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From Rust To Riches

If you’ve been dreaming of a new car, it may take time to save up money, but turning your current rolling piece of junk into a shiny new vehicle can be rewarding. If you’re interested in buying a new car, but aren’t sure where to start, here are a few tips.

One option you may want to look into is trading your old car for a new car. Some dealerships allow you to sell a car to them in order to receive a new car. If you would rather sell your car to a car-buying company and use the money toward a new car, you can do that, too. This is a great idea if you’re looking to buy a new car right now, but haven’t saved up quite enough money. If you’re wondering, “How much is my car worth?” you may want to go online or visit a dealership for a quote.

Most people buy new cars by applying for a loan. If you don’t have time to save money and need a new car immediately, this is a good option. There are plenty of places where you can apply for loans that accept different credit scores.

If you aren’t able to qualify for a loan, you may want to take the time to save up for a new car. Put aside some money from each paycheck so you are constantly increasing your savings. Paying for a car with your own money can help you avoid interest fees and keep you out of debt.

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Physical Inspections are Important

Used Car Lot

Image by Hugo90 via Flickr

When it comes to purchasing a used car one can never be too concerned about safety. It is important to check nearly every aspect of a used car before making a purchasing decision. There are checks that can be performed that are more than physical; you can find services that will look at every part of a cars previous ownership, service history and anything else that has been documented.

Physical Inspections are Important

Of course there is more to know than what is simply on paper. There are a variety of things that could have been done that would never have been reported. One of the best things you can do is to take any used car you are thinking about purchasing to a good mechanic that you trust and have them look over the car ensuring that it is in good working order and that all the safety elements are properly functional.

It’s not uncommon for some very shady car dealers to do things like disable warning lights instead of fixing the problem, or using fake steering wheel or dash inserts instead of the expensive airbags they have replaced. If the car has ever been in an accident it should have been reported, but in the event that it hasn’t make sure that you or your mechanic double check the integrity of the vehicles body and frame.

This isn’t as difficult as it sounds. Check for body panels that don’t quite line up, look for panels that look like they may have newer paint than the rest of the car.

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Ways to Avoid Becoming a Part of a Car Repossession Reality Show

Car repossessions have become so common that there are dozens of reality shows centering around that very subject. While it might seem as if there is a media craze going on regarding repossessions, there is no reason why you should have to join in on that craze by not making your car payments.

Many people are struggling to make their monthly car payments which can lead them to potentially having their car repossessed. These people often feel as if they have no choice when it comes to making car payments and are stuck either making the payment or losing the car. What these people don’t know is there are several available options to them that can help them avoid having their car repossessed. Here’s a look at two available options that people who have car loans and are finding it hard to make the payments have.

Payday Loans

If the reason for you not being able to afford your monthly car payment is because of an unexpected bill or mismanaged funds, a short-term option is the ability to take out a payday loan from companies like paydayone.com. Payday loans can help you cover the amount you need and avoid having your car repossessed. However, payday loans should only be used for occasional car loan payments and not as a monthly crutch to help pay for the bills.

The Refinance Option

A long-term solution for those that are unable to pay their monthly car payments is to refinance the car loan. Refinancing will allow you to get a better interest rate which can lower your monthly payments. If your car loan does not qualify for refinance, you could always try to negotiate with the car lender to come up with a payment plan that might work for you.

Don’t allow a car repossession to happen to you; consider using one of these two options to help you make your car payments.

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Is There a Safety Recall for Your Vehicle?

You may have heard stories in the news about safety recalls on various vehicles. This may have gotten you wondering if there are any recalls on your vehicle. Luckily it is fairly easy to find out if there are any recalls for your vehicle. Most of the time when there is a safety recall for something on a car the manufacturer will send a postcard to all registered owners of the affected vehicles. This postcard will explain what the problem is and how to get it fixed. Sometimes people do not receive these notices, that is why it is good to occasionally do a search. The easiest way to find out if there is a recall is to do a web search. Just type “auto recalls” into a search engine and you should get plenty of websites that will allow you to do a search for any recalls for your vehicle.

What to do if Your Vehicle has a Recall.

If you do a search and find that your vehicle has a safety recall you should get the problem fixed as soon as possible. You may also want to call the vehicle manufacturer to find out for sure if the recall affects your vehicle, some recalls only affect a small percentage of a certain model. With a safety recall you do not have to worry about the cost of repairs, the manufacturer pays for the safety recall repairs. Even if you bought the car used you should not have to pay anything out of pocket. Once you find that there is a safety recall on your vehicle you should call a local dealership that deals in the make of your car. You should then be able to set up an appointment for the to do the safety recall repairs on your car free of charge.

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The Pros and Cons of Buying a New Car.

Are you trying to decide if buying a new car is right for you? With such an expensive decision there is a lot to think about. There are both advantages and disadvantages to buying a new car instead of buying used. You may want to look at both sides before you make the decision of what you are going to do. Here are a few of the pros and the cons of buying a new car.

Pros of Buying a New Car.

Probably the most obvious advantage to buying a car new is that it is new. You do not have to worry about what may have happened with a previous owner or about someone lying to you about the condition of the car. You will also have all of the latest safety technology available. With a new car you can decide just how you want it. You can have extra options put in or choose what color you want the car to be. Also everything on the car is new so it should run perfectly. If there is a problem with the car don’t worry, almost every new car comes with a warranty. Also when it comes to getting a loan you can generally get a lower interest rate on a loan for a new car.

Cons of Buying a New Car.

The biggest disadvantage of a new car is the price. Buying a car brand new is much more expensive that buying a car that is even just a year or two old. Not only do you spend a lot of money on a new car but the value of that car decreases very fast. It is estimated that on average a new car looses about 40% of its value after only three years. Also if you want any kind of customization done to the car you will have to wait for your new car to be built and delivered instead of being able to get it right away. You will also have higher insurance rates.

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How to Change Your Own Oil.

Have you ever wanted to know how to change the oil in your car by yourself? Maybe you want to know so that you can save money doing it yourself or maybe you are just curious about how it is done. With just a few things most people can do their own oil change. Here is a simple step -by-step guide to performing an oil change that will work for most (but not all) cars.

  1. Gather needed supplies: The things you will need are: drain pan, socket set, filter wrench or strap wrench, jack, jack strands, new oil, new oil filter.

  2. Raise the car: You will want to use the jack, lifting on the frame, to raise the front of your car to a height where you will have room to get underneath and be able to move around. Once the car is lifted to a sufficient height for you, place the jack stands under the frame on the sides of the car. Lower the car down so it is resting on the jack stands.

  3. Drain the oil: Find the oil pan (it is on the bottom of the engine) and put the drain pan under the drain plug on the oil pan. Remove the drain plug and let all of the oil drain out. Now replace the drain plug.

  4. Change the filter: Find the oil filter on your car, it is usually on the side of the engine. If you have trouble finding it look in the owners manual or do an internet search for your car. Use a filter wrench or strap wrench to remove the old filter (if you don’t have one you can just do it by hand). Screw the new filter into place. Lower your car.

  5. Add new oil: Look at your owners manual to see how much oil your car takes. Put the new oil into the engine. Start your car and let it run for about 15 seconds. Shut the car off and check the oil level. Adjust oil level if necessary.

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Pros and Cons of Buying a Used Car.

Are you thinking about buying a used car? If you are then you are probably also thinking about whether or not buying used is the right idea for you. What are the advantages and the disadvantages of buying used? Here are a few of the pros and cons of buying a used car.

Pros of Buying a Used Car.

The most obvious benefit of buying a used car is the price. A used car usually sells for much cheaper than a new one. With a lower price you may be able to find a vehicle that you can afford to pay for right away so that you own the car free and clear right away instead of having to get it with a loan. Another advantage is that older cars generally are cheaper to insure. There are also more styles to choose from when buying used, you don’t have to only look at the models from one year. Another nice thing about buying a used car is that there has been more time for people to find what problems the vehicle has, you can do a web search and find out if there are any significant problems that are common with the car that you are thinking about purchasing.

Cons of Buying a Used Car.

The biggest disadvantage of buying a car used is probably the mystery behind any used car. You never know for sure what has happened in the past with the car. It could have problems that you just don’t notice on a test drive. Also when buying used you do not get as long of a warranty as you get with a new car, if you get any warranty at all. This means that if there are any problems with the car you will have to pay out of pocket to get the problem fixed. Over time any car starts to go out, a used car has already lost some of that time which means that it probably won’t last you as long as a new car would.

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Customizations To Your New Car – Consider Insurance Implications In Advance

Never be in a hurry to purchase automobile insurance for your brand new vehicle from the dealer. It is advisable to go in for short term insurance to earn a few days so that you can take a rational decision. You may know not be keen on purchasing all the customizations for your vehicle from the dealership.

Cost is a big disadvantage when finalizing these purchases at the dealership. People end up paying a lot more than what you would pay in the open market simply because of the brand of the manufacturer involved.

In such a scenario, purchasing the automobile insurance from the dealership and making changes to the vehicle later may put you in a difficult situation.

If you make major changes to the structure of the vehicle and have were focused on style at cost of safety, the insurance company will simply refuse to honor your claim. On the other hand, if you wait for a few days before finalizing the insurance deal, you can understand the overall impact of the customizations that you are making. Of course, there is nothing stopping you from going on the internet and doing some research. You can find out whether the overall cost of your automobile insurance will change just due to the modifications made.

If you feel that the overall increase in premium is very high, you can contact your car dealer and find out whether you can opt up a few safety accessories as well. Opting for a locking system that will prevent your vehicle from being driven off with a duplicate key or opting for anti locking systems for the brakes can make a huge difference to safety.

You should either plan for these issues in advance or you should delay the process of finalizing the insurance policy until you are confident that all the major changes to their vehicles have been made.

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Extended Warranty – Not All Repairs & Replacements Will Be Done At Zero Cost

Some buyers are offered extended warranties when the purchase is being finalized. In most other cases, people are offered extended warranties by the dealership when the original warranty expires is about to expire. You must understand that there is a huge difference between offering extended warranty for brand new vehicle and offering extra warranty after the vehicle has run for specific period.

If you opt for the former option, you will just have to treat your vehicle as if it has a five year warranty instead of a three year warranty. However, if you opt for the latter option, you must understand that the warranty will not cover certain damage caused by wear and tear.

Since your vehicle has been on the road for three years, certain repairs will not be completely free. Where part has got damaged or needs replacement because of the manner in which the vehicle has been driven on the road, do not expect the car dealer to repair it under warranty. Of course, an engine has no business conking of in the 3rd or 5th year. However, the same cannot be said for the valve that controls the fuel inflow or the air filter, right?

Do not make the mistake of presuming that you will enjoy zero cost repairs throughout the scheme. All major parts that suffer inherent defects will be repaired for free. Other consumables which are affected by normal wear and tear will not be covered under original or extended warranty.

If you want to avoid the embarrassing situation of not having sufficient cash to repair and replace minor components, you should start saving specific amounts every month so that your vehicle is maintained properly at all times. The amount need not be very high because these minor parts do not cost a lot and are very easy to replace.

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Buying a Car? Why Your Credit Report Matters

You probably already know that when it comes time to shop for a car, the lower the interest rate, the better. A low interest rate means you pay less over the life of the loan, and it also means lower monthly payments.

The best way to get a lower interest rate on your car is to have a good credit score. A credit check shows, among other things, whether you have a good history of paying your bills on time. It is a contributing factor in whether or not lenders decide to give you a loan.

A “good” credit score is anything over 650, although, to get the best advertised interest rates on car loans, you should have a score of at least 700. If you have a poor credit score, you may be forced to pay an exorbitant interest rate — sometimes over 20%.

Many people make the mistake of assuming their credit is great. Then, they apply for a loan and find out it is much worse than they thought. You can find out the state of your credit by getting a free credit report from one of the three major credit reporting agencies—Experian, Equifax, and TransUnion. You are entitled to one free report per year. For a fee, other websites will watch your credit score and immediately report changes to you.

If you find that your credit score is not good enough to qualify for a low interest rate on a car, you have two options:

  • buy a car at a higher interest rate and then refinance when your credit is better, or
  • work to repair your credit and then purchase a car

Six months to a year of consistently paying bills on time is enough to improve your credit score and lower your interest rate by several points. This can make a big difference; just 3% can add (or subtract) $1000 to the life of your loan.

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