![]() Spreading the payments over more years can keep the monthly amount lower, but it means you’re paying more in interest. People often try to reduce their monthly payments by taking out longer loans. Generally, multiple credit inquiries will dent your overall rating. She also recommends making your auto loan inquiries within a two-week window of one another, so that those multiple inquiries will count as one for credit reporting purposes. Another way to reduce what’s called “credit card utilization” is to ask credit card companies to increase your credit limit so you’ll be using less of that higher credit limit. If you have some time, take steps to clean it up a bit.Ĭourtney Alev, consumer financial advocate at Credit Karma, recommends paying down your credit cards so that you’re using less than 10% of the credit that’s available to you. “Zero-percent financing commercials might still be airing to draw shopper attention, but the reality is those deals are all but gone for the average car shopper,” said Ivan Drury, Edmunds’ director of insights.Įven before you start shopping for credit, though, check on your credit rating, advised Matt Jones, senior director of brand and industry at. While many automakers used to offer zero-percent financing deals, that’s becoming extremely rare and, when available, usually requires a nearly flawless credit rating. Then, if the dealer has an even better option for you, take it. Check with your own bank, a credit union or another financing outlet to try to get the best rate before you start shopping. Second, shop around for the best auto loan rate and don’t just count on the dealership to get you the best financing deal. ![]() Courtesy Kunes Auto & RV Groupīuying a car? What the UAW strike means - and doesn't mean - for auto sales The exterior of Kunes Chevrolet GMC dealership in Elkhorn, Wisconsin. If so, the remaining debt on your current vehicle will just get rolled into the payments on the new one, making your monthly payments even higher. ![]() If you haven’t been making payments for very long, that could be the case. If you’re still making payments on it, advised Roberts, find out whether you’re “under water,” meaning you owe more money on the vehicle than the car or truck is currently worth. There are a number of sites on-line where you can get a quick appraisal, including and KBB.com. If you feel you just have to do it now, here are some expert tips on how to buy a car in these times.įirst, understand your own situation, experts advise.įind out how much your current vehicle will be worth be as a trade-in. “You may just need to strike at this current moment.” “Are you concerned that new vehicle or used vehicle prices could be coming down a little bit, but interest rates still going up so that monthly payment could just keep getting higher and higher?” said Kevin Roberts, director of analytics at CarGurus. ![]() Given recent developments in the economy, waiting longer might not help. Now, like hungry diners surging towards a fresh, hot buffet, they’re digging in, record payments notwithstanding. Because of Covid-related manufacturing disruptions over the last couple of years, Americans have been denied access to new cars for a long time. You might think these high costs would slow car purchases, but that has not been the case. "Extremely dangerous Category 3 Hurricane #Idalia makes landfall in the Florida Big Bend," it posted on X, formerly known as Twitter, adding that Idalia was causing "catastrophic storm surge and damaging winds." Chandan Khanna/AFP/Getty ImagesĬar insurance rates just had their biggest annual jump in 47 years. Idalia barreled into the northwest Florida coast as a powerful Category 3 hurricane on Wednesday morning, the US National Hurricane Center said. A car is seen downed on the side of a road in Crystal River, Florida on August 31, 2023, after Hurricane Idalia made landfall. ![]()
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