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Saying that buying a new car is dumb may be a little harsh. Buying a new car has its good points and bad. Let’s have a look at both. Reasons to Buy a New Car Bad/no credit…Often specialty lenders will only offer loans to bad credit/no credit customers if they purchase a new car. Even [...]

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Yo-yo financing is a fairly recent quasi-scam. It is more common with dealerships dealing with low credit scores and only when you opt for dealership arranged financing. It also goes by the name “spot-delivery.” The Basics of a “Yo-Yo” Scam Many dealerships are advertising financing for any credit score. These dealerships have a network of [...]

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It is possible to get a car loan in your business’s name, but it is not as simple as getting a personal car loan. There is a wealth of additional documentation that you will be required to furnish, and your business must be relatively well-established to qualify. Typically, it will need to be at least [...]

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If you are hoping to secure a lower interest rate, or you are simply unhappy with your lending institution for one reason or another, you may have wondered if you could simply transfer your auto loan to a new bank. Unfortunately, a loan like this cannot be simply transferred. You will have to refinance the [...]

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For the first time in fifty years, fewer Americans own cars. Recent data shows that 9.3% of American families are now without a car. Though many may believe this trend is due to current economic conditions, State Highway and Transportation officials say it is because there are a variety of alternatives to travel. Other studies [...]

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Yes, you can use a home equity loan (HELOC) to buy a car. As with everything in life, there are pros and cons to doing so. The Cons We will start with the downside because I am a bad news first kinda guy. A HELOC is a variable interest loan. A standard car loan is [...]

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General Motors, with its GMC Yukon, GMC Yukon XL, Chevrolet Tahoe, and Chevrolet Suburban, is reaping the benefits of the resurgence of the full-size SUV market. Long the most dominant maker of large SUVs, GM currently has a 74 percent market share of this segment. And, with each of these models being completely redesigned for [...]

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Just when you thought it was safe to go into a car dealership again, numbers from September show that auto sales for the month are down from last year. This is the most sluggish car sales have been since April. Although the tea leaves are still being read, early signs point to 15.28 million cars [...]

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Getting a private party, or person to person, auto loan is not so simple. Not all lenders are willing to finance the purchase of a used car from a private seller.  Many major banks will only allow you to use your loan for a car from a franchised dealership, as opposed to an independent dealer, [...]

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Should I buy a new or used car? It’s an age old quandary. The answer depends largely on you, your credit, your risk tolerance, and your priorities. Who Should Buy New? Are you the type of person who is willing to risk being upside-down on their loan for a few years in order to drive [...]

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