At a Glance: Yes, you can trade in a financed car. The trade-in process involves receiving money for your car and can cover the outstanding loan amount, potentially leaving you with extra funds. It’s important to determine your equity, the difference between your car’s value and the loan…
At a Glance: Trading in your car has several advantages. It allows you to complete the transaction in one place, making the process easier and more convenient. The dealer handles all the paperwork and can take care of your existing loan. Additionally, trading in your car may help you save on sales t…
At a Glance: The ideal mileage on a used car can be determined by multiplying 12,000 miles by the age of the car. However, mileage alone is not the sole factor to consider when buying a used car. Other factors such as the number of previous owners, driving conditions (city vs. highway), and whether …
At a Glance: Yes, there is a sales tax on used cars. The sales tax rate varies from state to state, typically ranging from 3% to 8%. Some states, such as Alaska, Delaware, New Hampshire, Oregon, and Montana, do not have a sales tax on used vehicles. The sales tax is based on the purchase […]
Owning a car is an exhilarating experience indeed, especially if it’s your first car. One thing that most first-time car buyers fail to understand is that purchasing a car requires planning. The best way to plan for a new car is to start saving. But how do you save for your dream car? This article […
At a Glance: When buying a car, two valuable extras to consider are extended warranties, which can save money on future car troubles, and gap insurance, which covers the difference if your car’s value is less than what you owe. However, there are several extras to avoid, including chrome rims,…
At a Glance: Understanding how car payments work is crucial when buying a car. Three factors affect your monthly payment: loan amount, APR, and loan term. Lower monthly payments may seem appealing, but longer loan terms result in paying more interest. Determine your budget, check your credit report,…
At a Glance: Renting, leasing, and buying a car differ in possession and responsibility. Renting is short-term borrowing with insurance determining responsibility. Leasing is a long-term rental with the dealer’s responsibility. Buying means owning the car outright. Renting is ideal for short t…