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Buying a car with a lien Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by offering you interactive tools and financial calculators, publishing original and objective content. We also allow you to conduct your own research and compare data for free and help you make informed financial decisions. Bankrate has partnerships with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The offers that appear on this site come from companies that pay us. This compensation could affect how and where products appear on this site, including for instance, the order in which they may appear within the listing categories and other categories, unless prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you read on this site. We do not contain the entire universe of businesses or financial deals that might be open to you. Alfa Photostudio/Shutterstock
3 min read Published on October 27, 2022
Writer: Holly D. Johnson Written by award-winning writer, author and author Holly Johnson writes expert content on personal finance, credit cards, loyalty and insurance subjects. As well as writing on behalf of Bankrate and CreditCards.com, Johnson does ongoing work for clients including CNN, Forbes Advisor, LendingTree, Time Magazine and more. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to manage their finances through providing precise, well-studied and well-researched data that breaks down complicated subjects into bite-sized pieces. The Bankrate promises
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At Bankrate we are committed to helping you make better financial decisions. While we are committed to strict ethical standards ,
This post could contain references to products from our partners. Here's how we earn our money . The Bankrate promise
In 1976, Bankrate was founded. Bankrate has a long experience of helping customers make wise financial choices.
We've maintained this reputation for over four decades by making financial decisions easy to understand
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who ensure everything we publish is objective, accurate and trustworthy. We have loans journalists and editors focus on the areas that consumers are concerned about the most -- different kinds of loans available, the best rates, the most reliable lenders, how to repay debt, and much more. So you're able to be confident about making a decision about your investment. Editorial integrity
Bankrate adheres to a strict code of conduct , so you can trust that we'll put your needs first. Our award-winning editors and reporters create honest and accurate information to aid you in making the best financial decisions. The key principles We value your trust. Our goal is to offer readers accurate and unbiased information, and we have standards for editorial content in place to ensure this happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you're reading is true. We have a strict separation with our advertising partners and the editorial staff. The editorial team of Editorial Independence Bankrate does not receive direct compensation from our advertisers. Editorial Independence Bankrate's editorial staff writes in the name of YOU as the reader. Our aim is to provide you the most accurate guidance to make smart personal finance decisions. We adhere to strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and all of our content is checked for accuracy to ensure its truthfulness. Therefore, whether you're reading an article or a report you can be sure that you're getting reliable and dependable information. What we do to earn money
If you have questions about money. Bankrate has the answers. Our experts have been helping you manage your money for over four years. We continually strive to give consumers the professional advice and tools required to make it through life's financial journey. Bankrate follows a strict standard of conduct, so you can rest assured that our content is honest and accurate. Our award-winning editors and reporters produce honest and reliable content to help you make the best financial decisions. The content created by our editorial staff is objective, factual and is not influenced by our advertisers. We're transparent regarding how we're in a position to provide quality information, competitive rates and helpful tools to our customers by explaining how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for the promotion of sponsored goods and, services, or when you click on specific links on our website. Therefore, this compensation may impact how, where and in what order items are displayed within the categories of listing, except where prohibited by law. We also offer mortgage, home equity and other home lending products. Other factors, like our own proprietary website rules and whether the product is available within your region or within your personal credit score could also affect the way and place products are listed on this website. Although we try to offer a wide range offers, Bankrate does not include details about every financial or credit product or service. If you are considering buying an used vehicle through a private seller, find out whether the car is still under an outstanding lien from the lender. This can make the purchase more difficult, but not difficult. It will mean taking some extra steps to ensure that the lien is cleared prior to the transfer of title to you. What is a car lien? A car lien lists the auto loan lender as the principal beneficiary in the title. It is a contract which acts as a protection for a lender if a borrower defaults. The lienholder can make use of the lien as a basis to take possession of the vehicle, which is why are considered . Once an automobile loan is paid in full, the lienholder is removed from being liable for the loan and the vehicle is owned in full by the person who borrowed it. The impact of a lien on your purchase of a car When you buy a car that has an attached lien, make sure that the lien is gone before you finalize the payment. If you're purchasing the car using cash, and you are paying in cash, you might be able to collaborate directly with the lien holder to pay the amount yourself. Begin by calling the lienholder in question to find out the exact amount needed to release the car and other conditions which could impact the sale. Negotiate in conjunction with your seller. They may be looking to sell the vehicle in order to earn a profit. However, If you know the payment amount, you may be able to negotiate an excellent deal and avoid paying more than what the car is worth. If you're purchasing with the help of a loan Getting a loan of your own to pay off the loan should be relatively simple. It is possible to share the details of the acquisition with the lender so it can facilitate paying off the lienholder. The remainder , in the event that there is oneis paid to the seller. After the lien is paid in full, you either or your lender will be issued the title and be able to identify the vehicle under your name. You or your lender will be listed as the new lienholder until you . If the seller pays off the loan before the purchase The sale can proceed more easily when the owner of the car simply pays off their auto loan and gets the title prior to the sale. But this isn't available to certain people such as those who owe thousands of dollars on a brand new car , or those who owe more money than the vehicle is worth. If, for instance, the seller owes $20,000 on the car which is privately sold for $17,000, they will still have to pay the lender between $20,000 and three times more than the proceeds from the sale. In these situations the seller can choose to convert the remaining auto loan to an unsecure loan such as an individual loan or a personal loan, to have the auto loan discharged. The purchase should be made official. However you deal with this scenario make sure you create a contract that addresses how you plan to have the loan eliminated or transferred. Although it's not mandatory in all states however, it's recommended to prepare a bill of sale outlining the transactions. Be sure it's authenticated and signed by both parties so everyone is aware of the sale. You might be able to make use of a third party escrow service to handle the financial side of the transaction. Escrow services can help make sure that the cash to be transferred securely. Be aware that escrow companies charge fees for their servicesand then set up the service with the seller in order to ensure that you're using an authentic company. What can you do to determine whether the vehicle you're purchasing is a lien? Ask the seller -- they must be honest about the car's ownership. You can also check the VIN as well as the title and history report to confirm the seller is being honest. Check the identification number of the vehicle (VIN) with the state's DMV. If there's a lienholder listed on the title or registration, the DMV can tell you. A title search will also provide you with information about liens. This is a great start point for finding the information of lienholders. Get a vehicle history report as well. Autocheck and Carfax have been regarded as two reliable businesses which provide lien history along with previous maintenance, damage and owners. The bottom line There are plenty of instances when buyers purchase a car with an unofficial lien from an individual without having any challenges or issues. To ensure that the transaction goes smoothly and avoid serious issues, you should know the steps to take to get rid of the lien. It is also important to research pricing for your own auto financing and have any agreements you sign with a private seller in writing. Learn more
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Written by Author, Award-Winning writer Holly Johnson writes expert content on personal financial, credit card, loyalty and insurance subjects. Alongside writing content on behalf of Bankrate and CreditCards.com, Johnson is also working with clients which include CNN, Forbes Advisor, LendingTree, Time Magazine and more. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to take control of their finances by providing concise, well-researched, and well-written information that breaks down otherwise complicated topics into digestible pieces.
Auto loans editor
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How much does it cost to paint a car? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by offering financial calculators and tools that are interactive, publishing original and objective content. We also allow users to conduct research and compare information at no cost to help you make financial decisions with confidence. Bankrate has partnerships with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may be listed within the categories of listing and other categories, unless prohibited by law for our loans, mortgage,, or other home lending products. However, this compensation will have no impact on the information we publish, or the reviews that appear on this website. We do not contain the universe of companies or financial deals that may be available to you.
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5 min read published November 15, 2022.
Written by Mary Blowers Written by an Insurance Contributor
Mary Blowers is a former contributor to Bankrate and freelance writer who is specialized in education, travel and money management. Mary is published on sites such as Top Management Degrees, Safety.com, Reviews.com, Million Mile Secrets as well as My Move.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to take control of their finances by providing clear, well-researched information that breaks down otherwise complex topics into digestible chunks.
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At Bankrate we strive to help you make smarter financial decisions. We adhere to the highest standards of ethical standards ,
this post may contain the mention of products made by our partners. Here's an explanation for how we make money .
The promise of the Bankrate promise
Established in 1976, Bankrate has a proven track history of helping people make informed financial decisions.
We've maintained this reputation for over four decades by making financial decisions easy to understand
process, and giving people confidence in the decisions they will take next. Bankrate follows a strict ,
You can rest assured that we'll put your interests first. Our content is authored by and edited by ,
who ensure everything we publish ensures that everything we publish is accurate, objective and reliable. Our loans editors and reporters focus on the things that consumers care about most -- the various types of loans available, the best rates, the most reliable lenders, how to pay off debt and much more. So you can feel confident when investing your money.
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Bankrate has a strict policy standard of conduct, which means you can be confident that we put your interests first. Our award-winning editors and reporters provide honest and trustworthy content to help you make the right financial choices. The key principles We respect your confidence. Our mission is to provide readers with truthful and impartial information, and we have established editorial standards to ensure this is the case. Our editors and reporters thoroughly check the accuracy of editorial content to ensure the information you're reading is accurate. We keep a barrier between advertisers as well as our editorial staff. Our editorial team does not receive direct compensation by our advertising partners. Editorial Independence Bankrate's editorial staff writes in the name of YOU - the reader. Our aim is to provide you the best advice that will aid you in making informed financial choices for your own personal financial situation. We adhere to strict guidelines to ensure that our editorial content isn't affected by advertisements. Our editorial team is not paid directly from advertisers, and our content is thoroughly fact-checked to ensure accuracy. If you're reading an article or review, you can trust that you're receiving reliable and dependable information.
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There are money-related questions. Bankrate can help. Our experts have been helping you master your finances for more than four decades. We continually strive to give our customers the right advice and tools required to succeed throughout life's financial journey. Bankrate adheres to strict standards policy, which means you can be confident that our content is honest and accurate. Our award-winning editors, reporters and editors provide honest and trustworthy content to help you make the right financial decisions. Our content produced by our editorial staff is objective, factual and is not influenced from our advertising. We're honest regarding how we're in a position to provide quality content, competitive rates and useful tools for you , by describing how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods and, services, or when you click on certain hyperlinks on our site. So, this compensation can affect the way, location and in what order items are listed in the event that they are not permitted by law for our loan products, such as mortgages and home equity and other home loan products. Other factors, like our own proprietary website rules and whether the product is available within your area or at your own personal credit score may also influence how and where products appear on this site. Although we try to offer the most diverse selection of products, Bankrate does not include specific information on each financial or credit item or service.
Perhaps your tastes have changed, your paint has been damaged or chipped, or you require to refresh your vehicle. No matter why, painting your car can be an expensive endeavor. However, the cost could be a smart investment. A fresh coat of paint make your car look good, but it protects the vehicle from and corrosion-related damage. When you decide to repaint your car make sure you know the process. How much will it cost to paint your car?
The cost of painting your car could range from just one hundred dollars to $20,000 or more. The price you pay depends on factors like size of the vehicle, paint type, and the shop you choose to visit.
Cost-related factors as with all vehicle accessories, there are many elements that affect the final price of painting your car. These are the most important factors to consider. Size The dimensions and the type of vehicle you drive greatly impact the cost to paint it. Painting the body of a huge SUV will be more expensive than painting smaller cars. Paint color: Not all paint is created equal, the quality and color of the paint can vary in cost. Painting your car a basic color like black or white is cheaper than painting it with a more common color. Type of paint: The price range for one coat of synthetic enamel paint is anything from $300 to $700 for a sedan of average size According to . The best paint, on contrary, can cost several thousand dollars. Paint finish: The paint finish refers to the amount of shine the paint has. Based on the style you prefer price, you can choose between matte, gloss or semi-gloss finishes. The paint finish cost could comprise the application of a coat wax or seal your car's paint job. The price for a standard wax can range from $100 to $200. A special ceramic coating will be more expensive. Quality of the shop: During your research, you can find low-cost paint jobs, however beware that price as well as quality go hand-in-hand when it comes to getting your car painted. If you choose the cheapest body shop, the workmanship is not likely to include the same level of care and attention. Should you get a professional paint job for your car or DIY? When deciding between professional or DIY painting, consider the purpose of painting- do you want an instant cosmetic update prior to selling the vehicle, or are you working on a restoration passion project? Do you want to make a DIY painting fix can add some value to an old vehicle, but won't make it better. Although it is possible to paint your vehicle yourself, it involves perseverance, expertise and a range of tools and paints you may need to purchase specific to the job. The outcome of your personal paint job may not provide the quality vehicle facelift you are looking for. Paint jobs that you do yourself are designed for older vehicles or vehicles with all-terrain surfaces that often pick up knocks and scratches. For those who want to restore a car for family use or collectible vehicle to its original state generally, it's a better idea to employ professional services from an auto repair facility. There, experts apply up to 24 even coats of paint to create an extremely glossy, long-lasting finish. Professional auto painting is expensive. Many auto body shops provide a variety of service that can be tailored to customers of diverse budgets and needs. The primary types of paint service are basic: The most affordable paint job requires only a few coats with the use of synthetic enamel paint. In the case of a basic job painters aren't likely to apply paint on areas that aren't normally obvious, like the inside or hood. Costs for basic work range from $300 to $1,000. Standard: The cost of a basic paint job usually involves sanding and taking off rust prior to painting in order to get an attractive look. Standard costs range from $1,000 to $4,500. The process of achieving showroom quality involves sanding down the bodywork to the bare metal taking away all rust and dents and then applying up to 24 coats of premium paint. The project may take up to a month, and the showroom-quality costs could range between $5,000 and as high as $20,000 in some cases. Auto painting DIY costs older vehicles, the cost of a professional paint job might be too expensive. In such cases it is possible to try painting the vehicle yourself. The necessary materials are widely accessible from automotive and hardware stores at a cost of as low as $200. Other costs are time and effort. Tools and materials needed include: Gloss paint. Primer. Foam brushes. Paint tray. Masking tape. Sandpaper. Mineral spirits for cleaning. One of the most difficult aspects when it comes to the DIY task is the finding a place to paint your vehicle. A lot of professional body and painting establishments have climate-controlled booths that are designed to limit dust or dirt might get into the paint and damage the finish. If you are planning an DIY project, your best bet is to paint the vehicle in a well-ventilated, clean garage. Tips to paint your car yourself There are several steps to consider when you paint your car. Start working downwards. Start by painting the high places like the roof, the top of the hood and the tops of the doors before moving down the vehicle. Use consistent pressure. You'll need to apply consistent pressure while applying paint with your foam brush. Don't apply excessive amount of paint at once. Applying too much paint in one go could create drips and runs in the final. Aim for even coats taking into consideration that you'll be required to do several passes. Be patient. You will likely want to apply multiple coats of paint in order to achieve an even finish, but you should allow at least six hours in between each coat. If you find these steps to be difficult but you have a small budget, consider a basic paint job done by an expert. Take into consideration quality and. price prior to painting your car. Everybody would like a cost-effective service, so when you're calling body shops to get estimates for your auto-painting project, you may be tempted to select the cheapest price. However, you get what you pay for. The low-cost quotes could be due to an inferior paint job or materials that aren't as good. Rather than removing trim, the painters may just mask it off and they could choose not to paint places that aren't easily visible. Poor quality paint jobs could use poor tape-making techniques, which will result in overspray on your windows or other rubber fixtures. The quote may not include certain services that auto painters charge as an extra cost, which means they might decide to cover up problems like rust or dents instead of taking steps to correct the issue first. Before you commit to a particular service, inquire with the painter which steps and the details the price will cover. Find out if sanding or preparing the bodywork is included in the price and request to review the previous work of theirs to ensure you are happy with the workmanship. The most important thing to consider when shopping for a service to have your vehicle painted, be aware of a number of variables that will ultimately influence the cost you pay, such as the color paint you select as well as the finish and level of quality. Your size vehicle can also play a part in the price. Although you may want to get the cheapest price but keep in mind that the end result of the paintwork could be affected. It's possible that you'll get paint that doesn't last as long or key details may be overlooked or ignored. Make sure you carefully review what's included before making a final decision. Find out more
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Written by an Insurance Contributor
Mary Blowers is a former contributor to Bankrate and freelance writer who specializes in education, travel, and money management. Mary is featured on websites such as Top Management Degrees, Safety.com, Reviews.com, Million Mile Secrets along with My Move.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain confidence to manage their finances with precise, well-researched and well-sourced information that is broken down into complex subjects into digestible pieces.
Auto loans editor
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Written by Erin El Issa Senior Writer Data analysis, personal finance, credit cards Erin El Issa writes data-driven studies on personal finance, credit cards, investments, travel, as well as student loans. She loves numbers and aims to demystify data sets to assist consumers in improving the quality of their lives financially. Prior to becoming an Nerd in 2014, she worked as an accountant for tax and freelance personal financial writer. Erin's work has been cited as a result by The New York Times, CNBC as well as the "Today" programme, Forbes and elsewhere. In her free moments, Erin reads voraciously and struggles to keep her two children entertained. Her home is in Ypsilanti, Michigan.
and Bev O'Shea personal finance writer | MSN Money, Credit.com, Atlanta Journal-Constitution, Orlando Sentinel Bev O'Shea is a former NerdWallet authority on consumer credit, scams and identity theft. She has a bachelor's degree in journalistic studies from Auburn University and a master's in education from Georgia State University. Prior to joining NerdWallet, she worked for the daily papers, MSN Money and Credit.com. Her work has been featured throughout the world in The New York Times, The Washington Post, the Los Angeles Times, MarketWatch, USA Today, MSN Money and many other places. Twitter: @BeverlyOShea.
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Written by Kathy Hinson Lead Assigning Editor Personal finances, credit scoring financial management and debt Kathy Hinson leads the Core Personal Finance team at NerdWallet. Previously, she spent 18 years working at The Oregonian in Portland in roles including copy desk chief and team leader for design and editing. Prior experience includes writing copy as well as news editing for various Southern California newspapers, including the Los Angeles Times. She earned a bachelor's degree in mass communication and journalism from Iowa's University of Iowa.
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Building credit can be tricky. If you don't have a credit score, it's difficult to secure a loan, a credit card or maybe even an apartment.
How are you going to prove a track record of responsible payment if nobody will grant you credit at all?
Be aware of how your credit score is evaluated
See your free score and the factors that impact it, plus insights into ways to continue building.
Several tools can help you :
If you're trying to obtain a credit card then you can start with a secured credit card or co-signed card. You can also request to be a member of another person's card.
If you're looking to establish credit without a credit card, you could look into credit-building loan or a secured loan or a co-signed loan. There are other ways to use utilities, rent and phone payments to build credit. Some of these options are free, others carry fees.
This article will provide a brief overview of tools for building credit, and the best way to utilize these tools to earn .
Secure your credit card
If you're looking to improve your credit score by hand, you'll require a . Secured cards are secured by a cash payment which you deposit in advance. The deposit amount is usually the same as the credit limit. The amount you can deposit is either minimum or maximum. you can deposit is determined by card. Some cards require a minimum deposit of $200. Some companies , like Avant, Deserve and Petal are now offering cards that don't require a .
You'll use the card like any other credit card: Purchase things, make a payment within or before when due, incur interest if you don't pay the balance in complete. Your deposit will be returned at the time you close the account.
NerdWallet regularly reviews and ranks options.
Secured credit cards aren't meant to be used for a long time. The intention behind a secured card is to help build credit enough to qualify for an unsecured card, which is a card that does not require a deposit and has better advantages. Select a secured credit card that has an annual fee that is low and make sure it reports the payment information to all bureaus , Equifax, Experian and TransUnion. Credit scores are constructed through the data you have collected on your credit reports; cards that provide information to the three bureaus will allow you to create an extensive credit history.
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Purchase a credit-building product or a secured loan
A is precisely what it sounds like -- its sole purpose is to help people build credit.
Typically the money you take out is held at the expense of the lender in a bank account, and is not released for you to use until loan is repaid. It's a forced savings program that is similar to a savings account and the payments you make get reported to credit agencies. These loans are most often offered by credit unions or community banks. They can also be found online, as does .
It offers a $500 line credit that is intended to be a credit-building tool.
Another option: If you have money on deposit in a bank or credit union inquire whether they can provide a security loan to build credit. With these, the collateral is money in your account or certificate of deposit. The interest rate is generally slightly more than the interest you're earning on the account, however, it could be lower than your alternatives.
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Use a co-signer
You can also get a loan or a credit card using the co-signer. Make sure that both of you understand that the co-signer is responsible for the full amount owed if you fail to pay.
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Become an authorized user
A family member or significant other person may want to add you as an account on their card. Doing so adds that card's payment record to your credit files, so you'll want a primary user who has an extensive history of making payments promptly. Additionally, having them designated to the list of authorized users can cut down on the time needed to make a . This is especially beneficial in order to build credit.
It is not necessary to utilize or even have the credit card in any way to gain the benefits of becoming an authorized customer.
Ask the primary cardholder to find out whether the card issuer is able to report authorized user activity to the credit bureaus. The activity is generally reported, but you'll want to be sure -- otherwise, your efforts in building credit may be in vain.
You must reach an agreement regarding how you'll use the card before you're designated to the authorized users list, and be prepared to pay for your share when you make.
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Credit for the charges that you have to pay
Like Rental Kharma such as Rental Kharma LevelCredit take a bill that you're already paying and put it on the credit file, helping to build a history of on-time payments. The credit score of every credit report does not take the payments into consideration, but some do, and it could be enough to get the loan or credit card that establishes your credit history for all lenders.
offers a way to have your phone and utility charges reflected on your credit report by that credit bureau. Note that the effect is only limited to your credit report through Experian -- and also any credit scores based on it.
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Maintain good credit habits
and a record of punctual payments.
To be eligible for an FICO score, you'll need at minimum one account that's been open more than six months, and at least one creditor reporting your activities to credit bureaus over the past six months. A , from FICO's biggest competitor, can be obtained more quickly.
Make sure you practice these credit-building habits to improve your credit score:
Make sure to pay your bills punctually and at least the minimum if you can . Paying credit card or loan installments punctually, each time, is the most important thing you can do to build your score. If you can spend more money than you must, that is also helpful for your score.
If you are using credit cards, make sure you keep your credit utilization at a minimumit is the percentage of the credit limit that you make use of. We recommend that you keep your credit utilization under 30% on all credit cards when possible. The lower your utilization the better for your score.
Beware of applying for credit accounts with multiple accounts at the same time. Applications for credit can cause a small, temporary drop of your scores. Multiple applications can cause significant damage. NerdWallet suggests spacing your applications by about 6 months if you can as well as researching the requirements prior to applying. It is important to note that multiple applications for auto loans or mortgages in a short span of time will be combined in the form of " ."
Keep your credit card accounts active. Unless you have an urgent reason to close the account, such as a high annual fee or slow customer support, think about opening it. It is also possible to downgrade it or transferring your credit limit to another card. Closing an account may affect the utilization of credit and lower your average account age.
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Check your credit scores and reports
A credit report is a record of how you've used credit over the years. Your credit scores predict how you'll deal with credit in the future using the information in the credit report. It is important to keep track of both to watch for errors as well as to see your credit building efforts result in positive results.
NerdWallet offers a from TransUnion. It also offers educational tools, such as NerdWallet's to understand how your the financial decisions you make impact your score.
A number of credit card issuers Print FICO scores on customers their monthly statements. They also allow online access as well. Certain card issuers provide scores for free to everyone, cardholder or not.
Check your credit reports and check each for errors and discrepancies. Up to December 2023 you are able to check your credit reports free of charge every week by . Disput any errors in your credit report you spot that may affect your scores.
Are you looking for nerdy information that is tailored to your budget? Put all your money in one place, and gain specific information to maximize the value of it.
Authors' Bios Erin El Issa is an expert on credit cards and studies writer at NerdWallet. The work she has written for NerdWallet was featured on USA Today, U.S. News and MarketWatch.
Bev O'Shea is a former credit writer for NerdWallet. Her work was published on the New York Times, Washington Post, MarketWatch and elsewhere.
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3 Credit Myths Common to Everyone Which could harm your credit score
A NerdWallet study finds that Americans aren't aware of the basics of credit, which could affect your credit ratings.
by Erin El Issa Senior Writer | Personal finance, data analysis credit card Erin El Issa writes data-driven studies about personal financial matters, credit cards, investments, travel, as well as student loans. She loves numbers and aims to simplify data sets in order to help people improve their financial lives. Prior to becoming a Nerd during 2014, she worked as a tax accountant and freelance personal financial writer. Erin's work has been mentioned in The New York Times, CNBC as well as on the "Today" program, Forbes and elsewhere. In her spare time, Erin reads voraciously and tries in vain to keep up with her two kids. She is based in Ypsilanti, Michigan.
Published Oct 4 2022 at 6:00AM PDT
Written by Kathy Hinson Lead Assigning Editor Personal finance, credit scoring, debt and money management Kathy Hinson leads the Core Personal Finance team at NerdWallet. Previously, she spent 18 years at The Oregonian in Portland in roles including copy desk chief and team leader for design and editing. Prior experience includes news and copy editing for a variety of Southern California newspapers, including the Los Angeles Times. She received a bachelor's degree in journalism and mass communications in Iowa's University of Iowa.
A majority of the products we feature come from our partners who pay us. This affects the products we write about and where and how the product is featured on the page. But, it doesn't affect our assessments. Our opinions are entirely our own. Here's a list of and .
The spread of financial misinformation is afoot and could be hurting your credit score. Finds that Americans hold many misconceptions about their credit scores, some of which could seriously damage their scores. Here are three common credit score myths and how to ward off them.
Myth 1. Leaving a open balance with your credit card good for your score
It's a common credit myth The majority of Americans (46 percent) think leaving the credit card balance is more beneficial for their credit rating than doing it total, as per the survey. However, carrying a balance won't help your credit and can even be detrimental when the balance represents a large percentage of your credit limit. This is because it can increase the amount of credit you use (the quantity of the credit limit that you use), which significantly influences your credit score.
Another downside to leaving the credit card comes from the cost of interest. Credit card debt, which you have in the event that you make a mistake and leave an unpaid balance on your credit card, even if intentionally -is among the most expensive forms of debt because of double-digit interest rates. Although you may think leaving a small balance on your card wouldn't be as costly, it could be because of .
If you fail to pay your entire balance by the due date, interest will be assessed, but not just on the remaining balance. It's instead calculated according to the average daily balance of your card. So if you leave the balance at $10 on your credit card, however, your average balance on your card for the month was $1000 and the interest rate is based on the balance of $1,000.
It is possible to combat this by paying off the balance on or before the due date, which may lower your credit utilization and the cost of your monthly payments.
Myth 2. Closing a credit card you don't need is beneficial for your credit
The survey revealed that almost half of Americans (46%) think closing a credit card that they don't use is beneficial to improve their score on credit. The idea of keeping a financial product you aren't using seems counterintuitive however closing a credit card can damage your score.
Closing a card may ding your credit score due to the amount of credit you use. While there are a few some reasons, generally speaking use credit, it's not enough to suffer the financial burden.
Even if you don't cancel your credit card, the credit card issuer will eventually close any account that isn't being utilized for a specific period of time. To avoid this it is possible to charge small, recurring expenses- like an annual subscription to your card and create autopay to wipe off the balance of your credit card each month.
Myth 3. Credit checks won't hurt your credit score
A majority of Americans (28 percent) do not realize that a lender conducting a credit inquiry can make their credit score decrease, as per the survey. There are two kinds of credit checks: the hard inquiry and the soft inquiry. When you check your credit it's a gentle inquiry that doesn't impact your score. But when an lender assesses your score to determine whether you're creditworthy for a loan that's a "hard inquiry" and your score could be lowered.
There are exceptions. For instance, for certain financial products, like auto or mortgage loan multiple inquiries in a short period can be considered an individual hard inquiry. The amount of time varies according to the credit scoring model however, it is recommended to make all requests within a two-week period. This is known by the term "rate shopping" and lets you shop around to find the most advantageous loan conditions.
However, applying for more than one credit card in a short period doesn't fall under rate shopping and will lead to the issue of a hard inquiry for each application. This is why keeping a limit on the number of applications you make is a good idea. Hard inquiries can stay in your credit file for a period of two years. So, prior to applying for an additional credit card, ensure that it's accessible to people in your credit score range.
Author bio Erin El Issa is a credit cards expert and writer on studies at NerdWallet. The work she has written for NerdWallet was highlighted on USA Today, U.S. News and MarketWatch.
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Credit Cards With No Cash Advance Charge
Advertiser disclosure You're our first priority. Everytime. We believe that every person should be able to make financial decisions without hesitation. While our website doesn't feature every company or financial product available on the market We're pleased that the advice we provide as well as the advice we offer as well as the tools we design are objective, independent easy to use and completely free. How do we earn money? Our partners pay us. This can influence the products we review and write about (and the way they appear on the site), but it doesn't affect our recommendations or advice that are based on many hours of research. Our partners cannot pay us to guarantee favorable review of their services or products. .
Credit Cards with No Cash Advance Fee
Most cards charge an upfront fee for advances and immediately charge steep interest. But a few cards have no fees.
by Anisha Sekar Anisha is a former personal finance journalist for NerdWallet. She has worked with Silicon Valley startups as well as the public sector and has contributed to publications like Technorati along with Women Grow Business. She studied applied mathematics and economics at Brown University.
Updated June 1st, 2022 at 1:54PM PDT
A majority of the products featured here are provided by our partners who compensate us. This influences which products we review and where and how the product is displayed on a page. However, this does not influence our evaluations. Our opinions are our own. Here's a list and .
A LOT LIKE THIS
In a dire situation, this could be a useful (if costly) way to get fast cash. But this is usually an expensive proposition, for three reasons:
Cash advance fees. This could be a flat rate of around $5 or $10 for cash advances, or as much as 5percent of the amount advanced. Sometimes it's a percentage with a minimum dollar amount -like the equivalent of 3% or $10 or more, whichever is higher.
Bank or ATM fees. These fees are imposed on the bank responsible for the transaction -- which is the owner of the ATM or the bank from which you can get the advance.
Interest. Some credit cards charge an interest rate that is higher when you cash out than they do for purchases. There's also no limit , meaning the interest begins to accrue the moment you receive the cash.
There aren't many credit cards that don't have cash advance fees, but they are available. Some cards also charge the same APR for advances as on transactions, making them advantageous because they still begin charging the interest for cash advances as soon as it is made. If you require to advance funds, the card that has these features is sure to be a better deal -- but remember, it is a strategy of last choice. Before taking your card into the ATM, you should consider alternative options to cash advances, like , cards that offer the capability to pay for be used for .
Here are a few choices for credit cards with no cash advance fees.
>> MORE:
PenFed Platinum Rewards Visa Signature(r) Card
The ratings of NerdWallet are made by our team of editors. The scoring formula is based on the nature of the card being assessed (such as cash back or balance transfer) and the card's rates, fees, rewards and other benefits.
It does not have any cash advance fees, but it will charge the card's highest rate of interest. In other words, the annual-fee-free $0 card boasts a sign-up bonus and impressive ongoing rewards:
5 points for every $1 spent for gas at the pump, and charging stations for electric vehicles.
3 points per $1 spent on groceries, dining out and dining, as well as television, radio, cable as well as other streaming and TV services.
1 point for $1 spent on other purchases.
There are a few drawbacks. Points can be used to purchase gift cards, travel and other merchandise, but not cash returned. The card requires good credit to be eligible. Additionally, you have to sign up with PenFed to be qualified to apply for this card. PenFed Platinum Rewards Visa Signature(r) Card . This isn't difficult but does present an additional obstacle. For joining, you must create a savings account at PenFed with a $5 minimum deposit.
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Chime Credit Builder Visa Secured Credit Card
This is a different option for those wanting to increase their credit score, and it functions differently from more traditional credit cards. As opposed to a deposit you can use the card in tandem with a Chime Spending Account that you first open.
From there, you move funds from your Spending Account and into the Credit Builder secured account, which essentially lets you set up an annual budget for credit card spending. When your bill has been paid, funds are taken out of the Credit Builder secured account. It does not charge any interest since it makes it not possible to make purchases that exceed the amount you moved in the bank account.
You can use the Chime Credit Builder Visa Secured Credit Card at any ATM, without paying interest. If you use an in-network ATM there is no need to be charged for fees either. You can find in-network ATMs within your region within Chime. Chime app.
Nerdy Tip
On July 6 2021, the non-profit news outlet ProPublica revealed that a number of Chime customers' accounts were shut down without notice, leaving them with no access to funds. In the ProPublica report, Chime claimed that many closures were linked to fraud, however it also acknowledged that some of the closures were mistaken. If your account has been shut down by Chime or another neobank without notice, there are to be a possibility of resolving the issue. Make contact with the neobank directly to discuss the situation. And, if you aren't supported by the neobank You can submit a complaint to the Consumer Financial Protection Bureau.
DCU Visa(r) Platinum Secured Credit Card
The NerdWallet ratings are based on the work of the editorial staff. The scoring algorithm takes into consideration the kind of card being evaluated (such as cash back, travel or balance transfer) and also the card's rates, fees, rewards and other features.
The offer includes no cash advance fee with the same rate for advances in cash as it charges for purchases. ( The ongoing APR is 16.00 percent variable .) It is an option for applicants who want to build their credit. It charges a $0 annual fee, but it provides no reward on an ongoing basis. It also is required to make a $500 minimum amount of security, which can be high when compared with other .
>> MORE:
Prosper Card
Prosper Card Prosper Card is an for those who are building credit. It is charged a $39 annual fee, which is waived for the first year if you opt for autopay before you get your first statement. The card is accepted at ATMs in which Mastercard is accepted, and Prosper will not charge any ATM fees. However, you could be charged fees by the ATM's owner, as well as being charged at the card's maximum interest rate.
There is no sign-up bonus or ongoing rewards, but Prosper will check your account each three months to determine whether you are eligible for an increase in credit limit.
>> MORE:
About the author: Anisha Sekar is a former personal finance writer at NerdWallet. She worked for Silicon Valley startups and in the public sector. She studied applied mathematics and economics in Brown University.
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What is a Money Order? How does a Money order Work and where can you purchase one
Advertiser disclosure You're our first priority. Everytime. We believe that every person should be able to make sound financial decisions without hesitation. While our website doesn't feature every company or financial product that is available, we're proud of the guidance we provide, the information we provide and the tools we develop are independent, objective, straightforward -- and completely free. So how do we make money? Our partners pay us. This could influence the types of products we write about (and the way they appear on our website) However, it does not affect our advice or suggestions that are based on hundreds of hours of study. Our partners are not able to be paid to ensure positive review of their services or products. .
What Is a Money Order? How a Money Order Works and where to purchase one
A money order is a purchase at places such as Walmart and the post office or your bank.
By Margarette Burnette Savings accounts as well as money market accounts bank accounts Margarette Burnette is a specialist in saving and has written about bank accounts from before even the Great Recession. Her writing has been featured in major newspapers. Before becoming a part of NerdWallet, Margarette was a freelance journalist who had bylines in magazines such as Good Housekeeping, and Parenting. She lives close to Atlanta, Georgia.
Updated 23rd November 2022
Written by Yuliya Goldshteyn, Assistant Assigning Editor Yuliya Goldshteyn works as a banking editor at NerdWallet. She has previously worked as an editor, a researcher, and a writer in industries ranging from medical care to market research. She earned a bachelor's degree in history from the University of California, Berkeley and a master's degree in social sciences from the University of Chicago, with the focus on Soviet culture and history. She is located at Portland, Oregon.
Review by Kathleen Burns Kingsbury Wealth psychology expert and coach Kathleen Burns Kingsbury, founder of KBK Wealth Connection and host of the Breaking Money Silence podcast, is an internationally recognized as a speaker and author. As an expert on financial psychology, Kathleen is a regular on the television, and her writing has been featured on The New York Times, The Wall Street Journal, "PBS NewsHour,"" Money magazine, Today Money, Forbes and CNBC. Kathleen was an adjunct faculty member at the McCallum Graduate School at Bentley University from 2009 until 2019, and is now a professor for the Champlain College. Champlain College.
At NerdWallet our content is put through a rigorous . We have such confidence in the quality and utility of our content that we have external experts review our work.
The majority or all of the items featured on this page are from our partners who compensate us. This impacts the types of products we write about and where and how the product is featured on a page. However, it does not affect our assessments. Our views are our own. Here's a list and .
Table of Contents. Show More
Table of Contents
The most important lessons to learn about money orders
A money order is a secure option to use instead of cash, or personal checks; it works like an actual check, so you can cash it or deposit it into an bank account.
If using personal checks puts you at risk, or aren't accepted for payments, you can opt for an alternative method of payment, which is a money order.
You can make use of cash or a debit card to buy money orders at the post office, Walmart, Western Union and many other locations.
How do money orders work?
The money order can be described as a piece of paper that's a secure alternative to cash or personal checks. You can specify who will get the money order and both you and that person must sign it in order for it to be legal that reduces the risk of theft.
You also prepay for money orders before you buy it. You can purchase them from U.S. post offices, Walmart, Western Union and other locations. A lot of them have a limit of $1000 which includes those you buy at banks. Typically, you need to make payment for money orders by cash or debit cards.
Nerdy Tip
Money orders are a good option for sending money if you don't own an bank account or don't want to share your banking information for the receiver.
Money orders: The pros and pros and
There are pros and cons when using a money order. Consider these pros and cons before making a decision to use one.
Pros:
No bank account required to send or receive an money order.
Money orders are easily available.
Cons:
Once a money order is cashed (or lost), it can be difficult if not impossible to retrieve your money, even if it was a result of fraud or a scam.
Subject to cash advance fees and interest if purchased with credit card. (Read the full details here .)
What can I do to purchase a money order?
Know how and who you'll be paying: Prepare with cash or a credit card, with the names of your person who will be paying and the amount you'd like to send. The option of paying with credit cards is possible, however, it will usually cost extra.
Fill it out and add the payee's name in addition, you'll need to write your name (and maybe the address) and then sign the purchase. (For step-by-step instructions read NerdWallet's advice on .) Be careful to ensure that the information you input is correct since it is impossible to edit the information later.
Keep the receipt. The receipt will be an electronic copy of the money order , or a slip of paper that contains the details that are included into the cashier's note. It could be necessary to track your money order or contact the person who gave you it.
Monitor your money order: Your receipt will also include an tracking number which you can utilize to verify that the money order was delivered to the recipient you intended. If any problems arise, contact the place that you purchased the money order to get help.
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Where can I obtain a money order? How much does the cost of a money order?
It is possible to purchase money orders at a post office, Walmart, Western Union and many other locations. Domestic money orders have a range of costs, from under a dollar up to $5 dependent on the place you purchase them. You'll get a better deal at Walmart or a market or convenience store but you'll typically pay more at a bank.
Not all providers provide international money orders, but certain Post offices will, but they're more expensive than money orders for domestic customers. And no matter where you buy them, it's safer to buy money orders in person.
Provider
Cost
Walmart
Up to $1.
Transfer agents for cash (convenience stores supermarkets, convenience stores, etc.)
Depends on the service provider. For example, some areas in San Francisco Western Union providers charge $1.
U.S. Postal Service
For up to $500: $1.65. $501-$1000: $2.20. Military money orders are 55 cents. International (up up to $750): $49.65.
Credit unions and banks
Depends on the financial institution. Often around $5.
>> Looking for more ways to send money ? Here are our .
What will a money-order cost at the biggest U.S. banks?
Here is a table listing the money order cost and the availability of some well-known banks. It is important to note that banks generally only sell money orders to customers who have accounts.
Click here to discover the money order cost and availability at some popular banks.
Bank
Money Order Details
Not available.
, Member FDIC
There is no offer.
Not available.
Five dollars for up to $1,000; free to premium account holders. You must purchase the account at a branch.
$5; free for customers with premium checking accounts.
$5; Free for customers who have premium checking.
$5; free for premium customers of checking.
$5; free for members from the Military.
$5 for as much as $1,000. You must purchase it at a branch.
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When should I use the money order?
There are instances where personal or cash checks could be risky, or they aren't accepted as payment. Here are four examples of where cash orders can be the ideal option for payment:
It is essential to transfer money in a secure manner. Unlike checks, money orders don't include you bank account number, and they ensure that only the person who is receiving it can use it, unlike mailing cash.
You're worried about bouncing the check. Because the money orders can be redeemed, they can't be rejected because of insufficient funds. Another option: a certified check or a cashier's cheque, both of which ensure payment and don't have to be accompanied by an amount limit of $1,000, as do the majority of money orders. ( And .)
It's a matter of sending money internationally. Some money orders don't work internationally, however U.S. Postal Service money orders can be sent to about 25 countries. Another option is to use a wire transfer (see ), if you require the funds faster and can spend more. You can also check out our .
You don't have a checking account. Because money orders require that you pay by advance, there is no need a bank account and you can still pay bills safely.
Nerdy Tip
For those who don't own a bank account, a different option for paying for your everyday purchases and bills is to use a .
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Credit Card for Savings and Cash Management. Money Market
A savings account is a place where you can store money securely with interest.
Savings accounts are an account where you can store money securely and earn interest.
Member FDIC
SoFi Savings and Checking
The APY is 4.00 Per cent SoFi Members who have direct deposit can get up to 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 1.20 percent APY on their checking balances. There is no minimum amount of direct deposit needed to earn the 4.00% APY for savings. Members without direct deposit will earn 1.20% APY on all balances of their checking accounts and savings (including vaults). The rates of interest are variable and subject to change at any point. The rates listed are current as of 03/17/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
Min. balance to APY $0
Member FDIC
Marcus is a product of Goldman Sachs Online Savings Account
APR 3.75% 3.75% APY (annual percentage yield) with $0 minimum balance to earn the stated APY. Accounts must be in at least a positive balance in order to stay open. APY valid as of 02/14/2023.
Min. balance to APY $0
Member FDIC
CIT Bank Platinum Savings
APY 4.75%
Min. balance required for APY $5,000
The cash accounts offer features and services similar to checking, savings or investment accounts into one product. Cash management accounts are typically offered by non-bank financial establishments.
These cash accounts combine services and features similar to savings, checking or investment accounts into one account. The cash management account is typically provided by non-bank financial institutions.
on Wealthfront's site
The Wealthfront Cash Account
APY 4.30%
Min. balance required for APY $1
on the Betterment's website.
Betterment Cash Reserve - Paid non-client promotion
APY 4.20 Percentage of annual percentage yield (variable) is at 03/27/2023.
Min. balance to APY $0
CDs (certificates of deposit) are a form of savings account that has an interest rate fixed and a term generally, and have higher interest rates than standard savings accounts.
CDs (certificates of deposit) are a form of savings account with an interest rate fixed and a term, and usually have higher interest rates than regular savings accounts.
Member FDIC
Marcus by Goldman Sachs High-Yield 10-Month CD
APY 5.05 5 % 5.05% APY (annual percent yield) as on 03/28/2023. Special Offer Ends 09/15/2023.
The term is 10 months
CIT Bank No-Penalty CD
APY 4.80%
Term 11 months
Deposits are FDIC Insured
Current Account
APR N/A
Monthly fee: $0
Chime Checking Account
APR N/A
Monthly fee $0
Member FDIC
Axos Bank(r) Rewards Checking
APY 3.30% Your annual percentage yield can be as high as 3.30 percent depending on the following combination rate-rewards: direct deposits (not including transfers between banks from another account) totaling $1,500 or more every month earn 0.40%. A direct deposit that is eligible for a qualifying amount is required for the remaining interest rate qualifications to apply. Ten (10) point-of-sale transactions per month, using your Rewards Checking Visa(r) Debit Card for regular purchases, with at least $3 for each transaction, or enrolling in Account Aggregation/Personal Financial Manager (PFM) earn 0.30%; maintaining each day a balance that is $2,500 for the Axos Self-Directed Trading Invest account earns 1.00 percent; and maintaining the average balance per day of $2,500 per month within An Axos Managed Portfolio Invest account will earn 1.00%; and making a monthly installment towards an active Axos Bank consumer loan (commercial or business loans exempted) through a transfer from your Rewards Checking account earns a maximum of 0.60%.
Monthly fee of $0
The money market accounts have rates that are similar to savings accounts, and come with some checking features.
Market accounts for money pay interest rates similar to savings accounts, and come with certain checking features.
Member FDIC
Discover Bank Money Market Account
APY 3.50 percent
Min. balance to APY $1
Tracking of money orders
It's fairly easy to figure out where a money order is as long as you've kept the receipt. However, the procedure varies according to the issuer. The U.S. Postal Service and MoneyGram allow you to track your online purchases using information such as the serial number that appears on the receipt along with the purchase price. Banks should be in a position to provide the exact information.
Without a receipt, you'll likely have to file a research request to discover your money order's serial number, and that's expensive and lengthy. With MoneyGram, for example it's $40 and can take up to 60 days to finish.
Be sure to trace the money order with the company that actually issued it -- it might be Western Union or MoneyGram even when you bought it from a convenience store. The money order must clearly show or state who the company is.
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The author's bio: Margarette Burnette is a savings account expert at NerdWallet. Her work has been featured on USA Today and The Associated Press.
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Find a savings account that is more efficient
See NerdWallet's picks for the most high-yielding online savings accounts.
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5 min read published September 15, 2022
Written by Allison Martin Written by
Allison Martin's work began over 10 years ago as a digital content strategist. She's been featured in a variety of top financial media outlets such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to take control of their finances with clear, well-researched data that break otherwise complicated subjects into digestible pieces.
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Although the price tag of a vehicle will direct you towards the model and model that's best for you however, it's not the only cost that you must keep in mind before making the purchase. The cost of maintenance and repairs, as well as fuel automobile insurance, as well as annual registration renewals need to be considered when choosing the vehicle best suits your budget and needs. How to estimate the true costs of car ownership determine the true costs of owning a car, you'll need to consider many factors, including repairs and maintenance , gas expenses and registration fees. You also have to consider fees, taxes and car depreciation. By doing your research in advance so that you don't get sucked by the laundry list of charges and will be able to determine that you are able to afford what you are driving from the parking lot. Repairs and maintenance scheduled maintenance can cost less than $100 for each visit, however, the cost will increase with older cars. can help you determine cost averages according to your vehicle's type, make and model as well as the mileage. Today's vehicles can cover 5,000 miles or more between scheduled maintenance visits however, it's not recommended to delay maintenance visits in order in order to save money on maintenance costs. You should always follow the manufacturer's car maintenance schedule found in the owner's manual of your vehicle to maximize the life of your car . Also, make sure that the manufacturer doesn't invalidate the warranty of your new vehicle. Car insurance Although the majority of states do not have their drivers purchase insurance for their cars, for the majority of drivers it is an important consideration when calculating the true costs of owning a car. Insurance can provide you with hundreds of millions of dollars in the case of collision and the average motorist has to pay . The most efficient method of determining your auto insurance costs is by looking at quotes from several firms. Your insurance rate can vary according to your age, accident history, yearly mileage as well as gender, the type of vehicle you own and much more. Cost of gas the gas station varies because of demand, taxes and even the location. If you're a potential car purchaser, you can prepare for the expected cost by looking at your car's fuel economy on . A "good" gasoline mileage of cars that are not hybrids is around 20-30 miles per gallon. However, hybrids and electric vehicles could reach 50 to 100 miles per gallon, or more, according to . It is also important to think about the fuel octane and type of fuel needed. A high-performance vehicle will require higher-octane premium gasoline that could affect your budget monthly. However, you can save money on gas by comparing the best deals before taking a fill-up at the pump. Registration, fees, taxes If you purchase a car, there will always be charges to be paid after you're ready make the purchase. The three main ones are vehicle registration fee, taxes for documentation, as well as sales tax. The registration fee varies by state. In some states, registration costs are less than $100 annually, but other states charge closer to $200. That cost can also be affected by the cost and age of the vehicle. The documentation fee is for the paperwork that comes with the purchase of a new car. Dealers often use this fee as a chance to get extra money. Some states impose a documentation fee limit of $100 to $200, however many states do not control documentation fees. Make sure you check the rules of your state before time to be prepared to negotiate if that number is too steep. Sales tax is also different depending on the state. The residents of California can expect to pay 10.25 percentage tax for their car, however, customers in Michigan can expect taxes to be as low as 6 percent. A car tax rate calculator will help you avoid surprises when you sign the contract. Depreciation is the rate at which it loses value over time. It shows the difference between what it's worth now compared to when you first bought it. It's an important factor because you may lose money if you own a vehicle with an extremely high rate of depreciation. can help you determine the rate of depreciation for potential vehicles over a period of five years as certain cars appreciate more quickly than others. In general, new cars depreciate faster than used cars. How can you reduce your car's costs In addition to researching before you sign a contract there are numerous daily ways to cut down on your car's expenses when the car is yours: Avoid driving too fast and accelerate too fast: Speeding, speedy acceleration and sudden braking all decrease your car's gas mileage. Driving the speed limit -or a little less than is a good way to reduce your gas bill at the pump. Pick a reliable mechanic: Shop around with a few mechanics, and check reviews on the internet before choosing one. Establishing a rapport with a reputable mechanic will guarantee fair prices. Maintain your car according to the schedule: It can be tempting to ignore routine maintenance and service visits, but following the manufacturer's recommended schedule will stop your vehicle from breaking down. Plus, you can possibly save money on repairs. Consider a defensive driving class Numerous insurance companies provide discounts to drivers who successfully complete online defensive driving training. Be careful not to over-use the air conditioner by using the air conditioning when not needed could significantly impact the fuel efficiency. When it's possible to do so, open the windows instead of cranking up the air. Find out about auto insurance: Some providers offer far more affordable rates on auto insurance than other providers. Take your time and look around for the best deal best suited to your needs. Map out your routes: laying your routes in advance reduces unnecessary trips and lowers fuel costs. Earn rewards from gas purchases Make use of loyalty reward programs offered through select credit card issuers and gas stations. Experts recommend that you spend less than 10 to 15 percent of your monthly earnings on a car loan. You must also factor in the cost of maintaining your vehicle, which should not exceed more than 7 percent which would make the total between 17 and 21% of pay. How can you save money from your auto loan Shopping around to find it can aid in reducing your expenses associated with owning a car. Before you begin your search, check your credit score to find out where you stand since lenders will use it to decide the rate they will offer you. In the event that your score isn't up to standard, request copies of your credit reports from the three largest credit bureaus including Experian, TransUnion and Equifax Review the information. File disputes if you spot issues and find any areas of your credit report you have to improve that may affect your credit score down. If your credit score isn't at par and you need an auto loan now, is also a potential option. Next, seek out rate quotes to determine the best rates on financing. Many lenders let you online without hurting your credit score. Additionally, you can also utilize these rate quotes as leverage when you are negotiating a purchase price with the dealer. If you're ready to apply for a loan, select the lender with the terms that will allow you to sign the contract. Be aware to note that the greater the loan period, the greater cost of interest you'll be paying even if you make an affordable monthly installment. The bottom line Car maintenance costs, insurance , and added fees can leave you in a tough financial position if you're prepared for these costs. Plan ahead and review your budget to ensure you are able to afford the car you're purchasing. Make sure you do your research before you apply for a loan to secure the best deal on financing. Find out more
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Written by
Allison Martin's work began over 10 years ago as a digital media strategist, and she's since published in numerous prestigious financial outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to take control of their finances through providing clear, well-researched information that breaks down complex topics into manageable bites.
Auto loans editor
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ACE Elite Prepaid Debit Card Review
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ACE Elite Prepaid Debit Card Review
by Spencer Tierney Senior Writer | Certificates of deposit, ethical banking, banking deposit accounts Spencer Tierney is a consumer bank writer for NerdWallet. He has been writing about personal finance since 2013 with a focus on certificates of deposit as well as other banking-related topics. The work he has written for him was covered on The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is located in Berkeley, California.
Updated Oct 1, 2018
Editor: Amy Hubbard Amy is a former banking editor and copy editor for NerdWallet. She was previously an editor and writer in The Los Angeles Times, the L.A. Daily News and the Hollywood Reporter, among other publications.
The majority or all of the items featured on this page come from our partners, who pay us. This influences which products we review and the location and manner in which the product is featured on a page. However, this does not influence our evaluations. Our views are entirely ours. Here's a list and .
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At ACE Cash Express
It's possible that the ACE Elite prepaid debit card could cost more than its worth. The card, managed by NetSpend and issued through MetaBank It comes with a few additional features that aren't found offered by other credit cards, like an interest-bearing savings account, however the costs for the card can add up. If you've got direct deposit, you can lower some charges. But there are .
Find out more about the ACE Elite's charges and other services.
Ideal for:
Those who can't sign up for an bank account, want to receive direct deposit and take advantage of the savings feature.
Pros
It's free to sign up for the card online. The sign-up procedure is straightforward. You'll need your Social Security number when you register, but there's no credit check.
Discount on the monthly fee. If you've got at 500 in direct deposit per month (from the government or from payroll), you can be included in the FeeAdvantage Plan which is $60 per year.
It can take up to two days for direct deposit. Companies and government agencies may pay you earlier than the official payday, but banks usually wait to process the funds. ACE Elite can process direct deposits faster, but it depends on whether they receive your money earlier or not.
Monthly plans don't have the expense of purchasing. The majority of prepaid debit cards do not charge fees for using the cards at shops However, ACE Elite's pay as you go plan does -- 1 cent per purchase. The card's two monthly plans, however, keep purchases free.
Three reload options are free. Direct deposits, online transfers made from an additional ACE Elite card and mobile check deposits that have a 10-day processing are all free. Transfers from bank accounts may be free, however it is dependent on the bank.
Savings account that offers an APY of 5% for the first $1,000. This percent yield per year is very high but once you have reached $1,000, the rate decreases to 0.50 percent APY for the remaining balance. It means that you will get $50 of interest for the first $1,000, and $5 on the next $1,000 and the same rate for the next. If you pay one year's worth of fees, the price alone may outweigh any you make in interest.
Click here to see more options See our selection of
Cons
The monthly fees are high. Prepaid debit cards usually have a monthly fee around $5, in the average, however, the ACE Elite fee is $9.95.
Other charges. If you stop using this ACE Elite card for 90 days or want to request a cash payment for the balance of your card and you're charged a $5.95 cost. There's also a fee to purchase the card at stores, up to $9.95 as well as a one-time fee of $1 for transactions that are declined as well as fees for certain calls to customer service.
There is no free-withdrawal service for customers. To withdraw cash at any ATM or at a bank costs $2.50 each time.
There is an overdraft option available. One of the major selling points for most credit cards for prepaid debit is that they do not charge overdraft fees if your account dips into the negative. ACE Elite, like other NetSpend-managed cards, has an overdraft program with 15 overdraft charges and a maximum of 3 per month. This is lower than the majority of banks' overdraft plans, however, it is not the best option to help you budget.
There's no free method to transfer money manually, but it's fast. Transfers online take days to process and the option of processing mobile check deposits within minutes can cost at least 2% of the check amount.
No free-reload network. Reloads of cash at stores in NetSpend's Reload Network, such as CVS Pharmacy and 7-Eleven, are quick, but come with the cost of $3.95 which varies depending on the store. Certain locations do not charge however some do.
A brief overview of debit cards for prepaid
What is a debit card that is prepaid?
A Prepaid debit card can be described as a form of credit card that lets you spend the money you load onto the card. They don't help you build credit. Similar to a debit card the prepaid card can be used at any merchant which accepts its payment network, which includes Visa, Mastercard or American Express. It's safer and more convenient as opposed to cash. The prepaid cards usually have a mobile app to deposit checks and transfer funds. Learn more on our guide on prepaid debit cards.
In contrast to checking accounts, prepaid debit cards might not have certain services, like free ATM or branch networks and checks, to name a few. If none of that appeals to you, check out our top list of checking accounts. If you've been struggling with banks before consider second-chance checking options.
Prepaid debit card vs. debit card vs. credit card
Credit cards with prepaid cards -- make payments before: You load money onto the card through cash or checks or direct deposit to the bank account before paying for transactions.
Debit cards -- pay now Use funds directly from a checking account to pay for purchases or withdrawing funds from an ATM.
Credit cards -Pay later: You take money from a bank when you make use of the card. You pay it back later.
How does FDIC insurance for prepaid cards work?
Prepaid debit cards nearly always include FDIC insurance, which helps keep your money safe in the event that the issuer goes bankrupt. Only financial institutions are eligible for FDIC insurance, so the prepaid card must be controlled by a bank or a prepaid credit card company that partners with a bank to provide the insurance. You must sign up your prepaid debit card with your name and other information about your identity to be eligible for FDIC insurance as well as other protections.
Author bio Spencer Tierney is a writer and NerdWallet's official authority on deposit certificates. The work of Spencer Tierney has been featured by USA Today and the Los Angeles Times.
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