DrivingLeads

EXPERTS ADVISE TAKING A DETOUR FROM LONG-TERM

EXPERTS ADVISE TAKING A DETOUR FROM LONG-TERM

Americans take almost two years longer to pay off car loans than they did 30 years ago -- a trend that has helped to bury many of us in debt.

Lured in by the prospect of lower monthly payments, many buyers have chosen to extend the length of their loans. This has cost them two ways: first, by encouraging the purchase of more expensive vehicles, and secondly, by increasing the amount of money (through interest) they'll pay long term.

The result is more debt, or in some cases, even owing more on the loan than the car is actually worth -- a condition known as being "upside down."

Instead of looking at lowering your monthly payments through extended loan length, experts say, pay as much as you can afford to up front. Also consider buying a more affordable vehicle. You'll be better off in the long run.

Read More.............

EXPERTS ADVISE TAKING A DETOUR FROM LONG-TERM

EXPERTS ADVISE TAKING A DETOUR FROM LONG-TERM

Americans take almost two years longer to pay off car loans than they did 30 years ago -- a trend that has helped to bury many of us in debt.

Lured in by the prospect of lower monthly payments, many buyers have chosen to extend the length of their loans. This has cost them two ways: first, by encouraging the purchase of more expensive vehicles, and secondly, by increasing the amount of money (through interest) they'll pay long term.

The result is more debt, or in some cases, even owing more on the loan than the car is actually worth -- a condition known as being "upside down."

Instead of looking at lowering your monthly payments through extended loan length, experts say, pay as much as you can afford to up front. Also consider buying a more affordable vehicle. You'll be better off in the long run.

Read More.............

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Line up financing before car shopping

Many new car buyers are tempted to take the first credit-card company loan offer that comes their way -- or even turn to dealers for financing. To financial specialists, both are real no-nos.
According to Terry Jackson of Bankrate.com, a buyer should have financing BEFORE ever setting foot in the showroom. That's because the interest rate most dealers offer simply can't match up to what you can find on your own.

And while a credit-card company may appear to offer a good rate, it's always advisable to shop around for the best APR possible. The first step: looking up one of the many auto loan providers online. Almost all sites allow you to make rate comparisons -- and some will even make you multiple financing offers. .

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