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7 minutes read. Published February 27, 2023
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the ways and pitfalls of taking out loans to purchase an automobile.
Editor: Rhys Subitch Edited by Auto loans editor
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It is a financial strain car ownership starting from the first purchase through filling up at the gas station, hit record highs for drivers in the last year. Although gas prices have climbed down to $3.38 in February. 24 as per AAA -the cost of financing a car is becoming more expensive as . The average cost for financing is $700 a month for new vehicle financing and $525 for used in 2022's third quarter, . With steep costs to fill out and fund, and the ever-present worries over climate change, many motorists are itching for another option. Perhaps you're asking "Should I purchase an electric vehicle?" And you wouldn't be the only one. Electric vehicle (EV) sales have increased in the past few years, and TransUnion believes that the EV market share will grow to . However, the high upfront cost of electric vehicles could not be suitable for all drivers. Do I need to buy an electric vehicle? The decision to purchase electric is one that should be considered with the same vigor as selecting the model and the maker of the next vehicle. For some, the ease of low maintenance will make the expensive cost of the price worth it. "From the point of view of a pure consumer standpoint, purchasing an electric vehicle will be extremely positive," says Brian Moody who is executive editor at Autotrader. "In addition to that, driving in electric cars is very rewarding. It is quicker and more efficient, and electric cars come with cool features like the ability to heat up the vehicle's interior prior to hitting the road." If you don't have a fully electric vehicle, a hybrid or plug-in model could be more efficient than gas-powered models and being kinder on your wallet than an electric vehicle. According to Moody explains, these typically have a lower price tag as well. They "function as an electric vehicle for everyday use, consuming gas only for long journeys." This can be a viable option for people who want to drive electric but not ready to commit fully. The electric car market has seen tremendous innovation over the last two years and is expected to continue to grow. While upfront costs have historically been prohibitive, they're decreasing as more options are made accessible and established brands move into the electric car market. In the U.S. auto market is shifting toward electric Record-high gas prices might have helped propel EV sales. Electric vehicles comprised 5.7 percent of all new vehicle registrations in Q2 2022, according to . That may not seem big but it's a significant improvement from the 1.5 percent of EVs in Q2 2018. The increasing interest in electric vehicles has led to improvements in financing options such as tax credits and tax rebates. This increased market is among the main reasons to consider buying an electric vehicle. While Tesla currently dominates the market, TransUnion predicts the luxury brand will lose its percent of market in 2025 due to the increasing number of innovative and mainstream models coming into the market. Moody has a similar view regarding vehicle availability. "It was once the case that there were only one or two small or very expensive electric cars. While EVs cost more overall, some individual models are more reasonably priced. For example Kia EV6 and Chevrolet Bolt. Kia EV6 and Chevrolet Bolt." The Nissan Leaf is another cost-effective alternative to EVs. EV drivers share almost the exact same credit profiles as those driving luxury Satyan Merchant the senior vice president and business leader for automotive at TransUnion has witnessed a rise in the popularity of EV financing, and an ensuing influence on the entire automotive finance market. The study by TransUnion for 2022 found that of the 33 million customers between 2019 to 2021 who took out new EV and traditional vehicle loans, most EV borrowers had nearly identical credit profiles as those who drive luxurious cars. Those driving regular EVs had an average score for credit of 775, which falls in the top category. They also had an average APR of 2.8 percent. This is less than the median APR that was 4.9 percent for all new cars that are available to people with credit in the prime category. The low average APR for EVs isn't just due to the strong credit ratings of these motorists. Buyers are generally also making . The study also revealed that drivers were more likely to commence their . In reality, more than one-third did online research on the vehicle types and makes. Merchant states, "Our research clearly shows that consumers of electric vehicles have good credit risk profiles, but the group has different preferences, with a greater interest in looking for financing options via electronic means." The greater interest will likely be reflected in new options for EV financing combined with an increase in the number of vehicles available over the next few years. Alternatives for environmentally friendly financing are increasing. The growing demand for electric cars has also led to advancements in financing. While motorists can use or borrow for their electric vehicles, lenders specifically for EVs are gaining popularity and provide drivers with a tailored experience by offering . Alex Liegl, CEO of Tenet, discusses the company's work on EV financing and its aim to make climate investment an easy decision. The Tenet method "gives customers the ability to control upfront costs for investment and also save money from down payments to pay for other expenses," Liegl says. In addition the deferment option that shifts one quarter of the purchase price to one final payment at end of the financing term. This will result in smaller monthly payments and a streamlined financing experience -however, a substantial amount might be due at the end. The aim, Liegl says, is to "help customers fully transform their lives with electricity by making environmentally sustainable home improvements more affordable, including the installation of solar panels and battery backups and electric vehicles, smart appliances and more." Other organizations, like the ones listed above , serve as a marketplace for loan prequalification that is directly linked to EV incentives and green loans available throughout your region. According to their website, consumers can save up to $200 per month on their monthly electric vehicle loan payments. Are EVs able to have less cost over their lifetime? Therefore what makes an electric car worth it? The positive feelings that come with operating a vehicle that is more sustainable to the planet isn't always the sole reason why people are switching to electric cars. There's also the potential to save money. While it is true that gasoline is used up while driving, in certain cases driving electric can be cheaper in the long run. In a 2020 survey, electric vehicle owners have saved on average and repairs over the course of their ownership, according to Consumer Reports. This is due to the distinct differences in maintenance that EVs have. These vehicles do not require oil maintenance and have an easier powertrain. Drivers of battery-electric vehicles and plug-in hybrid vehicles paid only 3 cents per mile during the lifetime of the vehicle as opposed to 6 cents for traditional vehicles. But driving electric isn't completely rosy. CNET, an affiliate of the Red Ventures company, reported on a study from 2021 from We Predict that found . Although it's true that drivers do not have to pay the cost associated with , like oil changes and simple inspections, electric components are more costly when it comes to repairs. This means that the longer maintenance times and more expensive replacement parts can make electric vehicles more expensive, or even less more expensive than driving gasoline-powered vehicles. Moreover, electric cars can be more efficient than gas-powered cars due to the speed of tech advancements and the increasing demand for EVs is helping to stabilize prices at the moment. How to finance an electric car The process of an electric vehicle is fairly similar to the process of financing a conventional gasoline-powered car. It is important for you to take the exact procedure you normally would, as well as understand the terms available and the weight that your credit score and history carry. As previously mentioned, driving electric also carries federal and potential state benefits that you wouldn't traditionally have access to. One of these is , an incentive of $7,500 that applies to new, qualified plug-in and fuel-cell electric vehicles. If you buy a new vehicle in 2023, you might also be able to receive an Federal tax credits . The car can't be bought for more than $25,000. If the vehicle is eligible for credits up to 30 percent of the sales cost, with a maximum of $4,000. The federal tax credits are both accompanied with income limits and car requirements, so you need to make sure that you and your future EV are eligible before you begin. In addition, you may be able to claim the state tax credit based on where you live. Consider these questions before purchasing an electric car and operating an electric vehicle comes with an additional number of demands that you may not have dealt with before. Think about these issues. 1. What is the range of the vehicle? It is important to check the distance your vehicle can take you for both your normal commute as well as your daily travel. Energy.gov reports the average range for 2021 model year vehicles with the potential to cover up to 405 miles. Fortunately, motorists will have lesser "range anxiety" because vehicles are catching up with technology available. But it is wise to evaluate your requirements by incorporating your typical commute and expected leisure activities. 2. Should I consider leasing before purchasing an electric car? "Leasing an electric car can be a great way to try out the waters of electric car ownership," Moody says. The cost is typically lower on a month-to-month basis and typically comes with a warranty. If you're on the fence about driving electric, consider leasing one to check out the experience and feel. 3. Are I able to connect charging stations for my vehicle in my neighborhood? Even though it is true that the Electric Vehicle Council found that the majority of electric vehicle owners can charge at home, many drivers do not possess the option of installing the Level 2 charger. That's okay. Many EVs can now be charged to charge using any electrical outlet, however it may take all night or longer to get an entire charge. However, you may require a faster charge at certain times. There are many EVs take around 45 minutes to get to 80 percent battery capacity at the fastest charging station. To find out the locations you could be able to get speedier charging, check out the map, which shows charging stations nearby. Double-check that any charging stations you plan to visit can be used with the car you're thinking of buying. Consider an EV when shopping for your next vehicle Is an electric vehicle worth the investment? As with other luxury vehicles, EVs can carry higher cost upfront, and drivers need solid credit scores to enjoy low interest rates. However, as the market grows with more middle-tier choices come up, more people could think about electric options. Are you one of the 36 percent of Americans who are considering electric? Moody suggests that you look to find the sweet spot by purchasing a used model that is something in the three- to five-year range -- to get a better price and a good amount of warranty protection.
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Writen by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the details of borrowing money to purchase the car they want.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping readers gain confidence to manage their finances through providing concise, well-researched and well-written information that breaks down complex topics into manageable bites.
Auto loans editor
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Prepaid Debit Cards Are Popular But they do have some drawbacks
Advertiser disclosure You're our first priority. Each time. We believe that every person should be able to make financial decisions without hesitation. Although our site does not include every company or financial product on the market We're pleased that the guidance we offer and the information we offer and the tools we create are independent, objective, straightforward -- and free. So 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 our website), but it in no way affects our advice or suggestions that are based on many hours of research. Our partners are not able to be paid to ensure positive reviews of their products or services. .
Prepaid debit cards are popular But they do have some drawbacks
Written by Spencer Tierney Senior Writer | Certificates of deposit ethics, ethical banking, bank deposits Spencer Tierney is a consumer banker at NerdWallet. He has been writing about the personal financial sector since with a particular focus on certificates of deposit and other banking-related subjects. He has had his work covered on The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is based in Berkeley, California.
Updated August 10, 2016.
Many or all of the items featured on this page come from our partners who pay us. This impacts the types of products we review and where and how the product is featured on the page. But, it doesn't influence our evaluations. Our views are entirely ours. Here's a list and .
Walk into a convenience store like 7-Eleven or CVS Pharmacy and you're likely to find a few pre-paid debit cards hung on a rack.
These cards, employed for budgeting and as substitutes for checking accounts have become more popular. The number of purchases on cards issued by the biggest prepaid issuers rose 15.7% in 2014 compared with the previous year as per The Nilson Report, which analyzes information from the industry of payment.
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Despite their widespread use they do face many issues. In the last year both experienced technical glitches that resulted in cardholders being locked off their cards for as long as one week. In that time, all cash on these cards including earnings that were directly transferred onto them was unavailable. Even in non-shocking situations the prepaid debit cards come with numerous disadvantages.
Frequent charges
Prepaid debit cards typically charge you fees for services that you would normally get with a checking account, such as free ATM use, customer support as well as mobile and online services. Also, unlike checking accounts prepay cards typically don't have ways to waive their monthly fees.
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Janice Elliot-Howard, an author living in Atlanta was the first to get the prepaid card which cost her a small fee each time she purchased something. When she realized how much that was costing, she quickly canceled it and bought a new one which doesn't charge transaction charges.
The woman isn't able to stay clear of any fees, however.
"The downside is the ATM charge [for cash withdrawals], however, I don't do it often," she says.
One saving grace for many debit cards that are prepaid is that they don't allow overdrafts, or charge fees for overdrafts. If you have a checking account, you can get charged around 30 or 35 cents for spending more than the amount you've got in your account. But the regular fees for transactions and ATM withdrawals could add up.
It's not always easy to find out the details of your card.
Elizabeth Avery bought a prepaid debit card in a drugstore to travel overseas but later realized that the card couldn't be used in foreign countries.
"I find that the small printing is the area where I'm seeing problems," says Avery, creator of the travel website Solo Trekker 4 U and an investment banker in private equity in Washington, D.C. She had planned to use her card at international ATMs for cash withdrawals and discovered no indication on the packaging's exterior that it was intended for use in the United States.
But that's not all the information that's missing.
"The disclosure for prepaid credit cards sold in retail don't require that all the fees need to be mentioned on the packaging outside," says Thaddeus King who works with the consumer banking program within The Pew Charitable Trusts in Washington, D.C.
Protections still lacking
The debit card you use to pay for purchases, which are similar to debit and credit cards belong to payment networks like Visa or MasterCard. In the end, you have fraud protections for card purchases but not the broader protections you receive with an account in a bank account.
"When it comes to bill pay as well as ATM transactions, they cannot be done through the Visa nor MasterCard systems," King says.
Other payment providers have similar exclusions. In these transactions, King says you need to rely on a card's disclosures which might not offer protections , unless they are specifically for purchases.
The debit cards that are prepaid are also not legally required to have insurance from the Federal Deposit Insurance Corp. (FDIC). FDIC, which is how customers can recover their money if their bank or card issuer fails. Although many prepaid issuers offer protection on their own but their cards' agreements with their customers might state that their terms are subject to change at any time.
The checking accounts, however they must have more protection due to a policy that covers electronic and ATM transactions. They must also be covered by the FDIC.
Good news for prepaid debit card holders could be coming soon. The Consumer Financial Protection Bureau plans to announce later in the year that would extend fraud protections for these cards to match those that cover checking accounts and debit cards.
"Prepaid debit card holders deserve the same protections as debit card holders," says Christina Tetreault the staff attorney at Consumers Union in San Francisco.
Author bio Spencer Tierney is a writer and NerdWallet's authority on deposit certificates. His work has been featured in USA Today and the Los Angeles Times.
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Refinancing pros and cons a vehicle: Is it the right decision for you? Part Of Refinancing a Car Loan In this series Refinancing a Car Loan Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by providing you with interactive financial calculators and tools as well as publishing objective and original content. This allows users to conduct research and compare data for free to help you make sound 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 deals that are advertised on this site come from companies who pay us. This compensation could affect how and where products appear on this website, for example for instance, the order in which they be listed within the categories of listing, except where prohibited by law. Our mortgage, home equity and other products for home loans. This compensation, however, does affect the content we publish or the reviews that appear on this website. We do not contain the entire universe of businesses or financial offers that may be available to you. Westend61/Getty Images
4 minutes read Read Published March 02, 2023.
Writer: Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the details of borrowing money to purchase an automobile. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain the confidence to take control of their finances by providing concise, well-studied information that simplifies complicated subjects into digestible pieces. The Bankrate guarantee
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This article may include references to products from our partners. Here's how we earn our money . The Bankrate promise
Founded in 1976, Bankrate has a long track history of helping people make smart financial choices.
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who ensure everything we publish will ensure that our content is reliable, honest and trustworthy. We have loans reporter and editor focus on the points consumers care about most -- various types of loans available as well as the best rates, the top lenders, how to repay debt, and more -- so you'll be able to feel secure when making your decision to invest your money. Integrity of the editing
Bankrate adheres to a strict code of conduct and rigorous policy, so you can rest assured that we put your interests first. Our award-winning editors, reporters and editors create honest and accurate information to aid you in making the best financial choices. Our main principles are that we respect your confidence. Our goal is to provide readers with accurate and unbiased information. We have standards for editorial content in place to ensure that this happens. Our editors and reporters thoroughly fact-check editorial content to ensure that the information you're reading is accurate. We have a strict separation with our advertising partners and the editorial team. Our editorial team does not receive any direct payment from our advertisers. Editorial Independence Bankrate's editorial team writes on behalf of YOU who are the readers. Our goal is to give you the most accurate advice to assist you in making smart personal finance decisions. We adhere to strict guidelines to ensure that our editorial content isn't influenced by advertisers. Our editorial team receives no directly from advertisers, and all of our content is verified to guarantee its accuracy. So when you read an article or reviewing it is safe to know that you're receiving reliable and dependable information. How we earn money
If you have questions about money. Bankrate has answers. Our experts have been helping you master your finances for more than four decades. We strive to continuously provide our readers with the professional advice and tools required to succeed throughout life's financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors, reporters and editors produce honest and reliable content to help you make the best financial decisions. Our content produced by our editorial staff is objective, factual and is not influenced from our advertising. We're open regarding how we're in a position to provide quality content, competitive rates, and useful tools to you , by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the placement of sponsored products or services, or by you clicking on certain hyperlinks on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where it is prohibited by law for our mortgage home equity, mortgage and other home loan products. Other factors, such as our own proprietary website rules and whether the product is available within your region or within your own personal credit score can also impact the manner in which products are featured on this website. While we strive to provide an array of offers, Bankrate does not include information about every financial or credit product or service. The cost of keeping your vehicle in the garage each month is a challenge for many. The monthly payments for cars have increased dramatically with the average monthly payment is $526 for vehicles that are used and $716 if you buy new . Many consumers consider -- or replacing their current loan by a new one -- to make these expenses more manageable. Refinancing can lower your monthly payments in the event that your situation has changed or market conditions have improved since you borrowed the current loan. But refinancing is not without the risk of being expensive in some cases. Therefore, you should look at the pros and cons of refinancing, and evaluate your financial situation to determine if it's a smart decision. Benefits of refinancing your vehicle Your current car loan is based on saving money. You may also be able to refinance more than what you owe in case you require cash. Take these into consideration when deciding if refinancing is right for you. Lower interest rates Your interest rate significantly impacts the monthly automobile loan payment. This is based on your score on credit, as well as other elements. If your since you took out your loan and you're not sure, this could be the case if you've been making timely loan payments and have managed your other debts, it may be a great opportunity to look into refinancing. It is likely that you will receive more favorable terms and rates. Reduced monthly payments If you struggle to meet the monthly bills Refinancing your mortgage can make your monthly payment less costly and let you free up money within your budget. You can get a lower rate or a longer time frame, or both. However, while the signing off of a loan means you can save money every month, it also means more cost overall as you'll pay more in interest over the life of your loan. You should pay off your loan earlier Refinancing could also lead to the repayment of your loan early. If your income has grown since taking out your auto loan, it may be an ideal time to switch to a shorter-term. If you settle your loan early and pay off interest, you'll save -- assuming the lender's doesn't outweigh your savings. But if you'd prefer not to refinance, you can make larger monthly payments to reduce your balance quicker. You'll accomplish the same objective and could save money by avoiding the charges for origination that can be associated with refinancing. Access quick cash Some lenders offer the option of a cash advance, which is beneficial for those who require cash fast. It's the same process as conventional refinancing. However, instead of a new loan that replaces your current one, you'll receive a lump sum of cash depending on the equity you have in your car. You could also get better loan terms or have a reduced monthly payment, this type of refinancing comes with the risk. By pulling out the equity you've accrued in cash, you run the risk that you'll be upside-down with your loan which means you'll be owing more than what it's worth. This makes it more challenging to earn a profit when the time comes to dispose of. Plus, you'll take on more debt because your current auto loan balance will be higher. Cons of refinancing your car Refinancing your car by refinancing is not without its risks. Consider these disadvantages. The high interest rate of refinancing comes with the risk of more expensive interest rates. If your credit score has declined or interest rates have risen it is possible that you will encounter interest rates that are more expensive than the current rate. In the current market, steep interest rates aren't unusual. Recent developments have increased interest rates to new records. So, it's in your best interest to shop around for different alternatives to try to stay clear of astronomically high interest rates or wait it out until market conditions improve. Additional fees If you are struggling financially be aware that refinancing a loan comes with extra fees. The costs could include application and title transfer, prepayment and origination fees. Since the costs are likely to add up, you should calculate the amount that refinancing will cost you , and also how the rate and duration compare to the current loan. Could become upside down If you refinance and prolong the term of your loan in any way, you're more likely to end up owing more than your vehicle's worth. This is often referred to as being the result of your loan. Find out if refinancing your car is an excellent idea? The main factor to determining if it's an appropriate choice is the amount you can potentially save. Consider your pros and cons while making use of the benefits . Here are some scenarios where it may be beneficial to refinance your credit: Your credit has improved. In the event that your credit rating has increased, you may receive more favorable rates and terms by refinancing. You received dealer financing. Typically, the terms offered through dealerships are not the most beneficial. Look into other lending options if you have . You can't make payments . Missing payments can result in charges, damaged credit, or even repossession of the vehicle. If you cannot make payments and refinancing might result in a lower monthly payment. You can qualify for a lower interest rate. If market rates are better than they were when you first applied, you may qualify for a lower interest rate. But, that's not likely to be the case since the market rate isn't declining because of recent Fed rate hikes. If you decide to refinance your auto loan begin by looking at different lenders to determine the most competitive rate. A lot of them have pre-qualification tools available on their websites, which allow users to see the possibility of loan offers, including estimates of loan conditions as well as interest rates and monthly payments, all without impacting the credit rating. You should consider getting pre-approved by at least three lenders so you can apply for a loan with confidence. Prior to deciding on the pros and disadvantages and how they will affect you in order to make an informed decision. Ideally, you want to save money, not simply stretching out the loan duration. If you're struggling financially it might be beneficial to to get an easier monthly auto loan payment. You can ask the lender to consider trading your car in and selling the vehicle privately to get the financial relief you require. But if refinancing is the best option for you, look for the best auto lender.
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Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the details of taking out loans to buy an automobile. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain the confidence to manage their finances through providing precise, well-studied information that breaks down otherwise complex topics into digestible chunks.
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3 minutes read. Published April 06 2022
Written by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ways and pitfalls of taking out loans to purchase an automobile.
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Making an application for an auto loan after bankruptcy might be a daunting task. While it's true that getting an attractive loan after bankruptcy can take some extra leg work, it is still feasible. This will include checking and improving your credit while considering the additional hoops that you'll need to jump through. Types of bankruptcy There are two primary types of bankruptcy. Before you can proceed with an additional loan it is crucial to know the particulars of the type of bankruptcy you have filed. Chapter 7 bankruptcy The court takes legal ownership of some of your possessions when you apply for Chapter 7 bankruptcy, and therefore a temporary stay can be placed on your existing outstanding debts. The process typically will take between 80 to 130 days to complete and can be on your credit report for up to 10 years. Chapter 13 bankruptcy Filing for chapter 13 bankruptcy -- also known as the wage earner's program -- allows filers to develop a plan to settle debts accrued. After approval by the court the plan generally consists of the payment of fixed amounts over time. The plan can be listed on your credit report no more than seven years. How do you obtain a car loan after bankruptcy Before signing off on a car loan application, there's a cleaning up that needs to be completed in order to prove to lenders that you will be able to pay off the loan. Do a few additional steps to get approval and favorable conditions. Step 1. Review your credit score After you filed your bankruptcy, your credit score has likely changed. Although there isn't a set amount of reduction of your credit rating after a bankruptcy, it does have less significance as time passes, so you'll likely get higher scores in the previous year than during your first. The better your credit is and the better the terms you'll get. The score of your credit can be found by credit bureausthe three major ones being Experian, TransUnion and Equifax. It is recommended that you determine the state of your credit before submitting a new loan application. In this way, you will feel more assured that you're getting the best deal. Improve your credit
Since your credit rating takes a hit following bankruptcy it is in your best interest to be ahead of your shopping.
3. Budget for a vehicle down down payment can significantly increase the chances of getting approved and may also save you money by reducing your rates. Utilize a calculator to determine the amount you can save with various amounts. Step 4. Shop around The key to finding the most affordable price is to look at many different lenders and keeping an open mind to more than just the latest car models. Consider the advantages and disadvantages of a and get a few offers before deciding. Apply to get loan preapproval
Before heading into a dealership, it is a good idea to apply for . This doesn't guarantee loan approval, but it will give you the ability to negotiate and an understanding about your spending plan.
What should you remember after bankruptcy? While financing a vehicle is possible after declaring bankruptcy, there are some crucial aspects to consider. Beware of predatory lenders If you are an potential loan holder with less than stellar credit You will probably encounter lenders that are predatory. This kind of lender will likely boast the guarantee of credit or no credit check. These options can many times cause you to be liable to their high interest rate. Be aware of the advantages and drawbacks for longer loan terms Similarly you could be confronted with . These over-extended loans are a potential risk, especially at 7 or more years. A longer loan term is yet another possibility where you're more likely to end up upside down on a loan. Consider co-signing with a friend if your credit score is still lacking, consider applying for an loan that requires the . You are more likely to get approval due to lenders feeling more comfort via the co-signer's credit score. Next steps Lenders tend to approve loans of drivers if they believe they are able to pay. A bankruptcy history will not hinder you from being able to meet the requirements. Be patient and thoughtful throughout the process, and make sure you take time to improve your credit prior to .
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Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ways and pitfalls of borrowing money to purchase the car they want.
Related Articles Auto Loans 6 minutes read March 02, 2023.
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How They Split Debt
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How They Split Debt
These people tamed debt in their own way. Check out their tales to you in your own process of paying off debt.
By Amrita Jayakumar Writer The Washington Post Amrita Jayakumar is a former special-assignment writer for NerdWallet. She also published a syndicated article on millennials and money, and focused on personal loans and consumer credit as well as debt. Prior to that, she was an editor at The Washington Post. Her work was published within The Miami Herald and USAToday. Amrita holds a master's diploma in journalism from the University ofMissouri.
Editor: Kathy Hinson Lead Assigning Editor Personal finance, credit scoring, financial management and debt Kathy Hinson leads the Core Personal Finance team at NerdWallet. In the past, she worked for 18 years working at The Oregonian in Portland in capacities such as chief of the copy desk and team director of design and editing. Prior experience includes news and copy editing for several Southern California newspapers, including the Los Angeles Times. She graduated with a bachelor's in mass communication and journalism in Iowa's University of Iowa.
The majority or all of the products we feature are from our partners who compensate us. This influences which products we review and where and how the product appears on a page. But, it doesn't influence our evaluations. Our opinions are entirely our own. Here's a list and .
Two teachers raked out More Than $53,000
Jae Bratton and her husband
This rumor about children being cost-conscious? Fact! That's why Jae Bratton and her husband, a fellow teacher was focused on paying their debts over the three years prior to the birth of their first child.
From $20K to 0 in 5 years and 8 Steps
Photo by Jonathan Sharpe
It took some years -and nearly every method in the book- for Kenley Young to wipe out more than $20,000 in charge card debt. Over that time Kenley Young learned a lot about how the pay-down goals can clash in reality major life events. Now , as a NerdWallet editor, the author shares what tools made the biggest impact on his journey to reach $0.
Achieving a goal can lead to Helping Others
Photo from Sandra Leigh Photography
The gift of a book about personal finance prompted Holly Carey to get serious about understanding and removing her debt. She was introduced to zero-based budgeting and cut costs whenever possible, like sharing a room with a friend. After squeezing out more than $55,000 in just 26 months, she felt compelled to share advice to family and friends- and eventually landed a job as an editor at NerdWallet.
The Pandemic Following Payoff Tests Increases Couple's Resilience
A few months before the COVID-19 pandemic hit across the United States, Anthony and Jhanilka Hartzog paid off their one-third of their $114,000 debt. They'd devised an income-producing budget that was beneficial to them, created additional income streams, and benefited from a less expensive cost of living as a result of a move between New York to Dallas. We checked in with the Hartzogs two years later -- were the Hartzogs able to stay debt-free in the face of an epidemic that has strained the finances of numerous families? And what tips can they offer to others hoping to ditch debt of their own?
Downsizing the Home, Growing the business
When job loss reduced household income for Karen as well as Sylvester Akpan, the couple decided to sell their Los Angeles-area home and invest in an RV. They concentrated on expanding their travel blog and an associated Instagram account and were able eliminate their debt within a year. Their path is unusual, but points to an underlying truth: reducing costs and generating more income means more cash to pay off debt.
Getting On Board With a Budget for Baby
Former zookeeper Steffa Mantilla says she did not employ any animal training techniques to convince her husband to join to a debt reduction program.
Although she may have convinced him to stay, the Houston couple had paid off more than $70,000 in debt in five years. The anticipation of having a baby served as a catalyst for their financial transformation.
Trimming Small Expenses Achieved an Objection of Majority
Refinancing students loans was the start of the payoff journey for Neal and Laura Fogarty. They then began looking for expenses to trim so they could put every extra dollar toward ditching debt. They paid off $36,600 over eight years.
Rebounding From Bankruptcy
Rashad and Nirvanna Muhammad carried student debt and financial struggles when they got married and started their family. After a bankruptcy experience and a refocusing of their priorities, they and put in the effort to pay off $179,000 in less than four years.
Maintaining a 'Passion for Fashion on the Road to Repayment
The prospect of a fresh start to her life -having a home and family -- prompted Caitlin Forni determined about paying off her debt. Caitlin Forni paid out $123,000 of auto and student loans over the course of nine years.
A Spender, a Saver and Dreams of a Family
After Kendall Berry and her husband started planning for kids They became serious about paying off their debt. This is how they paid off nearly $54,000 in less than an entire year.
"Happiness Journey" Fueled Payoff
(Photo by Abby Bengs)
After incurring more than $200,000 in debt from student loans to attend law school, Okeoma Moronu decided that she wanted to take a purposeful approach to her financial and personal life and wiped out her debt in six and one-half years.
From 'Extravagantly Bloke' to Comfortably Frugal
DeShena Woodard, a nurse from Texas, had nothing in savings and lived from paycheck from paycheck to paycheck, until she changed her habits and paid off more than $50,000 in just three years.
Small Splurges on the Path to Freedom
Brian as well as Lindsey Baldwin wiped out $130,000 in student loans in under four years. They even managed to buy a few treats for their families along the way.
Small wins can help you achieve an enthralling Dream
Bernadette Joy as well as AJ Maulion had paid down student loans and two mortgages, a staggering total of $309,800, while creating a small-sized business. The secret recipe is simple: live on one income and celebrate the small victories.
Whipping Up a Payoff 'Tornado'
In the event that Steven Donovan didn't want to put his debt data into a budgeting app, he knew he had to act. Attacking his most-hated debt allowed him to pay off $118,000 within five years.
"I Just Pretended That I Didn't have Money'
Sarah McGowan's dream was to get out of student debt by the time she turned 25. By living a low-cost lifestyle right out of college and working every chance she could, McGowan got rid of a little over $36,000 in debt in just two years.
'It Made Our Marriage So Strong'
(Photo by Amelia Campbell Photography)
Ray and Bailey Robertson paid off over $33,000 over the course of 18 months due to a determined strategy, lean lifestyle, close partnership and plenty of planning.
Redefining 'Best Life,' The Scaling Back
Sonia Sears ended up deep in the red as she sought the "best life" at the college years and after. However, she was able to conquer her debts through working more while traveling less, and then moving back to her home. She paid off $79,000 in just over two years.
The Frugal Lifestyle is Kicking into High Gear
Ben and Melissa Panter were always frugal However, when they had to face an enormous mortgage and increasing students loan debts, they realized they needed to shift their frugality into high the gears. The Panters paid off $127,000 over almost four years.
Food Planning, Side Jobs and Faith
(Photo from Brok as well as Amanda Hansmeyer)
In their roles as teachers Jamie and Jenna Griffin were overwhelmed by student loans. They employed the budget and work hard to pay off more than $100,000 over five and one-half years.
How to Make the most of a Gig Economy
(Photo by Shane Henderson)
Kara Perez doubled down on part-time work to pay off student loans valued at $25,302 over three and three and a half years.
Holiday expenses can eat away at a couple's budget
Christmas gifts piled over existing debt convinced Anthony Hartzog and his wife to take action and pay off $114,151 in 23 months.
Affordable Living as well as Side Gigs
With careful budgeting, while working full-time , and supplementing her income, Tanya Nwamkpa was able to pay off $57,000 over five years.
"We have Choices Again'
Their finances started to skid after a job loss in 2009. Despite a few blunders, Adam and Sally Cleary have gotten out of more than $11,000 in high-interest debt.
Resolving College Credit Card Balances
Natalie Tomko aimed to pay off $50,000 credit card debt by her birthday of. It took her six years, a plan for hardship and community support to do it.
Changing Habits, budgeting for a baby
After they discovered a baby was on the way The Baggerlys changed their spending habits and began budgeting. two children later, they have paid off $111,108.
Smart Solutions for 'Stupidest Decision'
Cameron Merriman paid off $95,000 of student loan debt in just five years while living in one of the most expensive cities in America.
'It Became Like a Game for Us'
Josh as well as Jessie Boyce paid off $147,000 in debt in a little more than three years after realizing that debt was keeping them behind in their financial goals.
A Medal-Worthy Olympian's Olympic Juggling Act
John Coyle's debt of $147,000 helped finance his Olympics campaign, and after being offered a six-figure job, Coyle paid it off over 15 years.
Affirmative Concentration on the End Goal
New college graduate Samantha Ealy paid off more than $70,000 in a little under three years -- working multiple jobs and, at times, neglecting her health.
Becoming a Budget Obsessive
A mix of student loans and an auto loan and credit card debts and home improvement loans left the Browns with a debt of $72,000 which forced them to come up with budget.
Engineer Goes Old-School With Pen and Paper
Despite receiving scholarships, Brianna Harrington graduated college with $40,000 college loan debt. Determined to eliminate it she devised an ambitious budget plan to pay it off in 26 months.
Setting Pride Aside and Asking for Help
Jesse Nuno was laid off during the financial crisis and fell behind on a mortgage as well as auto loans. Cara could not pay her debts because of her disability. The couple turned to a credit advisor to pay off $272, 261 over five years.
A Wish List kept her on track
(Photo taken by Jim Gion, 2015)
Melanie Lockert decided to pay out $57,426 in debt and encouraged herself to do so by writing wish lists of things she'd like to be able do when she was debt-free.
'Born Spender' Goes on a Spending Fast
Anna Newell Jones entered married life with a debt of $24,000. She pushed herself to spend rapid pace and paid it off in just 15 months.
New Parents Quit Credit Cards
Lydia Senn and her husband claimed they didn't have a lot of debt until they became pregnant with the first of their children. Being a thrifty couple, working part-time jobs and budgeting helped them pay off $36,000 within just two years.
Grad Gifts Gift to Her Future Self
Ogechi Igbokwe didn't want to become a students loan statistic. To ensure her success, she lived frugally and had paid back $26,000 within three years.
Financial Goals are Family Goals
The newlyweds Nicole and Andy Hill saw debt as an obstacle to reaching their goals. The couple turned budgeting into the norm and erased more than $50,000 in debt in just one year.
No sleep for new parents until they get their payoff
Chelsea and Nate Day ended up owing her family $52,000 due to an unintentional home purchase. The family debt left the Days nervous and they cut their expenses to pay it off in six months.
Homemade Tracker Kept Her Cooking
Chef and food writer Stephanie Stiavetti racked up debt to pursue her culinary dream. But she knew the if she did not change her lifestyle, she'd end up burdened with debt of $64,000 for decades.
Newly Single, 'I Knew I needed to help myself'
At the age of 25 Carrie Smith Nicholson found herself divorced and in debt of $14,000. Carrie Smith Nicholson realized that she needed to get an extra job, cut back on spending , and get her way out.
Learning to be a student with Student loans
After graduating from college, Kara Stevens found herself in the middle of the burden of student loans along with credit card balances. After she learned about debt, Stevens resolved to deal with it head on, and paid off $65,000 over six years.
Extra Payments Became Her Obsession
When Jackie Beck lost her job and was unable to pay for food and housing She was forced to pay off her bills. Beck became obsessed with tiny payments and paid off $147.106 in 10 years.
Making Sense of Cents
At the age of 23, Michelle Schroeder Gardner obtained three degrees from colleges as well as a wedding and the house she wanted. The graduate had $38,000 in student loans and decided that she'd be able to pay it off as quickly as she could.
Money under 30
David Weliver didn't tackle his $80,000 debt until he had to make an unpopular choice: pay rent or a charge from a credit card. He consolidated debts, reduced the cost of living, and took on at a second job to pay it off over three years.
Lauren Greutman
Lauren, a spender, was embarrassed to let her husband Mark, a saver, be aware of how poorly she had managed their finances as a family. After she admitted her mistakes and changed her spending habits, they paid off $40,000 in two years.
Money Peach
Chris Peach and his wife Andrea had a rough time when they topped up their credit cards and were unable to pay for groceries. Peach is a firefighter through education, followed a step-by-step approach for paying off the $52,000 within seven months.
Debt Discipline
Brian Brandow had his debt revelation when the father of three children had to tell his family members that there was no vacation this year. The Brandows had overloaded the credit card they had. They employed a debt management plan to pay off $109,000 over the course of four years.
Cait Flanders
In her early 20s Flanders amassed debts of more than $30,000 after saying "yes" to everything. By keeping track of expenses and cutting back on unnecessary purchases, she paid the balance off in two years.
Active Budgeting Pays off
Being newlyweds and recently graduated with debts of $20,000, Johnny and Joanna Galbraith decided to develop an action plan to make it clear that they were in the red. They paid off the debt in 1.5 years.
My Shiny Nickels
Laura Dobbins and her family resided in a luxurious house with all the luxury trappings however, they were $40,000 in debt. They cut back on their spending and began to save, and in less than 2 years they were debt-free.
Smart Spending, Dedication
Zina Kumok was a college graduate with $24,000 in students loan debt. But since she was making the equivalent of $28,000 in a year, she realized she had to get serious about her debt. She paid it off in three years.
The Family CEO
Julie Mayfield and her husband faced 18 years of debt -- which amounted to $59,000 -- to help fund their daughter's first semester of college. They put the extra cash they could to debt and then paid it off in 22 months.
'Monster Payments'
Amanda Page graduated with $48,500 in student loan debt. Ten years later, realizing that she had paid off less than $1000 of her balance and was unable to pay it off, she took on additional work and employed a method of making "monster payment" to pay off the debt over 14 months.
Penny Pinchin' Mom
Before getting married, Tracie Fobes declared bankruptcy to clear debt. When they and their husband were expecting their very first son, they'd added another $37,000. Discussions about money led them to complete the repayment within just two years.
Queen of Free
Cherie Lowe as well her husband Brian who was a bachelor, had more than $127,000 in debt spread across payday loans, medical bills and student loans. Their second baby led to a lifestyle change, and they became debt-free within four years.
The Budgetnista
(Photo by Tinnetta Bell.)
Tiffany Aliche was saddled with $55,000 in graduate school loans as well as $40,000 of credit card debt, and $200,000 in mortgage debt due to default. She returned home and opted for an all-cash lifestyle to pay it off.
Well Kept Wallet
Deacon Hayes and his wife Kim utilized credit to finance their lives. When they were $52,000 in debt and were living from paycheck for paycheck, they knew they had to take action. The Hayes paid it off in just 18 months.
His and Her Money
After their wedding, Talaat and Tai McNeely were financially different and had around $30,000 of debt. They were on one income and employed the other to repay their debts within an entire year.
Debt Free Guys
John Schneider and David Auten have years of experience in the field of financial services but they were able to accrue $51,000 of the credit card industry. They cut down on expenditure, utilized the balance transfer method and paid it off over 18 months.
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About the author: Amrita Jayakumar is a former writer at NerdWallet. She was previously employed by The Washington Post and the Miami Herald.
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How Couples Can Work Together on Debt Repayment
Advertiser disclosure You're our first priority. Every time. We believe that every person should be able to make sound financial decisions without hesitation. Although our site does not include every company or financial product that is available on the market, we're proud of the advice we provide as well as the advice we offer and the tools we develop are objective, independent easy to use and free. So how do we make money? Our partners pay us. This can influence the products we write about (and where they are featured on the website), but it does not affect our suggestions or recommendations that are based on thousands of hours of research. Our partners do not be paid to ensure positive review of their services or products. .
How Couples Can Team Up on Debt Repayment
If you brought the burden of debt to your marriage, your spouse could be your advocate to help you get debt-free.
by Sara Rathner Senior Writer/Spokesperson | Credit cards, travel rewards, debt payment Sara Rathner is a NerdWallet expert on credit and travel cards. She has been featured in the "Today" show, as well as the CNBC's "Nightly Business Report," and has been quoted on The New York Times, The Washington Post, The Wall Street Journal, Yahoo Finance, Time, Reuters, NBC News, Business Insider and MarketWatch. Before joining NerdWallet, Sara worked at The Motley Fool for nearly 10 years. She was also a freelance personal finance writer as well as a paraplanner. She also holds a bachelor's diploma in journalistic studies from Northwestern University.
Updated on Jan 30, 2023 at 6:09 am PST.
Edited by Kenley Young, Assigning Editor Credit cards, credit scores Kenley Young directs daily coverage of credit cards for NerdWallet. Before that, he was an editor of the homepage and digital content producer for Fox Sports, and before being a front-page editor at Yahoo. He has decades of experience in digital and print media. This includes periods as a copy desk chief as well as a wire editor, and a metro editor at The McClatchy Newspaper chain.
The majority or all of the products featured here are provided by our partners who pay us. This affects the products we feature and where and how the product appears on a page. However, this does not influence our evaluations. Our views are our own. Here's a list of and .
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Between financially helping his parents and losing their income due to COVID-19's pandemic, Jeremy Mazza landed into serious . Relief came from a source that he wasn't expecting: his girlfriend, Ginna Lambert, who had received a modest inheritance. She offered "investing" part of her fortune into their future by loaning small amounts to Mazza which he could use toward his obligations.
It took some convincing.
"To need to solicit money when I was the one who provided it and had parents who themselves were soliciting money, I didn't want to follow their example and be taking," Mazza says. "But that's not what this wasabout, this was a caring thing."
Mazza and Lambert approached the situation with open communication and specific loan conditions. For them, it's paying off: Mazza estimates his went up about 150 points. The couple, who reside in Richmond, Virginia, are getting married in the coming year, and hope to purchase their first home in the near future.
"I was a person with a highly, extremely vested desire to ensure that my partner's credit rating and finances were in as good of a shape as possible," Lambert says.
Although joint debt is a shared responsibility but the individual debts that you bring into the marriage are yours to tackle. However, they could hinder making life plans as a couple, and so it could be beneficial that your spouse assist you in tackling your debt in some way. But don't enter into an arrangement of this kind without a plan.
Make yourself vulnerable by reviewing the entire financial image
It is essential to be honest to each other regarding your financial situation especially when your relationship gets more serious.
"If a couple is planning to get married it's good to talk to each other prior to wedding day," says Trina Patel who is a senior financial advisor at Albert, an organization that provides financial services.
Set aside a few free meetings with your money where you discuss about what's happening for each of you. Those conversations can help you establish shared goals and determine the actions to take to meet them, like making adjustments to your budget or finding ways to boost your income.
"Debt often triggers feelings of guilt, shame, and embarrassment leading couples to avoid discussing the debts they have," said Leanne Rahn who is a financial advisor with Fiduciary Financial Advisors located in Grand Rapids, Michigan, by email. "Vulnerability can be a difficult thing to face, but keep in mind that you and your partner are a unit."
Think about non-monetary ways to assist
You might not be able, or unwilling, to pay back your partner's debt. There are many ways to help. You can be an accountability buddy, assist to rethink the budget of your family if you live together or discover ways to be more frugal with your spending.
Maybe you can take on some additional household chores so that your partner has time to pick up more hours at work, or you can help them edit their resume if they want to find a higher-paying job.
Discuss a financial arrangement
If you're comfortable gifting or lending your partner money to cover their debts, iron out the specifics. Specify dollar amounts and write it all down.
Lambert For instance, Lambert began by offering a 6-month loan that was interest free and costing $2,000 loan for Mazza. In time, both felt comfortable with additional more substantial loans.
Working with an attorney on a contract can help both partners feel at ease.
"A legally binding contract would certainly make the obligations of the spouses/significant others clear and straightforward with the law holding the parties to account," Rahn says.
Know when to say "no'
It's okay not to share the financial burden of someone else, even if you care about them. When your marriage is relatively new or you're not sure how it might progress however, you are able to still encourage your partner to keep going while they pay off their debt.
If your friend doesn't take your "no" as an answer, take it as an option and take your time.
"I wouldn't have offered this when we were in our honeymoon stage," Lambert says. "At this point we were already moving into a home together. He had proved, time and time again that he was trustworthy."
The article was written by NerdWallet and first released by The Associated Press.
Author bios: Sara Rathner is a NerdWallet credit cards and travel expert. She has appeared on the "Today" show, Nasdaq and CNBC's "Nightly Business Report."
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Debt Consolidation and. Debt Settlement: Which is the Better Option?
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Debt Consolidation vs. Debt Settlement: Which one is better?
Debt settlement and debt consolidation Both have advantages and pros and. The best option for you will depend on the circumstances you face.
By Sean Pyles Senior Writer | Personal financial, debt Sean Pyles leads podcasting at NerdWallet as the producer and host of the NerdWallet's "Smart Money" podcast. The show "Smart Money," Sean talks with Nerds from the NerdWallet Content team to answer questions from listeners regarding their personal finances. With a focus on thoughtful and practical advice on money, Sean provides real-world guidance to help people improve in their finances. Beyond answering listeners' money questions on "Smart Money" Sean also interviews guests outside of NerdWallet and also creates special segments that explore subjects like the racial wealth gap and how to begin investing, and the background for student loans.
Before Sean was the host of podcasts at NerdWallet the company, he also wrote about topics concerning consumer debt. His writing has been featured throughout the media including USA Today, The New York Times as well as other publications. When when he's not writing about personal finance, Sean can be found working in his garden, taking runs and taking his dog for long walks. He is based at Ocean Shores, Washington.
Last updated Aug 5, 2021 12:55PM PDT
Edited by Kathy Hinson Lead Assigning Editor Personal financial, credit scoring, debt and money management Kathy Hinson leads the Core Personal Finance team at NerdWallet. Prior to joining NerdWallet, she worked for 18 years with The Oregonian in Portland in roles including copy desk chief and team leader for design and editing. Her previous experience includes news and copy editing for various Southern California newspapers, including the Los Angeles Times. She graduated with a bachelor's in mass communications and journalism at The University of Iowa.
The majority or all of the products we feature come from our partners, who pay us. This affects the products we review and where and how the product appears on a page. But this doesn't affect our opinions. Our opinions are our own. Here is a list of and .
You're trying to pay off . Should you use debt consolidation instead of debt settlement?
They may sound similar They sound similar, but they refer to two completely different thingsand both can cause more trouble for you.
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Sign up to link and keep track of everything from credit mortgages to cards all in one place.
Debt consolidation
In this scenario, a variety of consumer debts are combined into one single one. You can make use of a balance transfer credit card, home equity loan and 401(k) loan.
The reason you should consider it:
For a lower interest rate that you're currently paying that will help you save money and can help you to pay off debts faster.
To reduce the amount of payments you're making
When it's a debt to get rid of is manageable in you can type
How do you pay off debt:
Debt settlement
is risky because you withhold payments from a creditor and then, once your account is severely delinquent attempt to negotiate a smaller amount to pay off the debt.
However, withholding payment can damage your credit scores and opens you to being sued over payment. And there's no guarantee that the creditor will agree to settle.
You can try or hire a company, but beware that this industry is full with scammers. It was reported that the Federal Trade Commission recently ordered 11 of these companies to stop their marketing. They claimed that they took tens of millions of dollars from the public and offered them little benefit.
What are the reasons to choose this option:
Do this only if have an account that's already long overdue or is in default , and you think the creditor is willing to be willing to accept a partial payment. You have little to lose since the damage has already been done.
Author bios: Sean Pyles is the executive producer and host on NerdWallet's Smart Money podcast. His writing has appeared in The New York Times, USA Today and elsewhere.
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