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Varo Vs. Chime: Which Is the Best for You?
Advertiser disclosure You're our first priority. Each time. We believe that every person should be able to make sound financial decisions without hesitation. Although our site doesn't feature every company or financial product that is available on the market however, we're confident of the advice we provide, the information we provide and the tools we develop are impartial, independent easy to use and free. How do we make money? Our partners compensate us. This could influence which products we review and write about (and the places they are featured on our website), but it does not affect our suggestions or recommendations which are based on thousands of hours of study. Our partners cannot pay us to guarantee favorable review of their services or products. .
Varo Vs. Chime: Which Is More Suitable for You?
Varo and Chime both have high interest on savings accounts. However, their services and products come with certain distinctions.
By Chanelle Bessette, Lead Writer/Spokesperson Banking, checking Accounts, Cash Manager Accounts Chanelle Bessette is a private finance writer for NerdWallet covering banking. She previously worked at Fortune, Forbes and the Reno Gazette-Journal. She also serves as a spokesperson for the banking team. Her expertise has been published throughout The New York Times, Vox and Apartment Therapy.
Updated May 6 2022
Edited by Sara Clarke Assistant Assigning Editor | Banking Sara Clarke is a Banking editor at NerdWallet. She has been an editor and project manager in newsrooms for two decades, most recently at U.S. News & World Report. She was responsible for projects such as the U.S. News education rankings as well as The Best States rankings. Sara has been featured as a guest on SiriusXM Business Radio and iHeartMedia's WHO Newsradio and has been mentioned in The Salt Lake Tribune, The St. Paul (Minnesota) Pioneer Press and other outlets. She is based close to Washington, D.C.
A majority of the products we feature are provided by our partners who compensate us. This influences which products we feature and where and how the product is featured on a page. But, it doesn't influence our evaluations. Our views are our own. Here's a list of and .
Varo and Chime have comparable offerings with a few key differences. Varo is a bank while Chime is a neobankwhich is an online-only financial service business that collaborates with a bank to provide account insurance.
The two firms compare to each other.
Snapshot Comparison
Checking the account
No monthly maintenance fees or minimum balance requirement in one of the two brands, Varo Chime or Varo. Chime.
Varo Chime and Varo Chime both have early direct deposits (up two days earlier).
Deposits of cash at Varo and Chime could be pricey, although money deposits made in Walgreens are free with Chime.
Savings account
With Varo, customers can earn as much as 5.00% annually on their balances up to $5,000 if certain conditions are fulfilled. Alternatively, customers can earn 3.00 percent APY, without having to meet these conditions, and for balances that exceed $5,000.
Chime offers a 2.00% APY for their High Yield Savings account.
Overdrafts, ATMs and customer service
Chime's SpotMe(r) overdraft service lets customers to extend their credit up to $200 with no charge if they meet account requirements.
Varo doesn't permit overdrafts however, it does have an advance cash program.
Varo customers have access to more than 55,000 fee-free Allpoint ATMs.
Chime customers can access more than 60,000 cost-free MoneyPass, Allpoint and Visa Plus Alliance ATMs.
Varo and Chime are both online only and don't have branches.
Varo Chime and Varo Chime both have high mobile app ratings.
Choose Varo if:
You're looking for a high interest rate on savings and can meet the requirements to reach that goal.
Select Chime if:
You're looking for a good savings rate and a flexible overdraft service.
Checking
The ratings of NerdWallet are formulated by our editorial team. The scoring formulas consider many data points for each financial service and product.
at Varo Bank, Member FDIC
Varo Bank Account. The Varo Bank Account has no fees for monthly or minimum requirement for balance. In addition, customers can access The Allpoint ATM network, that has more than 55,000 ATMs for free where customers can take cash withdrawals. But depositing cash is more complicated; Varo customers need to go to an Green Dot retailer such as Walgreens or Safeway and could be charged a charge of up to $5.95. Customers are also able to receive their paychecks as much as two days in advance through direct deposit.
NerdWallet's ratings are determined through our team of editors. The scoring formulas take into account several data points associated with every financial product or service.
Chime spending account. Chime does not have monthly charges or require a minimum balance on its Spending Account. Chime also has savings programs where customers can round up your purchases up to the closest dollar, and then save the difference. In addition, Chime customers can make fee-free withdrawals from more than 60,000 ATMs across the country. Chime belongs to the Green Dot network, so customers can make cash deposits at certain retailers for a fee or at Walgreens at no cost.
Find out more details from Chime
Chime states: "The retailer that receives your cash is accountable for the transfer of funds to your Chime Checking Account. Cash deposit fees may apply if using a retailer other in addition to Walgreens."
"Round Ups automatically round up debit card transactions according to dollar amounts and transfer the round up out of your Chime Savings Account into your checking account."
"Early accessibility to funds from direct deposits depends on the time of delivery of the payment document by the payee. The funds are generally made available on the day the payment file is received which may be up to 2 days before the date for the scheduled payment."
"Out-of-network ATM withdrawal fees may be applicable, but not at MoneyPass ATMs located in 7-Eleven, or any Allpoint or Visa Plus Alliance ATM."
Savings
Varo Savings Account. Customers start at a baseline of 3.00% APY, but they are able to earn 5.00% on up to $5,000 if they have $1,000 or more in direct deposits each month and maintain an active checking (Varo Bank Account) and savings balance at the end of the month. Varo offers two automatic savings programs: the first lets customers withdraw an amount of direct deposits made to their checking account, and transfer funds into their savings. Another program lets customers to save money when they make purchases. Varo will round up your purchase by the closest dollar, and put the difference into the savings account.
Chime High Yield Savings. Chime's savings account is free and offers an 2.00% APY , as provided you maintain a balance of at minimum $0.01. Chime also offers two automatic saving programs. One is a roundup programme that allows purchases using an account debit card for checking accounts and a program that saves 10% from direct transfers of $500 or more from your checking account into your savings account. Note that a Chime Checking Account is required to be eligible for savings Account.
Get more information from Chime
Chime states: " The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and could change at any time. The APY disclosed is in effect as of October 25 2022. There is no minimum balance requirement. You must be able to keep $0.01 of savings in order to get interest. "
"There's no cost for the Chime Savings Account. Cash withdrawal and Third-party fees may be applicable for Chime checking Accounts. You need an existing Chime Checking Account to create an account with Chime Savings. Chime Savings Account."
Experience with banking
Varo and Chime are both online only, which means there's no option if you prefer in-person assistance. The good news is that Varo offers extended weekend and weekday hours of phone support and ways to contact customer service via email and Twitter, and Chime can be reached via chat, email , and telephone 24/7, as well as on Twitter.
Varo and Chime also have very high mobile app ratings in the Google Play and App Store marketplaces.
Overdrafts
Varo. Varo doesn't let overdrafts happen: If a customer tries to conduct a transaction that will result in an imbalance in their account, Varo declines the transaction. If you need some extra time between paydays then you can take advantage of this Varo Advance program, which lets you get cash advances of up to $100 with a fee of up to $5.
Chime. Chime doesn't charge overdraft fees. Instead, it has an overdraft program called SpotMe(r) that allows customers can make overdrafts up to $200 as long as they deposit at minimum $200 in direct deposits every month.
Find out more details from Chime
Chime says: "Chime is a financial technology company, not a bank. Banking services are offered through The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC."
"Chime SpotMe is an optional service that requires a single deposit of $200 or more in qualifying direct deposits into the Chime Checking Account each month. Members who qualify are allowed to draw on their account up to $20 on debit card purchases as well as cash withdrawals at first however, they may later be allowed to withdraw more of up to $200 or more based upon the members' Chime Account history, direct deposit frequency and spending habits and other risk-related factors. The limit you have set will be shown to you in the Chime mobile app. You will receive notice of any changes in your limits. Your limit may change at any time, at Chime's discretion. While there aren't any overdraft charges, there could be third-party or out-of-network fees associated in ATM transactions. SpotMe won't cover non-debit card transactions, such as ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions."
About the writer: Chanelle Bessette is a personal finance writer at NerdWallet covering banking. She is a specialist in checking and cash management accounts.
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How to become an Uber Driver: A Beginning's guide
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How to Become an Uber Driver A Beginning's Guide
By The Nerdwallet contributors are specialists in their fields They have a range of backgrounds in journalism, finance, and consulting. The By Our Nerdwallet team adheres to most stringent standards of editorial to ensure that our readers have the information necessary to make financial decisions with confidence. Learn more about our
Published Jun 30, 2022 10:20AM PDT
Editor: Courtney Neidel Assigning Editor | Personal finance, budgeting, shopping Courtney Neidel is an assigning editor for the core personal finance team at NerdWallet. She was hired by NerdWallet as a writer in the year 2014, having spent the next six years writing on budgeting, shopping and money-saving strategies before she was made editor. Courtney was interviewed as a retail expert by "Good Morning America,"" Cheddar and CBSN. Her previous work experience has included writing for freelance California newspapers.
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 affect our assessments. Our views are entirely ours. Here's a list of and .
Driving for Uber is frequently advertised as a simple way to sign up, then go on a ride. However, the reality isn't so simple.
You must meet certain age, vehicle and insurance requirements, and be able to pass a background checkthat can take up to a couple of weeksbefore you can begin earning.
Here's the information you should learn to prepare for .
Uber driver requirements
You must tick at least these boxes in order to be Uber's driver: Uber driver:
You must be at least 18 years old to drive for Uber in your area.
You must have an active U.S. driver's license.
You must have at least one year of legally licensed driving license within the United States (three years if you're under 25 years old).
Pass a screening process, which will include a review of your driving records and possibly a background search.
Provide proof of residency in your state or city.
Give proof of , if you're planning to drive your own car.
Take note that Uber drivers can also rent their vehicles, and they come with insurance. Learn more about .
Easy money management
NerdWallet keeps track of your income bills, income, and gives you ways to save more.
Uber vehicle requirements
It is generally accepted that Uber automobiles must be in proper working condition, have four doors and be in compliance with state requirements, such as passing a smog test , or having a current registration. Other requirements include:
Inspection requirements for passing, which are different for each state and city.
Meets the requirements for vehicle age in your city and state (typically 10 to 15 years old or older).
Not classified as salvage or rebuilt.
No commercial branding.
Other requirements might apply for driving for specific services, such as UberX.
Uber insurance requirements
Uber drivers need to have auto insurance coverage. The minimum requirements for insurance vary from state to state, and certain states have specific requirements for driver-on-demand.
Uber also maintains insurance coverage on behalf of its drivers, which begins after you've accepted a ride, but may also apply if you're waiting on an appointment (if your insurance policy doesn't provide coverage for the event).
Talk with your insurance provider prior to signing up as a driver for ridesharing- it could cancel your policy if you don't disclose your new gig. Your own insurance policy may leave you with gaps in coverage. In that case, consider purchasing insurance if it's available in the area you reside. A commercial auto policy could require certain types of Uber drivers.
What is the average amount Uber drivers earn?
Drivers can earn between $5 and $20 an hour with Uber and an online review site for platforms that make money.
The amount you make in your job as Uber driver depends on when, where and how frequently you drive, as well as any tips or rewards you could receive. Be aware that drivers are required to pay for gas and vehicle maintenance, and must navigate by themselves.
How to earn the most money as an Uber driver
Be familiar with the different bonuses and earning options. Find guaranteed-pay promotions in your region, which assure your weekly or hourly income as long as you meet certain conditions.
Utilize peak hours -- when the demand for rides is at its highest -- through Uber prices that are soaring. That might be waiting for rides following a special event or making yourself available to drive on your morning commute.
A high-quality rating can increase your earnings Be sure to keep your car clean Be friendly, and make sure you use a reliable GPS.
Discover other strategies to earn money on the road
If Uber isn't your thing then you might consider becoming a . If you prefer to transport food or packages rather than other others, certain delivery companies, like and , have looser restrictions. You could, for instance, be permitted to drive a car that is older or even a scooter.
Before signing up for anything, learn more about what it means to be a part of the .
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Best Banks and Credit Unions
Advertiser disclosure You're our first priority. Every time. We believe that every person should be able make financial decisions without hesitation. While our website doesn't include every financial or company product that is available, we're proud that the guidance we offer and the information we offer as well as the tools we design are independent, objective easy to use and free. How do we earn money? Our partners pay us. This may influence which products we write about (and the way they appear on our website), but it doesn't affect our advice or suggestions which are based on thousands of hours of research. Our partners do not promise us favorable ratings of their goods or services. .
(image: https://i.pinimg.com/originals/fb/d4/92/fbd49267370720a19352f04172d977bc.png)Best Banks and Credit Unions
See our lists of the top credit unions and banks which can assist you in managing and increase your money efficiently.
by Ruth Sarreal Content Management Specialist bank accounts, bank account bonuses Ruth Sarreal is a content manager who covers the topics of banking for consumers at NerdWallet. She has over a decade of experience writing and editing content for consumer websites. She was previously editor of articles on personal finance topics for GOBankingRates. She has had her work highlighted by Nasdaq, MSN, TheStreet and Yahoo Finance.
Updated 17 Mar 2023
Edited by Yuliya Goldshteyn Assistant Assigning Editor Yuliya Goldshteyn is a banking editor with NerdWallet. She was previously an editor, writer and a research analyst across a range of industries from health care as well as market research. She graduated with a bachelor's degree in history from the University of California, Berkeley as well as a master's degree in sociology from University of Chicago, with the focus on Soviet culture and history. She is based in Portland, Oregon.
The majority or all of the products we feature are from our partners who compensate us. This impacts the types of products we review and where and how the product is featured on the page. However, this does not affect our opinions. Our opinions are our own. Here's a list of and .
The ideal financial institution will depend on what you're the market for whether it's a savings or an account with a check, or both. Whatever you're looking for, NerdWallet has it covered.
Here's a look at the top institutions overall and accounts for 2023. The APYs listed are current as of March 17 2023. The other information is up-to-date at the time of Jan. 13th 2023.
+ See a summary of NerdWallet's best credit unions and banks in 2023
Best-of-2023 Banking Winners:
Alliant Credit Union: Best credit union.
Ally Bank: Best bank; best money market account.
Capital One 360: Best online banking experience.
Charles Schwab Bank: Best bank or credit union to get ATM access.
Chase: Excellent for signing up bonuses as well as branch access (tie).
Discover Bank: Best savings account.
SoFi: The best savings and checking account Best checking account in general; the most reliable checking account with high-interest; the best checking account that has no monthly fees; the top checking account for overdraft fee avoidance.
Synchrony Bank: Best bank or credit Union for CDs.
Wells Fargo Bank: Best credit union or bank for branches with branch accessibility (tie).
Other great accounts:
Axos Bank: Excellent to check interest on checks up to $50,000.
Connexus Credit Union: Great for interest-checking as much as $25,000.
LendingClub Bank: Best for cash back.
Marcus from Goldman Sachs: Best for same-day, high-limit transfers.
Quontic Bank: Most domestic ATMs.
Best credit unions and banks
NerdWallet spent over 200 hours of comparing and rating over 80 financial institutions including banks, neobanks , and credit unions to choose winners in more than 10 categories. Read on for more information about the institutions and accounts which were awarded top marks this year.
Alliant Credit Union: Best credit union
More than 80,000 ATMs are free; interest checking available.
2.70% APR on savings.
Find out more about us in our .
Ally Bank: Best bank and the best money market account
No overdraft fees plus greater than 43,000 ATMs
3.75% rate of APY on savings. 3.80% APY on all balances within the cash market accounts.
Read more in our .
Capital One 360: Best online banking experience
More than 70,000 free ATMs; offers tools such as Virtual assistance as well as virtual numbers Teen checking is available.
3.40 Savings APY of 3.
Find out more about us in our .
Charles Schwab: Best for ATM access
Unlimited world-wide ATM fees reimbursement.
0.45% checking APY.
Read more in our .
Chase: Best for sign-up bonuses and for branch access (tie)
There is no minimum deposit requirement to receive cash bonus on opening a new checking account.
There are more than 4700 branches in 49 states.
Find out more about us in our .
Discover Bank The best savings account
No monthly charges and 3.60 percent APR.
Learn more in our .
SoFi: The best choice for checking and savings combo High interest checking, the ability to avoid fees for overdrafts and more.
The possibility of 4.00% APY on savings balances, and up to 1.20% APY on the balances of checking accounts (APY is variable and subject to changes).
There are no overdraft charges and there is no fee for overdraft coverage.
Find out more about us in our .
Synchrony Bank: Ideal for CDs
Highly cost-effective CD rates.
Bump-up CDs and an 11-month no-penalty CDs are available.
Find out more about us in our .
Wells Fargo Bank: Best branch access (tie)
There are 4,700 branches throughout the United States.
Find out more about us in our .
Other great accounts of 2023
It is also worth considering a savings or checking account with one of the institutions listed below. The savings accounts offer APRs that are much greater than the average national rate of 0.37% and the checking accounts have advantages like the possibility of earning interest on your accounts with balances in the checking account as well as reimbursement of ATM fees. (Read further about the different kind of account in our article regarding and .)
Axos Bank: Excellent for interest-checking up to $50,000
up to 3.30% APY on checking balances up to $50,000.
Unlimited ATM fee reimbursements.
Learn more in our .
Connexus Credit Union: Great for checking interest on up to $25,000
up to 1.75 percent APY on checking balances of as high as $25,000.
More than 67,000 ATMs that are fee-free.
Find out more about us in our .
Saves CD Management Checking Money Market
Member FDIC
SoFi Checking and Savings
APY 4.00 percent SoFi customers who make direct deposit are eligible to receive up 4.00 percent annually-percentage yield (APY) on savings balances (including Vaults) and 1.20 percent APY on their checking balances. There is no minimum direct deposit amount needed to earn the 4.00 percent APY on 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 time. These rates are current as of 03/17/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
Min. balance required for APY $0
Member FDIC
Marcus by Goldman Sachs Online Savings Account
APR 3.75% 3.75% APR (annual percentage yield) with no minimum balance to earn the stated APY. Accounts must be in a positive balance to remain open. APY current 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
These cash accounts combine services and features that are similar to savings, checking or investment accounts into one product. These accounts for managing cash are typically provided by non-bank financial institutions.
They combine the services and features that are similar to savings, checking and investment accounts into one package. Cash management accounts are generally provided by non-bank financial institutions.
on Wealthfront's website
Cash Account at Wealthfront
APY 4.30%
Min. balance required for APY $1
on the Betterment website.
Betterment Cash Reserve - Paid non-client promotion
APY 4.20% Annual percentage yield (variable) is at 03/27/2023.
Min. balance to APY $0
CDs (certificates of deposit) are a kind of savings account with the option of a fixed rate and time, and usually have higher rates of interest than standard savings accounts.
CDs (certificates of deposit) are a form of savings account that has a fixed rate and term typically, they have higher rates of interest than regular savings accounts.
Member FDIC
Marcus is a Goldman Sachs High-Yield 10-Month CD
APY 5.05 percent 5.05 5 % APY (annual percentage 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 percent
The term is 11 months
Checking accounts are used for day-to-day cash deposits and withdrawals.
Checking accounts are used to make daily cash deposits as well as withdrawals.
The deposits are FDIC Insured
Current Account
APR N/A
Monthly fee of $0
Chime Checking Account
APR N/A
Monthly fee: $0
Member FDIC
Axos Bank(r) Rewards Checking
APY 3.30 percent Your annual percentage yield can be as high as 3.30% based on the following combined rate-rewards Direct deposits (not including transfers between banks from an account) that total more than $1500 each month will earn 0.40 percent. A direct deposit that is eligible for a qualifying amount is required for any remaining rate qualifications to be eligible. Ten (10) point-of-sale transactions per month using your Rewards Checking Visa(r) Debit Card for regular purchases, with a minimum of $3 per transaction, or enrolling in Account Aggregation/Personal Finance Manager (PFM) will earn 0.30%; maintaining the average of $2,500 per month in an Axos Self Directed Trading Invest Account will yield 1.00%. Maintaining an average daily balance of $2,500 a month within An Axos managed Portfolio Invest account will earn 1.00 percent; and making a monthly payment for an existing Axos Consumer Bank loan (commercial or business loans excluded) via the Rewards Checking Account will earn the maximum amount of 0.60 percent.
Monthly fee of $0
Market accounts for money pay interest rates that are comparable to savings accounts and have certain checking features.
Market accounts for money pay interest rates that are similar to savings accounts and have some checking features.
Member FDIC
Bank Money Market Account - Discover Bank Money Market Account
APY 3.50 percent
Min. balance for APY $1
LendingClub Bank: Best for cash and back
Unlimited 1% cash back for debit card transactions when you reach the minimum monthly balance or direct deposit requirements.
Unlimited worldwide ATM fees reimbursement.
Read more in our .
Return to the top
Marcus by Goldman Sachs: Best for immediate, high-limit transfers
Same-day online external transfers that can reach $125,000.
3.75% APR (annual percentage yield) with $0 minimum balance to earn the stated APY. Accounts must be in a positive balance to remain open. APY current as of 02/14/2023.
Learn more in our .
Quontic Bank: Most domestic ATMs
More than 90,000.00 ATMs that are in-network.
1.10% APY on checking when you meet minimum requirements for spending on your debit card.
Learn more about our .
Looking for other good options? Browse our picks for and
Did you have some other idea in particular? If so, check out these articles:
Find the top savings and money market accounts
From top to bottom
Compare the best CD accounts
Back to top
Compare the best checking accounts
From top to bottom
Compare the best banks, credit unions, and cash management accounts
Back to top
Compare the best banks for children and teens.
A summary of the top financial institutions and credit unions from 2023
Financial institution
Best to use for ...
The NerdWallet ratings are made through our team of editors. The scoring formulas are based on many data points for each financial product and service.
Best credit union in general.
The ratings of NerdWallet are formulated by the editorial staff. The scoring formulas are based on several data points associated with each financial product and service.
The best bank overall.
Best Money Market Account.
NerdWallet's ratings are determined by the editorial staff. The scoring formulas are based on several data points associated with every financial product or service.
The best Online banking experience.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account many data points for each financial product and service.
The best credit union or bank for ATM access.
The ratings of NerdWallet are formulated by the editorial staff. The scoring formulas take into account several data points associated with every financial product or service.
Best credit union or bank to get sign-up bonus.
The best credit union or bank for branch access (tie).
NerdWallet's ratings are determined through our team of editors. The scoring formulas consider several data points associated with every financial product or service.
Best savings account.
NerdWallet's ratings are made through our team of editors. The scoring formulas consider many data points for each financial service and product.
Best checking and savings combo.
Best overall checking account.
The best checking account to earn high-interest.
Best checking account with no monthly fee.
Best checking account to avoid overdraft fees.
The ratings of NerdWallet are formulated by our editorial team. The scoring formulas take into account multiple data points for every financial product or service.
Best bank or credit union for CDs.
The NerdWallet ratings are made by our editorial team. The scoring formulas consider multiple data points for each financial service and product.
The best bank or credit union for branch access (tie).
Another great account of 2023
NerdWallet's ratings are determined through our team of editors. The scoring formulas consider many data points for each financial product and service.
Excellent for interest-checking on up to $50,000.
NerdWallet's ratings are made by our editorial team. The scoring formulas take into account several data points associated with every financial service and product.
Great for interest checking for the amount of $25,000 or more.
NerdWallet's ratings are determined by our editorial team. The scoring formulas consider several data points associated with every financial product or service.
Best option for cash back.
NerdWallet's ratings are made by the editorial staff. The scoring formulas take into account many data points for each financial product and service.
Ideal for high-limit, same-day transfer.
NerdWallet's ratings are determined by the editorial staff. The scoring formulas take into account multiple data points for each financial service and product.
Most domestic ATMs.
Are you looking for the largest banks in the nation?
We took a closer look at nearly 80 financial institutions as well as financial service providers, including the largest U.S. banks based on the amount of assets, web search traffic, and other aspects; the nation's largest credit unions, based on membership and assets; and other notable and/or emerging companies in the sector. We assessed them based on a variety of factors like annual percentage yields and minimum balances and fees, digital experience , and other factors.
Financial institutions and providers surveyed include , , , , the (, ) , , , , the (, ) , and , Liberty Bank, , , (by Axos), , , , , , , , , Scarlet , , , , , , , in,.. and .
The author's bio: Ruth Sarreal is a content management specialist at NerdWallet. She has written and edited articles on personal financial issues for more than five years.
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How to sell your used car in 8 steps Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by offering you interactive financial calculators and tools, publishing original and objective content, by enabling you to conduct your own research and compare data for free and help you make informed financial decisions. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this website are provided by companies that compensate us. This compensation can affect the way and where products appear on this site, including for instance, the order in which they appear within the listing categories in the event that they are not permitted by law. Our mortgage home equity, mortgage and other products for home loans. This compensation, however, does not influence the information we publish, or the reviews that you see on this site. We do not include the entire universe of businesses or financial offers that may be available to you.
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5 min read published February 27, 2023
Written by Allison Martin Written by
Allison Martin's work began over 10 years ago as a digital content strategist. Since then, she's been featured in a variety of top financial media 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 writing and editing for Bankrate from late 2021. They are passionate about helping readers to control their finances through providing concise, well-studied and well-researched content that breaks down otherwise complex subjects into digestible chunks.
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The demand for second-hand cars is high due to a . While the shortage is diminishing and could come to an end this year, many auto producers continue to produce less cars than they typically produce. That means dealers still have smaller amounts of inventory. However, it's a good thing should you be selling a used car since you're likely to be able to find many potential buyers. Before you place an advertisement on the internet, there are some steps to take to make sure you receive the highest price for your ride. 8 steps to sell your used car When selling something as significant as a car you want to secure the highest price you can. Clean your vehicle prior to listing it for sale, take time to determine the best price for selling and understand how to negotiate effectively. 1. Select the best method for selling your automobile. There are three ways to sell your vehicle: Sell it to a third party: only works if you're looking to buy a car from a dealer . It's convenient since it doesn't require you to advertise the vehicle to potential buyers. The downside is you probably will not receive as much from the vehicle as with a private sale. A private sale will typically get more for your ride when you sell it on your own. But, you'll need to research to find the right buyer and agree on a specific selling price. Dealership: Many dealerships offer a no-cost, no-obligation cash offer for your vehicle. It's simple and quick and you'll be given an agreed-upon time frame to decide whether or not to accept it. Car buying websites like Shift and AutoNation guarantee to offer you a price for your vehicle in a matter of minutes. You'll provide some required information regarding the car's model, make, model, color and mileage. Additionally, you'll need to upload pictures. These companies offer cash in a short time for your vehicle, but they often charge service fees which eat away at your profit. 2. Get the required documents aren't able to sell your vehicle to a private or dealer party unless you have the following documents The original paperwork from the purchase of your vehicle. The vehicle's title. Any service records available. If you're missing any of these documents, make sure you have them on hand to sell your car. In the event that you do not, you may face complications when trying to complete the sale. It's also recommended to have documentation from the emissions test at hand if you are in a place where these tests are mandatory. In addition, if there are warranties that still remain on vehicles, having the documentation available is essential. You may even fetch more for a vehicle which is still protected by warranty. 3. Get your car ready for auction Once you've decided how to market your vehicle and gathered the necessary paperwork, it's time to get it ready for market. In the ideal scenario, you'll want to clean up the interior and exterior of your vehicle to make it shine for potential buyers. Have your car professionally cleaned or spend time vacuuming and shampooing carpets, washing the mirrors as well as washing the exterior. applying wax, if needed, and making your tires shine. Also, take your vehicle to the shop for an oil change. If your tires or brakes are nearing the expiration date it is time to have them replaced. You should have the mechanic swap out any burned-out lights and windshield wipers that do not work correctly. Plan to fix damaged windshields, scratches or scratches. Bankrate tip
Detailing your used car and making the necessary cosmetic changes is similar to staging your house to sell. The appearance of your vehicle is important and can help you get a better price. Many people don't want to purchase a car peppered with scrapes or dents or a messy interior.
4. Set the right sales price If you intend to sell your old car to a private party , . An amount that is too high may cause buyers to be turned off, and selling at a price that is too low means you will get less than you should. You must do your research to ensure you price the car right, while leaving a little flexibility for negotiations. There are a variety of tools to calculate . Use to use the " " feature of Kelley Blue Book or refer to Edmunds to get an idea of the value of your car. Or you can use Autotrader or look up classified ads to find similar ads within your area. 5. Make sure to inform everyone in your network that you're selling your car and ask them to spread the word. You can also make a post on social media, or post ads on websites with an auction for used carsfor example, Autotrader, Kelley Blue Book or Cars.com or in your local newspaper. When you create your ad include photos that showcase various angles of the vehicle's exterior, interior, and what it's under the car's hood. The advertisement should also include the year, year of manufacture and model of the car and its condition at the time of writing, the asking price and acceptable payment options. Additionally, you should include any features that make it stick out, such as an extended warranty, fuel-efficiency rating or heated seats and the reason you wish to sell the car. 6. Prepare to negotiate. To make sure you are prepared to negotiate, no matter if you're selling privately or to a dealership, take your car to some dealers and ask for offers. Utilize this information along with what you've learned by looking up the value of your car on websites such as Kelley Blue Book or Edmunds to help you negotiate with prospective buyers. You'll want to come to an agreement with lowest price in your mind, and be ready to counteroffer. Start the conversation off by letting the potential buyer give you an amount. If the figure works for you, it's your responsibility to decide whether to ask for more or move forward with the sale. However, if you think the figure isn't enough, you can counter with a slightly higher price that is higher than the amount you're willing to pay. Be prepared to leave when you can't agree on a fair price with the other party. 7. Be smart and safe regarding the sale. Safety is of the utmost importance when arranging the sale of your vehicle by a private party. The seller may want to pay cash. S suggest that they utilize an online payment processor that is not contactless, such as PayPal, instead. A cashier's cheque is an alternative. The check is guaranteed to be cleared since the money is immediately withdrawn out of the purchaser's bank account when the check is made. If the potential buyer wants to test drive the car prior to committing to buy your car, call your insurer to ensure that you will be covered in the event in the event of an accident. Also, pick a populated area and agree to the route before it starts. You might also wish to take a companion with you to ensure your safety. 8. Make the sale official At final, you've found the perfect buyer and are eager to close the deal. However, before you can officially close the deal, you have to go to the DMV office in the area (Department of Motor Vehicles) together with the buyer to transfer the vehicle's title over to the next owner. Keep in mind that this procedure is different in each state. Certain states may need proof of a passed inspection or to call the tax assessor's office in your county. You can find the rules applicable to your state at . Next steps , whether you're trying to make more cash or trade your car for a brand new one, these suggestions will help you get top dollar for your ride. However, a private party sale is the most likely way to maximize your profits. Be sure to obtain a few valuations before listing your ride to ensure the price is right and is sold in a short amount of time.
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Allison Martin's career started over 10 years prior to that as a digital content strategist. Since then, she's been published in several leading financial outlets including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.
Edited 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 precise, well-researched and well-researched content that break down complex subjects into bite-sized pieces.
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How to Pay Off Credit Card Debt in 4 Steps
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How to get out of Credit Card Debt in 4 Steps
Based on the amount, you may want to consider depending on your budget, you can try a DIY technique such as debt snowball or consolidation or consider debt relief.
by Sean Pyles Senior Writer | Personal finance and credit, and personal finance Sean Pyles leads podcasting at NerdWallet as the host and producer of the NerdWallet's "Smart Money" podcast. On "Smart Money," Sean talks with Nerds from the NerdWallet Content team to answer the questions of listeners about their personal finances. With a focus on thoughtful and practical advice on money, Sean provides real-world guidance that can help consumers better their financial lives. Beyond answering listeners' money questions on "Smart Money," Sean also interviews guests outside of NerdWallet and creates special segments that explore subjects such as the racial gap in wealth as well as how to get started investing, and the history of college loans.
Before Sean was the host of podcasts at NerdWallet the company, he also wrote about topics related to consumer debt. His writing has been featured in USA Today, The New York Times as well as other publications. When Sean isn't writing about personal finances, Sean can be found digging around his garden, going for runs , and walking his dog for long walks. Sean is located within Ocean Shores, Washington.
and Tiffany Curtis Lead Writer | Health and wellness Tiffany Lashai Curtis is a chief writer for the financial team of NerdWallet. She was previously the health writer for Livestrong.com and a freelance journalist for magazines such as Refinery29, Business Insider and MTV News, where she was a specialist in issues that affect marginalized communities. As a wellness facilitator she has led conversations with organizations such as Planned Parenthood and Harvard University. She is based in Philadelphia.
Updated on Jan 25, 2023 9:36AM PST
Editor: 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 director of design and editing. Her previous experience includes news and copy editing at several Southern California newspapers, including the Los Angeles Times. She earned a bachelor's degree in journalism and mass communications in Iowa's University of Iowa.
Many or all of the products featured here are from our partners who compensate us. This affects the products we feature and where and how the product is featured on a page. But, it doesn't influence our evaluations. Our opinions are entirely our own. Here's a list and .
If you're wondering how to cut down on your credit card debt be aware that you're in plenty of company. The balances on credit cards increased by 15% between 2021 and 2022, the largest jump over the past 20 years in an November 2022 report by the Federal Reserve Bank of New York. [0] Federal Reserve Bank of New York's Center for Microeconomic Data . . Accessed November 15, 2022.
As of September 2022, an average of credit card debt for each U.S. household with credit card debt is $7,486 according to .
Achieving success requires a hands-on approach, from determining your best payment strategy to contacting creditors to negotiate rates. Here's how to lower your credit card debt in just four steps.
1. You can choose a payment plan or two
If you're determined to get rid of the debt on your credit cards, consider these suggestions to get closer to your goal. A clear repayment plan and plan of action will keep you -- as well as your credit card debt -- in check.
Pay more than minimum
Credit card issuers offer you a fee, usually 2% on the amount you have. Keep in mind that banks earn their money from the interest they charge each billing period, so the longer it takes to make payments, the higher they make. The average amount of interest on credit cards paying is increasing as a result of Federal Reserve rate hikes and growing amounts of credit card debt with revolving terms. It's believed that U.S. households that carry credit card debt will be paying an average of $1,380 in credit card interest this year, according to the study.
Check your credit card bill for an "Minimum payment Warning," which will include a table indicating how long it would be to pay off the balance if you paid only minimums -- and the amount of interest you'd pay.
Debt snowball
The process of paying off your debt uses your sense of accomplishment as motivation. The debts you have to pay off are prioritized by amount, then focus on clearing the most small one first. Once you've paid that, you roll that payment into the amount you're paying toward the next lowest, and the next one, and so on. As a snowball rolls down a hill, you'll gradually make larger and bigger payments and eventually pay off your debt.
Debt avalanche
Similar to the snowball approach it starts by the list of your outstanding debts. Instead in paying the card with your lowest balance, first you will pay off the card with the highest interest rate. It can be a faster, and cheaper, method than the snowball method.
Automate
Automating your payments is a simple method to ensure that your debts are being paid so you avoid racking up additional costs in late fees. If you're practicing the debt snowball or avalanche approach, however, you will have to be a bit more hands-on to make sure you're contributing exactly what you want for each account.
Are you worried about the economy?
Be aware of your finances in market's rising costs as well as market volatility and recession worries.
2. Consider debt consolidation
If you have a good credit score however your debts seem overwhelming, consider into one account. That way, you only need only one payment per month to pay down the remaining balance.
A 0% balance transfer credit card
It's not a good idea to apply for a credit card when your main goal is to get rid of debt from credit cards however it could save cash in the end. Choose a credit card that has an extended 0% introductory period -- usually 15 to 18 months- and move all your outstanding credit card debt into that account. It will be a single monthly payment, and you'll never pay any interest.
Personal loans
Similarly, you can get a fixed-rate loan to pay off your debt. Although you'll have make payments for interest charges, interest rate for personal loans tend to be less than credit card interest rates, which can still allow you to save money. Use a to estimate your savings.
3. Work with your creditors
Reach out to your creditors to explain your circumstances. The credit card company might be willing to negotiate terms for payment or offer a , especially when you're a frequent customer with a good history of paying.
If your issuer offers a hardship program that can help you when circumstances beyond your control such as illnesses or unemployment impact the ability of you to manage your payments. Even if you're being affected by illness or unemployment and you're not experiencing any hardship, inflation is creating problems for many. According to NerdWallet's NerdWallet survey, 45percent of employed Americans say their pay hasn't been increasing enough over the past 12 months to keep up with the rate of inflation.
If you agree to negotiate with your issuer or agree to the conditions of a hardship program or hardship program, either one could result in more affordable interest rates or waived fees, subject to the issuer.
These small changes might suffice to get you the debt under control The worst thing that could happen is if they say no.
4. Seek help through debt relief
If the sum you owe exceeds what you're able to pay each month , and you're struggling to get the debt in check, then it could be time to consider taking more serious steps. You could consider, for example, an approach to managing debt.
Debt management plan
They are made with the help of a . Counselors negotiate terms with your creditors . They also consolidate your credit card debt. You'll then pay the counseling agency an agreed-upon monthly fee. The credit account you have may be closed, and you might have to stop making new credit cards for a certain period of time.
Bankruptcy
Filing for wipes will eliminate the unsecured debt, such as credit cards, however, not without consequences. can help you restructure your debts into a repayment plan that spans three to five years. This could be the best option if have assets that you wish to retain. It can stay on your credit report for 7 to 10 years, though your credit score is more likely to rebound in the months after declaring bankruptcy. Certain debts, including and tax debts, usually can't be erased in bankruptcy.
Debt settlement
In debt settlement, a creditor is willing to pay less than what you have to pay. Even though it may sound like a great deal, it's not an option for most people. Most often, you contract an agency for debt settlement to bargain for you with creditors. Read more details on and the risks you face.
Authors' Bios Sean Pyles is the executive producer and host of NerdWallet's Smart Money podcast. His writing has appeared in The New York Times, USA Today and elsewhere.
Tiffany Lashai Curtis is a lead writer on the personal finance team. She has over 5 years of experience in reporting on topics that affect communities that are marginalized.
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How to Spot Debt Collection Scams
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How to Spot Scams in Debt Collection
Be aware of scams, safeguard your information , and inform authorities in the event that you encounter frauds to collect debt.
By Sean Pyles Senior Writer | Personal finances, financial debt Sean Pyles leads podcasting at NerdWallet as the producer and host of the NerdWallet's "Smart Money" podcast. On "Smart Money," Sean talks with Nerds on NerdWallet's NerdWallet Content team to answer the questions of listeners about their personal finances. With a focus on shrewd and practical advice on money, Sean provides real-world guidance that can help consumers better in their finances. In addition to answering listeners' financial concerns on "Smart Money" Sean also interviews guests outside of NerdWallet and creates special segments on topics like the racial inequality gap as well as how to get started investing and the background for student loans.
Before Sean lead podcasting at NerdWallet the company, he also wrote about topics related to consumer debt. His writings have appeared throughout the media including USA Today, The New York Times and elsewhere. When he's not writing about personal finances, Sean can be found digging around his garden, going for runs , and taking his dog on long walks. He lives in Ocean Shores, Washington.
Updated Aug 5, 2021 at 2:48 PM PDT.
Editor: Kathy Hinson Lead Assigning Editor Personal financial, credit scoring, managing money and debt Kathy Hinson leads the Core Personal Finance team at NerdWallet. Prior to joining NerdWallet, she worked for 18 years at The Oregonian in Portland in capacities such as chief of the copy desk and team director of design and editing. Prior experience includes the editing of copy and news at many Southern California newspapers, including the Los Angeles Times. She earned a bachelor's degree in mass communications and journalism in The University of Iowa.
A majority of the items featured on this page are from our partners who pay us. This impacts the types of products we review as well as the place and way the product appears on a page. But, it doesn't influence our opinions. Our opinions are our own. Here is a list of and .
If you're receiving threatening phone calls about an outstanding debt even if you recognize, you might be the victim of a debt collection scam.
Here are the best ways to protect yourself against bogus .
Red flags of debt collection scams
You might be getting an unwanted call from a debt collector if the caller doesn't recognize the debt you supposedly is due or if you hear the following:
It isn't possible to provide specific details about the debt as well as the initial creditor.
Won't give you details about the organization the person claims to represent, including name or address as well as phone number.
Employs aggressive tactics to press you into making a quick payment.
Requests payment over the phone.
Asks for sensitive information like the details of your bank account, your Social Security number, or your credit or debit card number.
>> MORE:
Common scams
It's simple to spot fraud when an individual attempts to collect an unpaid debt you don't recognize or know you don't have. False debt collectors have a variety of ways of getting your information, and they hope to get you to make a quick payment via a cold-call.
Other scams can be more difficult to spot, like scammers who attempt to collect on a debt that you do due. Scammers could look through your credit report to see who you owe money for instance they may then make calls pretending to represent the creditors.
Threats of police action and aggressive language are indications of a scammer According to the . You can't be arrested for a debt and it's illegal to deceive consumers about how to pay debts. Legitimate debt collectors tend to be very careful in this regard.
Another red flag is someone claiming as representing an official of the Internal Revenue Service and seeking immediate payment. The IRS, the tax collection agency of the federal government, will never demand that you make a payment immediately via phone or request for a debit or credit card number. Both of those are signs of . Be aware, however, that the IRS in 2017.
As with any debt, you should request an official confirmation letter -an official document that describes the specifics of the debt prior to taking any action.
What do I do?
Be aware of your actions before acting . Take these steps if you believe that the caller is trying to scam you.
Get information
Begin by collecting information about the debt collector and the debt. Ask for a validation letter. Legitimate debt collectors should provide this information as soon as possible without delay. Any hesitation could be a sign of a scammer.
If you get a call, ask for his or her name and address, along with the name of their employer and phone number and street address. If the caller won't give the information requested, it's an indication of a red flag.
Protect your personal information
Whatever the way a potential debt collector asks for information, you should not divulge or confirm details of your bank account, credit or debit card numbers, or Social Security number. This could put you at risk of identity theft or let a scammer pull money from your account.
Contact the original creditor
If you believe a fraud debt collector has contacted you regarding payment for an outstanding debt you, inquire with the creditor who originally made the contact to confirm whether it sold the debt, as well as the contact information of the collection agency who owns the debt.
Do not answer the phone.
Refraining from receiving repeated calls is one of the most effective ways to keep a scammer off your back. Do not hesitate to call back in the face of harassment or threats or threats, and do not answer calls. Since scammers are trying to make quick money from a simple victim, they're unlikely to keep you on their radar for long before moving on.
If you're in contact to a genuine debt collection agency You'll have to devise a strategy to .
File a complaint
Don't be reluctant to file a complaint with the or your state if you think a scam debt collector has reached out to you. Find all the details you have and put it in your formal complaint.
Author bios: Sean Pyles is the executive producer and host of NerdWallet's Smart Money podcast. His writing has been featured on The New York Times, USA Today and elsewhere.
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6 common car loan mistakes that cost you money Part Of Buying a Car In this series Buying a Car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by offering interactive tools and financial calculators as well as publishing objective and original content. We also allow you to conduct research and compare information at no cost to help you make financial decisions with confidence. Bankrate has agreements with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are advertised on this website are provided by companies who pay us. This compensation may impact how and where products appear on this website, for example such things as the order in which they may be listed within the categories of listing, except where prohibited by law. This applies to our mortgage home equity, mortgage and other products for home loans. However, this compensation will affect the content we publish or the reviews you read on this site. We do not cover the vast array of companies or financial offerings that could be open to you. My Ocean Production/Shutterstock
5 min read Published March 02, 2023.
Authored by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the ways and pitfalls of borrowing money to buy an automobile. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are enthusiastic about helping readers gain the confidence to manage their finances by providing concise, well-studied facts that break down complicated topics into bite-sized pieces. The Bankrate promise
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At Bankrate we are committed to helping you make better financial decisions. We adhere to the highest standards of ethical standards ,
this post may contain some references to products offered by our partners. Here's an explanation for how we make money . The Bankrate promise
In 1976, Bankrate was founded. Bankrate has a long history of helping people make wise financial choices.
We've maintained this reputation for more than 40 years by simplifying the process of financial decision-making
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who ensure everything we publish will ensure that our content is reliable, honest and reliable. The loans reporter and editor are focused on the things that consumers care about the most -- the various kinds of loans available and the most competitive rates, the best lenders, the best ways to pay off debt and more -- so you'll feel safe investing your money. Editorial integrity
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 provide honest and trustworthy content that will aid you in making the best financial decisions. Our main principles are that we value your trust. Our goal is to provide our readers with accurate and unbiased information. We have standards for editorial content in place to ensure that happens. Our editors and reporters thoroughly verify the truthfulness of content in order to make sure the information you're reading is correct. We have a strict separation between advertisers as well as our editorial staff. Our editorial team does not receive any direct payment by our advertising partners. Editorial Independence Bankrate's editorial team writes on behalf of YOU - the reader. Our goal is to provide you the best advice that will help you make smart financial decisions for your personal finances. We follow strict guidelines in order to make sure that the content we publish is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. Therefore whether you're reading an article or reviewing, you can trust that you're getting credible and dependable information. How we earn money
There are money-related questions. Bankrate has answers. Our experts have helped you understand your money for over four years. We are constantly striving to give our customers the right advice and tools needed to make it through life's financial journey. Bankrate follows a strict , therefore you can be confident that our content is honest and accurate. Our award-winning editors, reporters and editors provide honest and trustworthy information to assist you in making the best financial decisions. The content created by our editorial staff is factual, objective, and not influenced through our sponsors. We're honest about how we are in a position to provide quality content, competitive rates, and useful tools to you , by describing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products and services, or through you clicking certain links posted on our website. So, this compensation can affect the way, location and in what order products appear within listing categories and categories, unless it is prohibited by law. This is the case for our mortgage home equity, mortgage and other products for home loans. Other factors, like our own rules for our website and whether the product is available in the area you reside in or is within your own personal credit score could also affect the way and place products are listed on this site. We strive to offer a wide range offers, Bankrate does not include information about every financial or credit product or service. If you're looking to save money on the next car purchase, you'll require more than just make a great bargain with the salesperson about the . An error when buying a could cost you money and erase any savings that you have negotiated on the purchase price. Unfortunately, it's not all that common, particularly among people with good credit scores. An investigation from revealed the fact that 3 percent of super-prime and prime consumers had auto loans that had an APR of more than 10 percent, which is more than double the average rate for their credit scores. Not shopping around to find the most affordable deal on auto financing is just one of the mistakes you should avoid. Here are some others to avoid if you want to get the most affordable deal. 1. Not shopping around is an easy and efficient method to get a car loan, but it also isn't without cost. Dealers usually increase their rates by a few percentage points to ensure they earn. Before visiting the dealership look around and visit credit unions or banks. This will give you an idea of the interest rates you can get for your credit score , and ensure you get the best deal. Be aware that banks' requirements may be stricter as compared to credit unions', however, they might offer better rates than you'll get at the dealership. If it's your first experience purchasing a vehicle, look at financing options for first-time buyers at credit unions. After you've been approved for a loan then you can bargain with the dealer more effectively. If the dealership isn't willing to match the rate you currently have, you don't need to count on their financing in order to obtain the car you want. Key takeaway
The preapproval process will ensure that you receive the most competitive rate, and gives you an advantage to bargain.
2. Negotiating the monthly payment instead of the purchase price While the monthly installment on your car loan is vital -- and you should have it in advance every month -- it shouldn't be the sole basis of your . After you've volunteered, the each month's car loan amount informs the seller how much you're willing to invest. The salesperson may also attempt to hide other costs, like the higher interest rate and add-ons. They might also pitch you on a more lengthy payment timeframe, which can keep that monthly payment within your budget, but could increase the overall cost. In order to avoid that, you should negotiate the price of your vehicle's purchase and the price of each, instead of focusing on your monthly installment. Important takeaway
Never purchase a car based on the monthly payment alone as the dealer might utilize that information to stop negotiations on hold or to upsell you.
3. Let the dealer determine your creditworthiness Your creditworthiness determines the rate of interest you pay, and a borrower with good credit scores can get an improved car loan rate than one with a lower score. By reducing just one percentage point of interest from a $15,000 vehicle loan over 60 months could save hundreds of dollars in interest throughout the duration of the loan. Understanding your score on credit ahead of time will put you in the driver's seat in negotiations. By knowing your credit score, you'll know what rate you can be expecting -- and also if your dealer is trying overcharge you or lie about the loan you're eligible for. What is an unacceptable APR for a car loan? New auto loans had an of 6.07 per cent in 2022's fourth quarter according to figures from . The credit score of those with excellent credit was eligible for rates of around 3.84 percent, while people who had bad credit had an average new car rate at 12.93 percent. Used car rates were higher than 10.26 percent across credit scores. And the was a sky-high 20.62 percent. Thus it's a "bad" APR for a car is on the higher end of these numbers. Legally, loans can't have an APR of more than 36 percent. Seek an lender that offers you the average interest rate for your score, or higher. What's the most important takeaway
Check out a variety of lenders to determine the estimated interest rates. You can take any steps to improve your credit score prior to heading to the dealership.
4. The wrong term to choose length can be a challenge. The range of durations is from between 24 and 84 months. More lengthy terms can offer attractive low payments. However, the longer the term , the more interest you'll pay. Some lenders also charge a higher interest rate when you choose to take an extended repayment period since there's a greater risk you'll end up upside-down on the loan. To determine which is the most suitable option for you, take a look at your top priorities. For example, if you're the kind of driver interested in getting behind the wheel of a new vehicle every few months, being trapped in an extended loan may not be the best option for you. However If you're on an extremely tight budget then a longer-term contract might be the only way to afford your car. Make use of a tool to analyze the cost of your monthly payments and choose which option is best for you. Key takeaway
A short-term loan will cost less interest in the long run however, it will also have higher monthly payments; a long-term loan will come with smaller monthly payments, however it will cost you more rates of interest over the course of time.
5. Finance the cost of added-ons Dealerships make money from -- especially aftermarket products that are sold by the finance or insurance office. If you're looking for an insurance policy or gap insurance, these options can be purchased at a lower price through sources other than the dealership. The addition of these items to the financing you choose to use will result in more expense in the end, since you'll be charged interest on these items. Question every fee that you don't know about to avoid unnecessary additions to the cost of your purchase. If you find an additional item that you're really interested in and can't afford, you should pay it out of pocket. It is better to check if it's available outside the dealership at a lower cost. Buying from a third party is usually cheaper than aftermarket products including extended warranties . Most important takeaway
In the end adding financing options will lead to more interest paid in the end. Come prepared to negotiations knowing which add-ons you truly need and which you can find cheaper in other places.
6. Rolling negative equity forward Being " " on a car loan is the case when you owe more money on your car than what it's worth. The lender may let you carry that negative equity into a new loan but it's not a wise decision for your financial situation. If you do, you will pay interest on the current and prior car. If you were upside-down when you traded in your last car it is likely that you will be the next time around. Instead of rolling negative equity into the new loan Try it before taking out the new loan. It is also possible to repay your equity upfront with the dealer to save yourself from paying excessive interest. Key takeaway
Don't put negative equity in your car forward. Instead, pay off as much of your old loan as you can or make the payment when you trade in your vehicle.
The bottom line The key to success when you take out an auto loan is preparedness. It is about negotiating your monthly payment as well as understanding your credit rating, deciding on the right duration, making sure you are aware of additional costs and avoiding rolling into negative equity. Make sure to be aware of potential mistakes as you negotiate. If you do, with the luck of the draw, you'll be able to save money and time. Find out more
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Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ins and outs of securely borrowing money to buy a car. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to take control of their finances through providing concise, well-researched and well-researched content that breaks down complicated topics into manageable bites.
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Gravity the 2023 automobile loan review, published 2023-01-27 at 15:21:19.
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the ins and outs of securely borrowing money to purchase a car.
Editor: Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate since the end of 2022. He values the clarity of his reporting, which helps readers confidently find deals and make the best choices for their finances. He specializes in small business and auto loans.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by offering you interactive financial calculators and financial tools as well as publishing original and objective content. This allows users to conduct research and compare data for no cost - so that you can 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 offers that appear on this website come from companies that pay us. This compensation could affect how and when products are featured on this site, including, for example, the sequence in which they appear in the listing categories in the event that they are not permitted by law. Our loans, mortgage,, and other home lending products. This compensation, however, does not influence the information we publish, or the reviews that you see on this site. We do not cover the vast array of companies or financial deals that may be accessible to you.
Reviewer's disclosures The reviews are written by staff. The opinions expressed are only the opinions of the reviewer and are not reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is correct as of the date when the review first appeared. Check the data in the upper right hand corner of the page and the lender's website to find the most current information.
At a glance 3.6 Score: 3.6 stars out of five
Bankrate Score
Available Rating: 3.8 stars out of 5
Affordability Rating 4 .
Customers Experience Score: 3.4 5 stars. five
Transparency Rating Five stars from five.
Check auto loan rates
The amount of the loan is of $10,000 to $125,000
Min. credit score of 500
APR from 5.34%
Funds available in 10 days
Pros and cons of gravity for some, the benefit of a seamless application may not outweigh the potential lengthy funding timeframe.
PROS No fees
Online application
Delayed payment schedule
CONS funding timetable
Refinancing limitations
Gravity operates an online auto loan marketplace that lets borrowers compare top refinance offers online and in just a few minutes. The easy application is done via telephone or on the internet. It only will require drivers to upload their car documents and agree to an existing loan. With the option of applying online and receive loan officer guidance, refinancing a car or purchasing a lease with Gravity is a simple process perfect for those who prefer assistance.
Do you qualify? Each lender in the Gravity network carries their own requirements for approval, but consider the following guidelines before applying. Credit score. To be eligible, you must have a minimum credit score of 500. If your credit score is not as good, you might want to look into bad credit auto loans. Income. Although Gravity doesn't disclose specific income limits, it's probable that banks will search out for a certain number as employment disclosure is required. Vehicle. Some lenders will not provide loans for ride-share cars, discontinued vehicle models or large one-ton vehicles. What we like and what we do not like Take a look at the entire of what Gravity has to offer before accepting a loan. We like the fact that there are no fees. Gravity does not impose any charges. Online application. Borrowers are able to upload documents and submit their applications online. Delayed payment schedule. Gravity permits borrowers to delay payments for up to 90 days. We don't like the funding timeline. Although approval can be as soon as the day you apply, funding could take up to 10 days or longer. Refinancing limitations. In order to refinance with Gravity you must have an initial loan amount of $10,000. Contact Gravity Support for your Gravity loan is available over the phone or online Monday to Friday from 8 a.m. until 6 p.m. Questions specific to your situation can be posted online or sent to . Gravity's website has an extensive FAQ section. There are a variety of auto loan types offered The Gravity marketplace provides borrowers with choices for auto loan refinancing and lease buyout. You can borrow anything from $10,000 and $125,000. While rates and terms vary for the lender partners, it is will receive terms between 25 and . Gravity also offers the option for drivers to add or eliminate co-borrowers. The choice to add or remove depends on a , but this could potentially provide you with more competitive terms.
Refinance
The loan's quick facts range from $0 to $125,000. Terms: 25 to 84 months APR: 5.34% to 14.99%
Drivers looking to lower their monthly payments or modify loan terms can refinance using some of the banks within the Gravity network. When considering refinance options, make use of a refinance option to ensure you are saving money over the long term. Lease buyout
Quick facts about loans: From $10,000 to $125,000 Terms: 25-84 months APR: 5.34% to 14.99 Percentage
Buying out your current vehicle lease is a great way to secure your current set of wheels and reduce the potential for high car cost. How do you apply for an loan with Gravity You are able to apply for one of Gravity's loan products from its site, with the option to prequalify encouraged. After a soft credit pull and a credit check, you'll be matched with an loan person who will guide you through the loan process. Once you've been matched to one of Gravity's national lenders You can apply for free, for the loan suggested. It is possible to complete the process securely online. After that, you'll be able to examine the new loan conditions and decide whether you'd prefer to reduce or stretch out the loan duration, in the event of refinancing.
Information required for the application is valid driver's license Valid insurance Proof of residence Social security number Vehicle information Employment proof of income
Gravity FAQs
Is Gravity a reliable business? Yes, the company holds an A+ BBB Rating and Accreditation and a perfect five stars for Trust Pilot review sites.
Does Gravity lending conduct the hard credit pull? Although Gravity doesn't conduct any kind of credit pull however, its lenders who are partners with it will likely do so before final loan approval. Gravity uses a soft pull to get your credit history without affecting your score.
What does prequalifying for a loan differ from preapproval? Prequalification will give you an estimate of what you can expect for a monthly payment. Preapproval, also known as an unlocked rate that is based on a hard credit pull.
How does Bankrate rate Gravity
Overall Score
3.6
The availability
3.8
Gravity has a vast network of lenders but does carry a high minimum loan sum for customers.
Affordability
3.6
Gravity boats fairly competitive APRs and there are no additional fees from the site of comparison.
Customer Experience
3.4
Gravity provides customer support only on weekdays , and has a a long funding timeline.
Transparency
5.0
Gravity shares both its fees and rates on the internet and also offers prequalification.
Methodology For evaluating lenders who focus on auto refinance loans, Bankrate considers 16 different elements. The factors are based on to the loan amount, APR that is disclosed and acceptance criteria. Each lender has a score that is based on four categories. Accessibility: This is a factor that accounts for loan amount, vehicle restrictions and their availability in every state. Affordability: Primarily, this section deals with the expected APR, acceptance criteria, discounts for autopay and the number of fees. Customer experience: This section includes online access, support availability, funding timeline, option for automatic payments and app accessibility. Transparency: Here prequalification and disclosure of rates and fees are recorded.
Disclaimer Reviewers are supervised by Bankrate.com staff. The opinions expressed in the review are only those of the reviewer and have not been reviewed or acknowledged by any advertiser. The information that is included, including rates and fees provided in the review are accurate up to the date of the review. Check the data at the top of this page as well as the lender's website for the most recent details.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ins and outs of securely taking out loans to purchase an automobile.
Edited by Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate since late 2022. He values clear reporting that helps readers successfully get deals and make most appropriate choices regarding their finances. He specializes in small business and auto loans.
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