With Used Car Prices Up 27%, Here’s How To Find An Affordable Auto Loan

SAN RAFAEL, CA – JUNE 09: Used cars are displayed on a sales lot on June 9, 2011 in San Rafael, … [+] California. As the economy continues to falter and Japan recovers from the earthquake and tsunami, demand and prices of used cars have risen. Getty Images Car shopping comes with sticker shock these days, with new Car prices up 5% year-over-year, and used Car prices up 27%, according to data from Edmunds. But the Car’s price isn’t the only thing that impacts its affordability: if you plan on borrowing, the interest rate and terms on your Car Loan…

Hot Used-Car Market Boosts Auto Lenders and Borrowers

Red-hot demand for used cars is turning the auto-lending world upside down. Prices are so high that some lenders are coming out ahead on defaulted Auto debt. And far fewer borrowers are underwater on their Car loans, meaning they don’t owe more than the Car is worth when they trade it in. It is a tricky time to buy a Car, but a pretty good time to owe money on one. It is a silver lining of the surge in used-car prices. Americans are shopping for cars at near-record numbers, but a computer-chip shortage has starved dealers of inventory. The…

How You Can Save on Your Next Auto Loan

When shopping for a new set of wheels, your first stop should not be at the dealership. Though many people start their process on the dealer’s lot, you’ll enjoy a lower rate, a simpler Loan application, and other benefits by choosing to finance your Car with your Credit union. This is why people are increasingly choosing to finance their cars directly through Credit unions. In fact, Auto loans comprise more than a third of all the active loans across the 5,600 Credit unions in the U.S. Let’s take a look at the differences in the Auto Loan process at a…

Things to check before taking a pre-owned car loan

Sumit Garg, co-founder and managing director, Luxury Ride, a showroom in India for second hand luxury cars, says that due to covid-19, many buyers were opting to buy pre-owned cars instead of new ones. They feel safer using their own vehicle to commute. Hence, before deciding to purchase a pre-owned Car, you must look at some crucial steps, especially around the financing and documentation process. Select the vehicle type, make and model: The first step is to classify the type of Car you would like to purchase. Amit Kumar, head, OLX Autos India, said, “If you are a first-time buyer…

Pros and cons of paying off a car loan early

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Paying off a Car Loan early can be a great idea. Sometimes it might make sense, and other times there are better ways to spend or save any extra money. Like all major financial decisions, you may want to discuss with a financial professional and weigh the pros and cons of paying off a Car Loan early before jumping in.   Can you pay off a Car Loan early? It is possible to pay off your Car Loan early but check your financing documents first to see if there is a penalty for pre-paying your Loan. Pay it all with a…

Upstart Expands Into Car Loans: What You Should Know | The Motley Fool

Artificial intelligence (AI) is spreading across most major industries, and finance is no different. As lending is often tightly regulated, banks and financial institutions have increasingly used technology to automate processes and reduce the burden. Upstart Holdings (NASDAQ:UPST) is an all-digital loans originator, helping banks analyze borrowers in non-traditional ways, delivering higher rates of approval for similar levels of risk. The company recently unveiled an aggressive expansion into the car lending business, which could be interpreted as somewhat opportunistic, given the frenzy in the automotive industry this year. The pandemic caused supply chain disruptions, triggering shortages of new cars and…

This 40-year-old puts an extra $600 toward his car loan each month so he can pay it off early

Have a car loan and want to pay it off early? Isaac Diaz, who turned 40 in June, has kicked his plan to pay off his car loan into overdrive. © Provided by CNBC Isaac Diaz, 40, with his current Acura car. He’s trying to pay down his car loan early to reduce his outstanding debts. “Right now, I’m focused on paying my car off,” Diaz says. “I’m so happy because I’m only a few months removed from paying this thing off.” Diaz owns a 2013 Acura TSX that he refinanced in 2019 for $15,249 after buying it used a…