Joint vs. Cosigned Auto Loans: What You Need to Know
You finally decided it’s time for a new car. That’s fantastic. You’re certainly not alone with more than 272.4 million privately owned vehicles on American city streets. Your next step is to explore your options for financing the purchase. And if you’re married, in a domestic partnership or want to explore all your options, you […]
How to Get Out of a Bad Car Loan
With average payments for new vehicles climbing higher and higher, it’s no surprise that many people are finding themselves in a bad car loan. If your monthly payments are eating into your budget or you’re interested in a new vehicle with better rates, it might be time to get out of your current car loan. […]
Are Auto Loans Fixed or Variable?
When you take out an auto loan, your interest rate is typically fixed. However, there might also be the option of a variable interest rate. Most consumers will choose a fixed rate for their auto loan financing because it offers predictability and stability when budgeting for their monthly payments. Fixed rates are also provided by […]
What Is Car Loan Amortization?
Simply put, car loan amortization is the total repayment of your car loan over time. It’s calculated by dividing the loan amount by the number of months in the loan agreement. This results in a specific amount that is due each month. Car loan amortization also includes interest and any fees, so the total cost […]
How to Calculate Interest on a Car Loan
Buying a car is a significant financial commitment. In fact, car loans are the second largest financial commitment most people will make (the first being a home mortgage). Learning how to calculate interest on a car loan will help you sift through your options and choose the loan terms that are best for you and […]
Should Both Spouses Be on a Car Loan? Things to Consider Before Cosigning with a Spouse
Nobody disputes that spouses should make major financial decisions — such as purchasing a car or refinancing an auto loan — together. A more complicated question is whether spouses should be on a car loan as cosigners. Although having a spouse cosign on your car loan might make sense in some instances, it can be […]
How Many Auto Loans Can You Have at Once?
Chances are, if you’re a licensed driver, you probably have a car loan. Around 85% of all new car purchases and 53% of all used car purchases are financed in the U.S., according to a report by Experian. The average American household also has more vehicles than drivers, and many of those additional vehicles are […]
Should I Pay Off My Car Loan Early: Advantages and Disadvantages
If you’re looking to improve your financial standing and lower your debt, you might want to consider paying off your car loan before the obligatory pay-off date. While doing so can certainly bring some benefits — more money in your pocket and the freedom of owning your car outright — there are a couple of […]
What Is a Good Interest Rate for a Car Loan?
If you’re considering buying a car, there’s a good chance you’ll wind up taking out an auto loan. The majority of drivers rely on car loans to cover all or a portion of their automotive purchase. In fact, Americans have about $1.18 trillion in car loans in total. The interest rate on your car loan […]