If you are thinking about buying a car, you have probably wondered whether it is better to use dealer financing or finance through a bank or credit union. With dealer-arranged financing, the dealer collects information from you and forwards that information to one or more prospective auto lenders. Alternatively, with bank or other lender financing, you go directly to a bank, credit union, or finance company and apply for a loan. We refer to this type of loan as a “direct loan.”
Why Choose a Direct Auto Loan?
If you apply for a direct loan through a bank or credit union, they may preapprove you for a loan. This means they will quote you an interest rate, loan term (number of months), and a maximum loan amount. These figures will be based on several factors such as your credit score, terms of the transaction, type of vehicle and your debt-to-income ratio. You can then take
The destructive force of corrosion is the single greatest threat to your vehicle. Consistent exposure to a wide range of elements such as sun, rain, wind and snow can lead to rapid deterioration of metal, not only resulting in poor appearance and loss of value, but hazardous safety issues as well. Road salt, brine and debris also kick up and cling to vehicle under-bodies, eating away at metal and electrical connections.
FLUID FILM® is manufactured using an intricate heating and blending process, which combines unrefined wool wax with selective polar agents and corrosion inhibitors, creating a unique, lanolin-based formulation that stops existing rust on contact. Penetrating on contact, it creates a fluid, self-healing barrier that is always active and will not chip or crack, protecting vehicle undercoating’s and exposed metals for extended periods of time. Safe for use on all metals, it will stop pitting in chrome, will not harm most paints or plastic, and
As attractive as a lease may appear, there are a number of disadvantages:
1. Expensive in the Long Run
When you lease, you’re basically paying for the use of the vehicle for the first 2 or 3 years of its life – when the car depreciates the most. When your lease is over, you either have to lease another car or purchase one – either way you’re going to have monthly payments for a long time, whereas if you purchased a car to begin with, you would essentially drive it payment-free after you’ve paid off the loans.
Most leases have driving limits of between 10,000 and 15,000 miles per year. Anything over this amount will be penalized at a very high rate.
3. High Insurance Cost
Many people are surprised to learn that insuring a leased car can be way more expensivethan they thought. Most leasing companies require you to get
Should You Avoid a Rebuilt Title Car?Since a car with a rebuilt title has been in an accident severe enough to earn it a salvage title, you might think you should avoid it altogether. And you may be right. After all, such damage can be destructive to a car’s structural integrity, even if repairs were comprehensive enough to earn it a rebuilt title. Cars with rebuilt titles sell for much less money than their clean-title counterparts. In general, we’d stay away from cars with rebuilt titles, since they’ve been in major accidents. While it’s true these cars were repaired, it’s hard to know exactly how good the repairs were.