Car Transport Online Quote - Beyond A Bad Credit Car Loan: The Additional Costs Of
Driving A Car
Score below 620, you'll be in the bad credit category. You can still obtain a car loan; you’ll
simply be charged a higher interest rate.
To offset the higher interest on a bad credit car loan, you need to do all you can to keep your
payments as low as feasible. Having a decent down payment or trade-in will assist. Experts
suggest putting at least 20% down to keep from getting upside down on your car loan. You can
also prolong the term of the loan. This will lower your monthly payment but you'll pay more
money in the long haul.
If you're purchasing a new car, never pay sticker price. The sticker price or MSRP-
manufacturer’s suggested retail price-is what the dealer wants you to pay for the automobile or
truck. It's several hundred dollars higher than the factory invoice price, which is what the dealer
paid. You can look up factory invoice pricing on the web. Remember, the less you pay for the
automobile, the less you have to finance with your bad credit car loan.
Besides your bad credit car loan payments, here are a few other financial figures you should be
Depreciation is the difference between the MSRP of a new vehicle and what it’s worth at a later
date. Should you purchase a new car for $25,000 and it depreciates $3,700 the first year, that’s
almost 15%. On the majority of cars, the rate settles down to between 7% and 10% annually
after the first 3 years. According to the U.S. Department of Transportation, the average life span
of a vehicle is around 13 years. Even if you keep your car only half that long, you'll still have it
for a number of years after you've paid off your bad credit car loan.
Tags and Taxes
The buy of an automobile is subject to sales tax, unless you live in Alaska, Delaware, Montana,
New Hampshire or Oregon, because these states do not collect sales tax. You'll likewise have
to shell out for title, registration, tags and emissions fees. These can add up to several hundred
dollars depending on what you purchase and where you live. You can roll all these up-front
costs into your bad credit car loan.
Liability insurance is required in order to register an automobile. Collision and comprehensive
insurance is needed by your lender to cover their investment. Your insurance rate will be
determined by the year, make and model of your automobile and the deductibles you choose on
your coverage. Other factors that influence your insurance rate are: where you live, your
gender, your age, your marital status, and your driving record.
Fuel and Maintenance
In 1950, when AAA started doing their yearly analysis, the composite cost of driving an
automobile was nine cents a mile, and gasoline sold for 27 cents a gallon. The composite cost
per-mile in 2006 is 52.2 cents. That is nearly $8,000, if you drive a medium-sized sedan 15,000
miles. And this figure doesn’t reflect the recent hikes in gas prices. Nor does it include car loan
Pre-approved Car Loan
One last piece of advice; get your car loan prior to looking for a car. Being pre-approved for your
financing sets a practical limit on your search. Understanding how much you can spend will also
save you the embarrassment of discovering an automobile and then discovering you cannot get
Pre-approved auto financing can be secured quickly and easily on the web. One site
specializing in bad credit car loans is www.fastcarfinance.com. They offer a no-obligation, free
loan quote. Seeing how much you could be qualified to borrow is a good way to start shopping
for the car of your dreams.
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