Category Archives: Buying & Selling

How To Shop For A Used Car

Consumers who want to avoid full coverage insurance and extremely high car payments may want to purchase a used car.  He or she may also want to apply for used car loans.  Buying a used car has many advantages.  However, as with all products, there is a right way and a wrong way to shop.  Buying a used car takes strategy and organizational skills.  One should follow the proper process to ensure that he or she does not receive a lemon vehicle or a bad finance deal. The following are tips on how to successfully search for a used car:

The most important step in the process of purchasing a used car is asking if the purchase is necessary.  After all, car payments on used car loans are new bills. Even if the consumer does not take a loan, buying a used car might not be necessary.  The old car might still have life in it.  The extra money might not be available or it just might not be the right time.  Therefore, the shopper should take the time out to figure whether he or she can get by without making this huge decision.  If the answer is that a used car is necessary, then the individual can continue with the process.

The second step in buying a used car is deciding what car is most beneficial. The person should think about whether he or she wants something stylish and sporty or practical and economical.  Maybe some vehicles fall in between the two categories.  The individual should then decide on a make and model.  It is important for a shopper to know exactly what he or she wants to avoid wasted time and money.  Knowing what he or she desires can speed up the process for a shopper significantly.

Next, the shopper should conduct research on the desired make and model.  The shopper should pay close attention to reliability and performance. The objective is for the shopper to get as many years out of the used vehicle as possible.  Therefore, he or she should select something that shows proof of reliability.

Consumer reviews can be the best of judge of a car’s overall performance. Consumers will often clue other consumers in on advantages and weaknesses of a particular vehicle.  They will also give the car a rating that can help other people decide whether it is their best choice.

After conducting thorough research online, the shopper can start looking for his or her dream vehicle.  Then the person can apply for used car loans.  He or she can stop by myAutoloan.com to apply for a car loan.  The website connects lenders with consumers who are looking for vehicles.  Visitors will receive offers for used car loans from lenders upon completion of online registration . The consumer can also use many of the other services on the site.  They can search for auto insurance and make use of the online payment calculators to help with figuring their monthly car payments.  Visitors can also gain access to their credit scores and find out interesting new ways to increase them.

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The Old Rules for Car Shopping Have Changed

On August 15, 2010 Richard Eisenberg of CBS Money Matters wrote a great piece on how shopping for a car has changed which was syndicated across Sunday morning papers.  This was printed in the USA Today weekly magazine supplement and we would like to share it with you today.

Rules for car shopping

With auto dealers hungry for business and used-car prices soaring, the rules for car shopping have flipped.  Today, buying a new car frequently costs the same or less than buying used.  “You’ll often pay one or two percentage points less on a new-car loan than on a used-car loan,” says Jeff Bartlett, deputy editor online for autos at Consumer Reports.  Some smart tips for buying, financing and leasing a car:

BUYING NEW

Consider the true cost.

Factor in depreciation, insurance, maintenance and fuel when comparing models for ownership. Among the 2010 vehicles that Edmunds.com says will have the lowest ownership costs over five years: Honda Accord, Jeep Wrangler, Nissan Cube and Toyota Sienna. Hold off on new models. “We’ve found that cars are at their least reliable in their first model year,” Bartlett says.

BUYING USED

Follow the three-years rule.

Buy a used car that’s no more than 3 years old.  That way you will be sure to get the latest safety features.  Look for “certified” cars.  That designation means the dealer’s vehicle has passed a manufacturer’s certified inspection and is backed by an extended warranty.

FINANCING

Get financing approved.

Do this before visiting the dealer. “Then the dealer will have to compete against the financing you have,” says Jerry Edgerton, blogger at CBS MoneyWatch.com.  You can get preapproved at myAutoloan.com.

Scout for deals. You’ll want to find the latest rebates and low-cost loans. Edmunds.com lets you find dealer incentives where you live.  If you must choose between a dealer’s new-car rebate and its cut-rate loan, use Bankrate.com’s car rebate calculator to see which would save you more.

LEASING

Give it careful consideration.

Because you won’t receive any money back when your lease is up, most car experts say that leasing is best if you plan to replace a car within three years (the typical lease term) or if you can write off the payments as a work expense.

 

Waiting For the next Big Thing

There is a very select group of drivers out there who have a serious problem, one that even they are not able to freely admit to.   They are the ‘Next Big Thing’ crowd, the people for whom the current model is never enough.

Like sad, lost souls, they trawl the Internet and the trade magazines, desperately hoping for a glimpse of the very latest models.   They do genuinely want to buy a car, but they can never quite stick to the process involved in buying one.

So instead of wandering down to the dealership and picking out a car, they would much rather wait until the next cycle of vehicles comes out, with all of the extras that the newest models have, the new lights, those little things that tell the driver whatever, all of the advancements from the basic model.

However, when the newest model comes out, they fold.   They just can’t resist waiting a little longer for the next model, then the next update.   And the end result of all of this?  They never update their car.  They are never satisfied.

We at myAutoloan.com suggest that these people seek serious help.  Cars are wonderful things, whatever their model number and waiting for the supercharged version is pointless and soul-destroying.

This is a serious problem and we sure hope they get over it.   The best way to deal with it is buy a car if you need one. Update your old car, get it financed by a direct lender and enjoy life.   Even better, just buy a car that you like, drive it and trade it if you have to but it’s time to update and improve your mode of transportation.   There will always be something better out there, so there is absolutely no point in waiting, and waiting, and waiting… let’s get this economy moving again!

Buying A Car? Don’t Overlook Safety Concerns

Buying a new or used car, whether you are taking out an auto finance loan or you are in the lucky position of having cash, is a fun and challenging experience.  It is meant to be.  For many people, the autos that we drive are status symbols and they also tell the world a lot about our personality.  At least, that’s what some have concluded but I’m not totally convinced that it is true.    However, when you sign that auto financing agreement for a new car loan, you have to be certain of one thing above all else: is the vehicle going to be safe to drive?  You really need to know.

Safety in cars has come a long way.   While there are still, believe it or not, some vehicles that have hardly any safety features (a certain Italian manufacturer springs to mind) the majority of cars have sophisticated safety equipment fitted as standard.   Even so, there are a few safety measures that you should insist upon having in your new vehicle when you buy.  If they don’t come as standard equipment, buy/add them as extras or options.  Most of the time they come in a package but they can always be purchases separately if you wish.  If you are buying a used vehicle, buy the vehicle that has added the most safety specifications and best safety record  as close to the best safety specification as possible.  This is an investment in your future, and not doing this means that you’re literally driving an unsafe vehicle making your car unsafe.

First up, and we know this sounds really silly, but especially if you are buying a used car, make sure it has seat belts.   Seat belts can mean the difference between life and death.  Safety records confirm it.   In todays world, seatbelts are law and must be used, therefore, don’t buy an auto without them.  That is that.  So always check that whatever auto you purchase, it has seatbelts and buy obviously they must be in good condition has good and they working seatbelts.

Next make sure that the car you purchase has an anti-lock braking system fitted.  This is, for the most part,  now actually standard on most newer modern vehicles, but some have slipped through the net, so check that the vehicle has them, and don’t buy it if it doesn’t (or if it is a new car option,  make sure you purchase the system).   An ABS makes sure that you can still control the car when in a skid.   That really is all we have to say on the matter.

While we are on the subject, check to see if the ABS has something called Brake Assist.   This is a system devised by those nice people at Mercedes Benz.  The system actually makes sure that, in an emergency stop situation, the brake pedal is rammed to the floor, it subsequently reduces the problems that panic-braking brings to the situation.

The majority of cars (but not all) have airbags in the front.  However, there are many cars out there, especially the older ones, which do not have side-impact protection bags.  These do the same as frontal bags, but for the side.   Cars can be rammed into from the side.  So if you want to protect yourself from a ton of metal rushing at your head and body at 50 miles per hour, and the glass that will come with it, do your best to find either a used vehicle that has side impact, or a new one that can be upgraded if necessary.

Before you ever go shopping, search rates and check out auto loan financing in advance.  This helps keep your focus on the look, safety features, price and condition of the car.  Everyone knows that these machines need responsible handling.   Safety measures like those outlined above aid the responsible driver.  Be safe!

Why Purchase a Hybrid Auto

When it comes to shopping for an auto, customers in today’s market have plenty of choices. They can select a hybrid in almost all of the auto style segments including SUV’s Sedans and luxury autos from 4 cylinders to 6 cylinders. From what the experts are saying, hybrid-electric auto sales volumes are predicted to grow by 260+ percent between 2005 and 2012. That represents a growth from approximately 210,000 autos in 2005 to 780,000 by 2012. The hybrid-electric auto market has grown from two models and fewer than 10,000 autos sold in 2000 to 11 models and an estimated 210,000 auto sold in 2005.

What is creating all this demand? Aside from all the network news and media coverage of global warming, crude oil prices have skyrocketed over the last few years. The prices we all pay at the pump, as a result of shortages and our greater awareness of the global economy has made a impact on our way of life to some degree. Now that you add in the price we pay to protect our environment, more people are find themselves motivated to select alternative energy driven autos.

First let’s take a look at the tax benefits
As of January 2006 the federal government is offering tax breaks on a newly purchased hybrid auto. Many of the states are also planning to introduce such tax breaks. There is no standard tax deduction that each and every hybrid auto owner can use. There is a complicated formula provided by the IRS to evaluate your tax break depending upon the car you own. Remember the deduction is only a one time claim in the purchase year. There are certain restrictions too, such as:• Purchase and take delivery of a qualifying auto on or after Jan. 1, 2006 – This may have expired as of April 2008 so check it out before hand.

• Purchase the auto new, not used.
• Purchase the auto with the intention of using it, not re-selling it.

Then there is fuel efficiency awareness and reduction
This is a major factor why the hybrids are being considered. All the hybrids that are currently available give an average 10 – 20 miles per gallon more as against the regular gas EPA estimate. This means the hybrid auto or SUV would require fewer trips to the gas stations reducing your total fuel bill. It saves fuel when idling as it does not use the gasoline engine but instead, it shifts to use the electric motor and batteries. Hybrids autos use regenerative braking to recover energy every time you hit your brakes and transfer it back to the battery.

Car design is an important component
Hybrid autos are incorporating aerodynamic design to help reduce drag. The reduced frontal area help reduces the drag on the auto when it moves through the air as it pushes down the road. With the increase in the popularity of the hybrids, you can purchase them with the conventional designs or you can select newer models and designs. The tires are low rolling and made of unique resistant rubber, which reduces friction on the road.

Low emission can reduce your footprint
As the hybrid auto has low a consumption of fuel, it burns lesser fuel and therefore causing fewer emissions. Hybrid autos are known to reduce emission by 90%.

Engine efficiency ultimately saves you money
Hybrid autos have two engines: electric and combustion. These engines are smaller in size and are made from light-weight material which improves the efficiency of the engine.Although fuel efficiency still remains as the primary reason for the purchase, the other reasons we listed seem to be real factors that seem to be making a difference in why people are selecting the hybrid auto over standard models.

How do you feel about hybrids?