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I Need Help Buying A Car


But many Americans make big mistakes buying cars. Take new car purchases with a trade-in. A third of buyers roll over an average of $5,000 in debt from their last car into their new loan. They're paying for a car they don't drive anymore. Ouch! That is not a winning personal finance strategy.




i need help buying a car


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"The single best advice I can give to people is to get preapproved for a car loan from your bank, a credit union or an online lender," says Philip Reed. He's the autos editor at the personal finance site NerdWallet. He also worked undercover at an auto dealership to learn the secrets of the business when he worked for the car-buying site Edmunds.com. So Reed is going to pull back the curtain on the car-buying game.


So Reed says having that preapproval can be a valuable card to have in your hand in the car-buying game. It can help you negotiate a better rate. "The preapproval will act as a bargaining chip," he says. "If you're preapproved at 4.5%, the dealer says, 'Hey, you know, I can get you 3.5. Would you be interested?' And it's a good idea to take it, but make sure all of the terms, meaning the down payment and the length of the loan, remain the same."


So at the dealership, Reed and Van Alst both say, the first step is to start with the price of the vehicle you are buying. The salesperson at the dealership will often want to know if you're planning to trade in another car and whether you're also looking to get a loan through the dealership. Reed says don't answer those questions! That makes the game too complicated, and you're playing against pros. If you negotiate a really good purchase price on the car, they might jack up the interest rate to make extra money on you that way or lowball you on your trade-in. They can juggle all those factors in their head at once. You don't want to. Keep it simple. One thing at a time.


"Concerning the extended factory warranty, you can always buy it later," says Reed. "So if you're buying a new car, you can buy it in three years from now, just before it goes out of warranty." At that point, if you want the extended warranty, he says, you should call several dealerships and ask for the best price each can offer. That way, he says, you're not rolling the cost into your car loan and paying interest on a service you wouldn't even use for three years because you're still covered by the new car's warranty.


"We're actually living in a golden age of used cars," says Reed. "I mean, the reliability of used cars is remarkable these days." Reed says there is an endless river of cars coming off three-year leases that are in very good shape. And even cars that are older than that, he says, are definitely worth considering. "You know, people are buying good used cars at a hundred-thousand miles and driving them for another hundred-thousand miles," says Reed. "So I'm a big fan of buying a used car as a way to save money."


NPR has a personal finance Facebook group called Your Money and Your Life. And we asked group members about car buying. Many said they were shocked by how much money some other people in the group said they were spending on cars. Patricia and Dean Raeker from Minneapolis wrote, "40 years of owning vehicles and our total transportation purchases don't even add up to the cost of one of the financed ones these folks are talking about."


If you plan to take your car abroad, check your PCP contract as some companies will impose a limit on the number of days your car can be out of the country and you might need to request permission before taking it abroad.


A safe and reliable car is essential to the success of most working families. Child care, jobs, groceries, medical appointments, and so many other everyday tasks are often out of reach for families without a car. Yet, buying, financing, and keeping a reliable car is fraught with dangers for everyone and simply not possible for some families.


The Wheels to Work program helps employed low-income people with disabilities get the tools needed to earn a living and care for themselves and their families. They do not give away used cars but will help you purchase a car for low monthly interest-free payments until it is paid off.


This charity, just like the Salvation Army, has always been dedicated to helping the poor and restoring lives and dignity to families and individuals. The program may go by other names in some states, such as Wheels for Work.


The name of the program tells it all. It is designed to help working people access reliable forms of transportation. Hopefully, it will take hours of travel time off your day and make life a little easier.


The Goodwill car vehicle program (Wheels for Work) helps low-income working families maintain better employment and family stability. Goodwill Industries sponsor this program to help low-income adults gain financial stability with a car. How do I get a free vehicle?


Are you a low-income family struggling to make ends meet? You're certainly not alone. Thankfully, programs TANF, or food stamps , are available to give you the support you need to provide your family...


First you must choose between buying a new car and buying a used car. A new car may cost more but will come with a longer warranty and no history of abuse or neglect. However, new cars depreciate (lose value) almost immediately when they leave the new car lot, which means that if you can find a well-cared-for used car, it might be a good bargain.


It has been known to happen: the consumer leaves the old car as a trade-in and drives away in the new car with only a verbal agreement about the amount of the monthly payment. The contract just needs final approval - "a mere formality" - by a manager who is not immediately available.


For Iris Powered by Generali, visit the Identity Protection Member Site.Our experienced agents can help you with any paperwork and to manage your policy. Call us if you have any questions about this valuable coverage.


Our nationwide network of certified dealers gives GEICO Car Buying Service members a free online tool to help you compare prices and specifications of both new and used vehicles. It's easy to browse by make, model, cost, mileage, location, and get a haggle-free price that eliminates hidden surprises and fees.


The GEICO Car Buying Service has partnered with TrueCar; their Certified Dealers are carefully screened to provide you with a simple, friendly experience. But, keep in mind this isn't just an internet service: once you've ensure the availability of the car you configured online, simply arrange for a test drive, and kick its tires in real life. Remember, there's no obligation to buy. Shop now with the tools you need so you can buy with confidence.


Not ready to buy? Need more help? See our Car Buying Resources for information on buying a vehicle. The GEICO Car Buying Service lets you enjoy the same kind of great discounts that you already receive with cheap car insurance from GEICO.


Between 1/1/19 and 12/31/19, the average savings off MSRP experienced by consumers who connected with a TrueCar Certified Dealer through the GEICO Auto Buying Program and who were identified as buying a new vehicle from that Certified Dealer was $3,166. Your actual savings may vary based on multiple factors, including the vehicle you select, region, dealer, and applicable vehicle-specific manufacturer incentives, which are subject to change. The MSRP is determined by the manufacturer and may not reflect the price at which vehicles are generally sold in the dealer's trade area, as many vehicles are sold below MSRP. Each dealer sets its own pricing.


The organization does not give away cars for free. Instead, the charity, which is verified by GuideStar, sells the donated cars for about $700 and sets the individual or family up with a 12-month, low-interest loan, which in turn helps them establish credit.


Catholic Charities USA runs a vehicle donation program that benefits those struggling to afford a car. In addition to providing a car, some churches also help with car repairs and affordable vehicle loans.


There are some grant programs that may provide help with the purchase of a car for people in some circumstances. Benefits.gov details government programs for low-income families and individuals. By qualifying for some programs, such as child care assistance, it could free up income that could go towards a car loan.


Having a car repossessed can be a serious setback, and most drivers will need to replace their vehicle right away to get to and from work or school. Buying a car after a repossession isn't always easy or inexpensive, but it is possible.


Having a repossession on your credit for seven years may seem like a lending dead-end, but you do have options for buying a car and securing a loan after a repossession. Paying cash, saving up a large down payment, choosing an inexpensive used car, getting a cosigner, or using dealer financing can help you get back behind the wheel. Whichever option you choose to pursue, focus on what you can do to improve your credit and reduce your current balances.


The Clean Vehicle Assistance Program provides grants and affordable financing to help income-qualified Californians purchase or lease a new or used plug-in hybrid, fuel cell, or electric vehicle. Our goal is to make clean vehicles accessible and affordable to all who qualify.


When all program requirements are met, grants do not need to be repaid. To get a grant, you must receive an Approval Packet prior to purchasing the vehicle and comply with all program requirements throughout the program term. The grant will be given to the dealer to lower the overall cost of the new or used clean vehicle.


Your credit score helps determine the interest rate you pay on a car loan. Better credit may help get you a more favorable interest rate, which in turn will have an impact on your car-buying budget. You may be able to get your credit score for free through your credit card provider.


If you don't make a down payment, these fees get rolled into the amount you're financing. If you're buying a $25,000 car with zero down payment, for example, you might end up financing $28,000 when all the taxes and fees are added in. 041b061a72


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