Why You Should Get Preapproved for an Auto Loan

Why You Should Get Preapproved for an Auto Loan

If you’re in the market for a new car, it’s important to get preapproved before you start shopping. The process of getting preapproved can take time, so it’s helpful to plan ahead. The lender will begin by asking for your current income and other personal information. If you have a co-borrower, the lender will need this information about them as well.

Pros and Cons of Buying a Car in 2022

couple buying a car

If you’re in the market for a new-to-you vehicle, you’re likely prepared to experience sticker shock. It’s no secret that prices on new and used cars have soared since the beginning of 2020, and experts aren’t expecting them to fall anytime soon. In addition, supply is low and finding your dream car can be challenging—or impossible. Here’s what you need to know about the state of the car market, as well as the pros and cons of buying a car in 2022.

Should You Buy an Electric Car?

electric car being charged

With gas prices soaring and expected to continue climbing into the foreseeable future, you may be wondering if now is a good time to consider buying an electric car. You’re not alone. Thousands of drivers are asking the same question as gas prices peak. While an electric vehicle (EV) might be the right choice for many, there are a lot of variables to consider before making this decision. Here’s what to know about electric cars before going this route.

How to Save Money to Buy a Car

cash with card keys

Saving money ahead of time can help make your new vehicle purchase more affordable. With the money you save, making a down payment will reduce the total amount you’ll need to borrow. You’ll also have a lower monthly auto loan payment, and you’ll spend less on interest over the life of the loan. Here are a few easy steps you can take to save up money for a down payment on your new car.

Is Now the Best Time to Trade in a Car?

couple trading in car at dealership

If you want to upgrade your vehicle to a newer model, you’re probably asking yourself—is now the best time to trade in your car? Currently, low vehicle inventories and constant supply chain problems have made it challenging for car manufacturers to build new cars. Therefore, car buyers have been struggling to find new cars to buy and the resale value of used cars has gone up significantly as a result.

What to Consider Before Getting an Auto Loan

hands signing documents

You’re ready to finance the purchase of a new car. But what do you need to know before finalizing your auto loan? Financing a new car is a big decision that will impact your monthly budget for the entire term of the loan. That’s why it’s important to weigh all relevant factors carefully before making your decision. Here are five questions to ask before taking out an auto loan.

Is it a Good Idea to Refinance Your Auto Loan?

key in car ignition

When you’re buying a new car, you typically shop around for the best deal. You take the time to research which car best suits your needs. You test drive different vehicles to make sure you end up with the best one. But when you’re buying a new car, do you also take the time to research your best auto loan options? Unfortunately, not everyone puts as much time into researching the best auto loan options when it comes to buying a new vehicle.