When you’re in the market for a new car, sometimes it’s too easy to let your excitement get the better of you. A potential buyer can be blinded by the sleek curves on a sexy sports car – so much so that they don’t see that outrageous sticker price, or consider how much buying a car they can’t afford will hurt them in the financial long-run. That’s why the smartest thing you can do when buying a new car is pay cash! Sure it sounds ideal, but not many of... more

Unfortunately, not every car purchase assisted by a loan turns out to be a dream come true. One of our Credit Ave columnists takes a look at the potential for disaster in the car loan industry and how you can avoid making costly mistakes that can not only hurt your pocketbook, but can also cause impact on your future credit score. Before you sign on the dotted line for any auto loan, make sure that you get informed first and read the tips we've shared to ensure that you get the best auto loan deal possible.more

Would you agree with the statement that people can learn from their mistakes? When it comes to declaring a bankruptcy, you not only have to deal with the shame and loss of having to start all over again, but you have to deal with the fact that you just aren’t attractive to creditors anymore. Once you had them mailing you credit card offers every month, and now they won’t even consider you for a car loan. What if I told you that even though you’ve declared bankruptcy, that... more

Can’t afford that snazzy Bentley or BMW that you’ve been drooling over? That’s ok, you can always lease it. To be perfectly honest I think leasing a car is a waste of money – furthermore it’s a façade. It lets you live in the auto bubble, meaning that you can suddenly drive a car that you can’t possibly ever afford to own. In a society where your car is your status symbol, it’s no surprise that 50% of those who drive around in cars that make... more

Refinancing your auto loan is a very similar process to refinancing your home. The process is similar: You secure a new auto loan with a lower annual percentage rate (APR). You pay off your existing auto loan with the new loan with the lower APR. As you can see paying off your existing car loan with the new loan with a lower APR is bound to save you thousands of dollars. It will also lower your monthly payments quite a bit because of the lower interest rates of the new... more

Let’s face it; car dealers get a bad rap! However it’s mainly because of the various forms of trickery they use to sell you a car. A car salesperson is like a psychiatrist in many ways – they have a natural talent at reading human emotions. For instance if you are in love with that 2008 BMW with leather interior, but can realistically only afford the Toyota Echo you better bet the car dealer will be able to read you like a free newspaper on a Sunday afternoon – and... more

Accrue – the accumulation of interest on your car loan. Add-ons – Extra options that can be added to your model of new car – air conditioning, audio systems and etc. Adverse action – When a loan applicant is denied credit, a document called an adverse action notice will arrive in the mail explaining the reason for credit denial Amortization – The length of the loan term that is measured in loan payments and interest. Amortization term –... more

We are a numbers society. And as much as you might get a giggle out of our catchy article title, when it comes to purchasing a car only one number matters - your credit score! Your credit score, or credit history, will affect your car insurance rates, and it may even have an impact over whether you qualify for a car loan at all. It’s a serious matter – especially when you have bad credit. It’s a sad truth that we are stereotyped based the 3 little digits that make up our... more