I need a vehicle to make it to work, pick up my kids, and drive my grandma to appointments. What’s the best way to get a car loan with bad credit?
Lauren Smith
Nov 17, 2021
Can I apply for a car loan online?
I’ve been shopping for a new car at local dealerships, and I’ve found a few I’m interested in. But the interest rates offered by the dealerships seem abnormally high. I don’t want to get stuck overpaying for my car loan. Is it possible to apply for a car loan online?
Jack Walsh
Dec 15, 2021

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