Think it’s expensive to own a car? It’s a lot worse if you’re in Wyoming. Wyoming was recently named the most expensive place to drive a car, according to Bankrate.com. A typical driver in the Cowboy State spends $2,705 a …
What should you be asking to get the best car and the best deal when you’re car shopping. We share car buying tips and tricks to make sure your car buying experience is productive and gets you the best car for you. Ask about safety features and other options on the car. Take a test drive and try out all the features. Before you go car shopping, research your financing options. Are you going to trade in or sell your old car yourself? Follow these car buying tips and tricks and ask all the right car buying questions.
Should you buy a new car or a used car? There are plenty of factors that will weigh in on the decision, including what kind of financing you can buy, and which car is ultimately the better deal. Also, with the Cash for Clunkers deal, you might get a better deal if you’re trading in a used car with a lot worse gas mileage for a new car with great gas mileage.
A new scam alert from the FBI is targeting auto shops via the phone relay system. This scam asks businesses to charge repairs and shipping costs to a stolen credit card, asking to wire the excess funds back to the scam artist. After the money has already been wired, the business finds out the credit card is stolen, getting stuck with the loss. While this scam is appearing in auto shops, the money wiring scam has been around for a long time. Don’t get trapped by this scam.
New car purchases qualify for a tax deduction for the state of local sales tax. The Treasury Department announced that purchases made in states without sales tax can still qualify for the tax deduction. There are specific time limits and income requirements to be eligible for the new car sales tax deduction. Also, a tax deduction is different from a tax credit. A tax credit reduces the amount you owe the government dollar for dollar. That’s to say, a $1,000 tax credit reduces your tax liability by $1,000. And, if you are in a 25% tax bracket and receive a $1,000 tax deduction, you benefit by obtaining a $250 reduction in your income taxes.
A prospective car buyer has saved enough to buy his next automobile in cash, but is considering financing it to build on his already-good credit. A car loan isn’t needed to keep your credit in great shape. If you’re able to buy a car with cash, you can use the Internet to research and negotiate and ensure you still get a great deal.
A mother bought a new car for her daughter, who took off and left her with the car. The car can be sold to Car Max or by owner to get the most value from it. If the daughter’s name is on the title of the car, it will be difficult to sell.
Rather than spend as much as a car is worth to make needed repairs, selling and using the cash to buy new is an option.
When you’re applying for a mortgage loan it’s critical to have a good credit score. Most mortgage lenders look for a credit score of at least 720 since the credit crisis and FHA mortgage lenders require a credit score of at least 500. If you look up your credit score and discover that it’s low, you can see if you can dispute anything on your credit history to improve it.
The first step in purchasing a car is deciding what kind of car you want. You will need to make several decisions on what you’re looking for in a car and what kind of car you can afford. Then, you can start reading up on different cars to help narrow down what’s best.