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 taxSales Tax is a tax levied by state or local governments. In most areas, a car lease is considered the same as a purchase. So you'll pay sales tax on your purchase. That's one reason to think carefully about where you purchase or lease your vehicle. You might only pay 7.5 percent sales tax instead of 8.75 percent depending on where you buy or lease your car. And when you're talking about a ,000 car, saving 1.25 percent means saving 0.. 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 creditA Tax Credit is an amount by which tax owed is reduced directly. In other words, a dollar-for-dollar amount is subtracted directly from the taxes you owe.. 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 bracketA Tax Bracket is a range of income which must pay a certain level of taxes. The higher your income, the higher your tax bracket, and the more tax you pay. 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 loanA Loan is an amount of money that is lent to a borrower, who agrees to repay it plus interestInterest is money charged for the use of borrowed funds. Usually expressed as an interest rate, it is the percentage of the total loan charged annually for the use of the funds.. 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 titleTitle refers to the ownershipOwnership is the absolute right to use, enjoy, and dispose of property. You own it! of a particular piece of property. 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 mortgageA Mortgage is a document granting a lien on a home in exchange for financing granted by a lender. The mortgage is the means by which the lender secures the loan and has the ability to foreclose on the home. loanA Loan is an amount of money that is lent to a borrower, who agrees to repay it plus interestInterest is money charged for the use of borrowed funds. Usually expressed as an interest rate, it is the percentage of the total loan charged annually for the use of the funds.. 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.