What to Look For in New Car Reviews
By Cindy Teruya
As you begin your search for new car reviews, you may find yourself relying on professional testing and reviews due to the lack of consumer reviews. This will continue to be true until more people purchase and review the vehicles that interest you.
With professional reviews, there are a few common criteria that are always included, no matter which type of vehicle you would like to own. The first criterion is size. Size is always a factor with a new vehicle. The size of the vehicle will ultimately determine how easy it is to drive, handle, and park. It will also play a factor in the fuel economy of a vehicle.
However, size of the vehicle does not only include exterior, but also the amount of space inside the car. Leg room, head room, and storage space should always be discussed in reviews that you read before you narrow down the options. Along the same lines, reviews will discuss any new features the vehicle includes.
Power is the final piece of information that you will want to know before purchasing a new car. Therefore, you should find out what it has under the hood and what options come standard with the vehicle.
If you are unhappy with the standard options for a certain vehicle, you can research for upgrades. However, you should be aware it will change the value of the car, which could be different than your estimated budget.
When reading new car reviews, it is always a good idea to be weary of ones that are glowing.
To find the best reviews on the Internet, visit AutoMedia.com, where you can find unbiased facts about new and old models of cars. The site supplies an abundance of new car reviews and car buying guides.
New and Used Car Loans - How to Find the Best Financing
By Carrie Reeder Platinum Quality Author
There are a lot of financial institutions that are eager to lend money to car buyers, thus you have several options available. Securing the best finance package on your next auto loan requires some effort on your part. Several factors contribute to the type of financing you receive. Here are some tips that will improve your chances of getting the best financing.
Fix Credit Problems Before Obtaining a New or Used Car Loan
Although financial institutions are willing and ready to lend money for auto loans, they are a little reluctant to lend money to high risk applications. High risk applicants consist of individuals with major credit problems. Skipping several payments to creditors and paying bills late have a negative effect on your credit report.
Lenders have to be confident in your ability to repay loans. You are able to obtain an auto loan with bad credit, but expect to pay a higher percentage. To receive a good finance package, resolve credit issues and establish a good payment history with current creditors.
Finance Auto Loan with a Past or Present Creditor
Financing your new car with an existing lender is ideal because you have already established a relationship. Lenders are eager to maintain relationships with past and current creditors. Moreover, if you had a good payment history and maintained a good credit standing with a past lender, they may negotiate a low interest rate and terms.
Purchase a New Car with a Down Payment
Having a down payment is another way to negotiate a great financing package. Down payments can be as little as $1000. However, if you are hoping to snag an advertised low interest rate, and you prefer a low monthly payment, having a down payment of at least 20% is recommended.
Compare Auto Loan Lenders
While some car buyers obtain dealer financing without shopping around, savvy car buyers hoping to get the best financing package should compare rates and fees from at least three lenders. Getting a loan through an auto loan broker is your best alternative.
Instead of submitting a quote request to several individual lenders, request a quote through a broker. Brokers work with various lenders. After reviewing your information, the broker will email you with multiple offers from different lenders. They do all the work. Your job involves reviewing the quotes, and picking the lender that offers the best financing.
Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.
When Does A New Car Lease Make Sense?
By Jon Arnold Platinum Quality Author
Let's face it, you love cars. You love to drive a new or late model car, the smell of a new car, the feeling of new and untapped power under the hood. It is exciting. But one of the problems is that your financial resources are a bit more limited than your dreams are, so you may want to consider a car lease instead of going out to get a car loan for a purchase.
The first thing you need to understand is exactly what is a car lease. When you lease a car, it does not mean that you own the car. Rather, it is more like renting the car, although there are still many very important differences. For example, you still need to pay for the insurance on the car. This is critical because you need to carry full coverage on the car, including collision insurance, which serves to protect the risk of the owner of the car while you have it out on lease. This insurance is typically more than what you might normally have if you had purchased the car outright, so be sure to figure the cost of insurance into your overall cost of driving the car.
One of the big bright spots with a car lease is that you do not worry about depreciation of the car, since you paid for that up front. You see, the cost of the lease is figured based on how much the car will be worth in resale value at the end of the lease. For example, if the car you want to lease cost $40,000 and at the end of a two year lease, assuming you have put about 24,000 miles on the car, the resale value is about $25,000 then the lease payment is figured based on the difference, or $15,000. This is exactly the reason that you can get a much better lease deal on a car that has a great resale value, instead of a car that it pretty much shot after two years.
Another reason that a leased car can be considered a better deal is because the payments are typically lower than if you had purchased the car. Again, as described above, this depends on the estimated resale value of the car after the lease period, but generally speaking, your payments will be less. However, since you are driving more of the car as an asset or resource with less of your commitment to the vehicle, your credit needs to typically be a bit better than it would for a purchase or a car loan.
The real beauty of a car lease is that at the end of the lease, you can just turn in the car and slide into a new lease on a brand new car. This is assuming of course that you have not put too many miles on your leased car. You should have a good feeling for how many miles you will drive. Standard lease agreements state about 12,000 miles per year although that can be adjusted up front if you know you will drive more. Be very conscious of how many miles you are putting on the car, since all miles in excess of what you agreed to when you turn in the car are assessed a pretty hefty charge, like 30 cents per mile or even more.
On the downside of a car lease program, you never own the car. You have replaced tires, wiper blades, paid insurance on it, but since you are leasing the car, you will never own it and will therefore always have a monthly payment. Contrast that with a car purchase, where after the car loan term, you own the car and can still drive it but you are not making car payments anymore.
Consider which option is right for you. A car lease can be a great deal and keep more money in your pocket, as long as you can live with the restrictions and limitations.
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