Used Car Loan Calculator Edmunds
Used Car Loan Calculator Edmunds
Feeling Awkward in Shopping for the Right Car?
Are you afraid of shopping for a new car? You might be thinking you’d likely make a lamentable mistake. Cast your worries away and get over it. It’s high time for you to grab hold of your chance to choose wisely.
It seems that some individuals hate the idea of shopping for a car at an auto dealership. But how rational is that trepidation?
“Based on my experience over the past few weeks, the process is not nearly as bad as some claim. Without exception, the sales staff at the various dealerships I visited -- domestic and foreign brands alike -- were courteous, knowledgeable and professional,” said John McCormick, a renowned auto critic. “It is true that the quality of dealer facilities did vary considerably, with one brand's showrooms standing out from the rest. There's no question that a clean, spacious, comfortable and modern showroom makes one feel good about the experience from the get-go, but the real test is the showroom staff.”
He added, “Anything that matches my experience at a local discount furniture chain store, where as soon as you walk into the showroom you sense the sales staff approaching from all angles, would obviously be a turn-off. But at the auto dealerships the sales people were clearly trained to sense when the ‘prospect’ would feel comfortable about being approached. At no point was I totally ignored, which can be just as annoying as over-attentiveness. Prompt and useful e-mail follow-up was also appreciated.”
“A big part of shopping for a car these days is figuring out the incentives. Should you take zero percent financing or the cash back? Can you really get both?” said Rick DeBruhl of AZ Central. Even on many popular cars like the Ford Focus, Consumer Reports says you'll find plenty of incentives.
Consumer Reports’ Rob Gentile looked at one deal that gave the option of zero percent financing or a $2500 rebate and arranging your own financing through a low rate credit union or bank auto loan. "With zero percent financing your monthly payment is 423 dollars, much higher than the 382 taking the rebate. And also the total cost is much higher," said Gentile.
With this deal, you'd save 14-hundred dollars taking the rebate. But a rebate is not always the way to go. Gentile added, "You really need to crunch the numbers to determine your best route." Consumer Reports said it pays to negotiate with the dealer. The auto shopping guide Web site has put together a calculator to help shoppers figure out which deal is best.
“Part of the art of having a relatively happy car buying experience is some knowledge of the process. Take the time to research the procedure -- easily done through a variety of Web sites -- and you will feel much more comfortable when you step through the doors. It also helps to have narrowed down your vehicle selection to a degree, although be flexible, because seeing a vehicle in the flesh can be surprisingly different from viewing it on screen or in a brochure,” McCormick noted.
Web sites like Kelley Blue Book and Edmunds offer valuable data about invoice prices and what other shoppers are actually paying for your chosen vehicle. Choosing a car is quite easy. And it could be as reliable as Accel plugs but only if you know where to start and when to stop.
“One other tip: Avoid, if possible, picking up your vehicle on the last day of the month, because that's when finance departments are usually swamped with processing paperwork and you may be kept waiting,” McCormick concluded.
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About the Author
Mike Bartley, 49, is a professional automotive journalist domiciled in Irvine, CA. He travels from one state to another to cover the hottest auto shows, racing events and automotive revelations. His penned compositions cover press releases, reviews, and suggestions. Where the auto action is, that's exactly where you can find Mike.
Establishing Credit as a College Student
Some college students shy away from credit altogether in effort to be financially responsible. The prospect of becoming trapped under the weight of unmanageable credit card debt can be quite daunting, and many students are not confident in their ability to manage debt responsibly. Though refraining from opening a credit account in effort to remain debt free can seem like a sound financial choice, a lack of credit can be detrimental in the future as having a solid credit history becomes increasingly important.
Contrary to commonly held perceptions, having a credit card does not necessarily equate to spending beyond one’s means and falling prey to mounds of debt. Managed responsibly, a credit card can be utilized as an instrument to build an excellent credit score that will expand the financial options available to a student in the future. Without credit history and an acceptable credit score, it may be difficult to impossible to get a car loan, obtain cellular phone services, and buy or even rent a home.
Your credit score is a numerical rating of your repayment history that lenders use to ascertain the risk of lending to you. Establishing a good credit score will allow you not only to get approved for a student loan, vehicle financing and other types of loans you may pursue in the future, but will help you qualify for better interest rates, equating to true dollar savings in the long run.
Like it or not, your credit score remains with you, so it is best to be conscientious and make effort to boost it from the beginning. Your FICO credit score is calculated based on your track record of making timely payments on accounts (35%), the ratio of account balances to available credit (30%), the length of your credit history (15%), new accounts and applications (10%) and the mix of the types of credit you use (10%). As you can see, a majority of your credit score is calculated based on your history of making payments on accounts on time. Staying up to date on all accounts, including credit card bills, loans, utility accounts and cell phone services, will contribute positively to your credit score over time. Even during months when you are short on funds, making a partial payment on time is better than making no payment at all before the due date. Almost as important as having a solid payment history is managing the levels of your total debt vs. the total amount of credit you have available. Some common sense is in order here—an outstanding credit card balance of $1,900 is worse on a card with a $2,000 limit than it is on a card with a $10,000 credit limit.
Waiting until you are ready to buy a house or a vehicle a few years from now to start paying attention to your credit score will likely result in disappointment. Building good credit involves responsibly handling all of your financial responsibilities and debt consistently over time. Managed wisely, a credit card can be a valuable tool for building credit or improving your credit score. Even with a good credit score, you can be denied loans because your credit history is not lengthy enough. Practicing financial responsibility with all accounts will provide a solid foundation on which you can build your credit score over time.
About the Author
About the Author: Edmund Rogers, a graduate student in English, is the editor for iStudentLoan.com, a student loan and student loan consolidation provider which also supplies a free online resource for learning about and applying for a student loan. For more information, please visit http://www.iStudentLoan.com
