Automotive Finance Tips for a Successful Car Purchase in 2022

As we move into the future, cars and other vehicles are becoming more technologically advanced every year. With so many new features available to consumers, it can be overwhelming to narrow down your selection of vehicle options. However, you don’t need to let technology get in the way of choosing the right car for you! Continue reading to learn more about auto finance tips to help you choose the perfect car in 2022!

Buying a New Car

How to Buy a New Car Without Fear: Cars are expensive. Everyone knows that. But if you know what you’re doing, it doesn’t have to be painful and confusing. To buy your next car without fear, follow these steps. First, consider whether you need to lease or buy. If you can make lower monthly payments by leasing than buying—meaning no more than 20% of your take-home pay—then go ahead and lease (unless money is really tight). If not, then keep reading.

Buying a Used Car

Buying used may be cheaper, but you’ll miss out on some perks new cars offer. Some manufacturers won’t honor warranties on cars that aren’t bought from authorized dealers, and if your car is damaged or stolen during your warranty period, they could deny your claim. Warranties aside, there are other reasons to buy new: parts availability and safety features like lane-departure warning systems (which help prevent accidents) are only available on newer models. Plus, when you buy a car directly from an automaker, it comes with roadside assistance for as long as you own it—something aftermarket companies can’t provide.

Financing Your Next Car

If you’re new to car purchasing, financing your next vehicle can be an overwhelming experience. However, with these tips and tools to guide you, it doesn’t have to be. We’ll help you make sense of leasing vs. buying, car insurance costs and what not to do when financing your next ride! Get started by following our helpful instructions below:

We’ve helped millions of people just like you get access to affordable auto loans over our nearly two decades in business. So take advantage of our expertise as we outline all that you need to know about financing your next car purchase – from credit score requirements, average down payments and interest rates to auto loan calculators that can estimate monthly payments based on your income and budget.

Additional Services to Add To Your Next Vehicle Purchase

One of the best things you can do when buying a new vehicle is to ensure that you’re well-informed about your purchase. You don’t want to be caught off guard by small or unexpected fees and costs—and sometimes even salespeople don’t tell you everything! To help, consider talking with an auto finance professional who can make sure you know all your options and aren’t paying any hidden fees.

Fueling Up – How Much Will That Cost?

The average price of gas is predicted to reach $8.10 per gallon by 2022, based on current trends. The price of gasoline can vary widely by region, which means that vehicle owners and potential buyers need to know how much they will pay at every fill-up. Given that, why not calculate your vehicle’s fuel costs? That way you’ll know just how much money you’re spending every time you fuel up!

Keeping Your Vehicle Running Smoothly And Effectively

Over time, your vehicle will develop wear and tear, especially on major components like engine parts. In fact, most car manufacturers expect their vehicles to need repairs within three years of purchase. If you’re looking to keep your vehicle running smoothly, it’s important to make timely and effective repairs.

What to Look for in a Finance Agreement?

To start with, know that there are three main types of car loans: interest-only, fixed and flexible. Interest-only and flexible loans carry lower monthly payments but charge higher interest rates, so they’re best suited to those who have good credit scores and will be able to make their payments on time.

Leasing

Many consumers are opting to lease cars, which allow them to spread out their payments over several years. Most leases offer significant savings over purchasing a vehicle outright, with down payments typically around $1,000 and monthly payments between $200 and $300.

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