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How many years can you finance a used car?

11/29/2021

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​Used vehicles are good since they are quite affordable and ideal for people looking to buy their first car. You get to choose from a wide range of premium brands and affordable subcompact automobiles to meet your demands. However, an important question for most first-time purchasers is: How long can you finance a secondhand car?
We'll take a look at payback terms today to see if you need a long one for your monthly auto payments.

Typical Loan Term Stats

For years, a growing number of lenders have extended the payback time for used automobile credit. A lender would have offered you a maximum payback period of 72 months three years ago. Because of the increased demand for cars across the country, credit lenders have begun to offer more inexpensive car payments by extending repayment periods. Nowadays, getting an 84-month loan on a used car is simple.

​Why Try Longer-Term Finance?

A variety of variables have contributed to loan periods ranging from 73 to 84 months being commonplace. Longer periods are recognized by both consumers and banks as resulting in lower monthly payments, allowing people to buy automobiles and spend more money on them.
Longer loan durations also benefit banks since they generate higher interest revenue. Because of the fierce competition among banks for consumer business, several extend the length of auto loan terms offered to buyers.

Basic Pros and Cons of a longer loan term

Advantages: 
Cheaper monthly cost
When financing a used vehicle, the main advantage of choosing a longer-term is that it can reduce the monthly payment. If you want to buy a car without breaking the bank, this could be critical information for you.
Increased purchasing power
Another benefit of a longer loan term is that you may purchase a more expensive vehicle. Even if you have higher debt, your monthly payments may still be manageable.
Disadvantages: 
You'll have to pay more in interest
One disadvantage of choosing a longer loan term is that you will pay more interest throughout the loan, raising your total loan cost.
Depreciation may catch up to you
There's also the possibility of going underwater if the vehicle's value drops rapidly. You may owe more on the automobile than it's worth.
The loan may last longer than the car
Another possibility is that the loan will be paid off before the vehicle's usable life expires.
If your automobile breaks down and is irreparable, or if the cost of repairs exceeds the car's value, you may want to consider purchasing a new vehicle while paying off your old one.

Car loans: short-term vs long-term

When determining how many months you should finance your automobile, there are a few items to consider. Increasing the duration of a car loan is a good approach to acquire a low monthly payment. While a low monthly payment is enticing, a lengthier automobile loan time usually means greater interest costs.

According to Experian, consider someone who takes out a loan for $29,039 – the average price of a new SUV, and repays it over 60 months at a 4% interest rate. Their monthly payment is $503.34, and by the end of the contract, they will have paid $1208 in interest. The auto payment drops to $396.93 if the loan is extended to 84 months, but the total interest amount rises to $4,302.99, an extra $1,254.15.

There's also the possibility of negative equity, which occurs when you owe more on your vehicle than it's worth. For example, if you have a long loan, you may still be making payments on an older, high-mileage vehicle that has lost a lot of value. Given that the typical period of new vehicle ownership is over seven years, you may find yourself changing automobiles without benefiting from debt-free driving, or you may be forced to trade while in debt.
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On the other hand, long-term car loans may be the greatest option for certain customers looking to get behind the wheel of a much-needed vehicle. When it comes to your own financial needs, utilize any auto loan calculator to figure out how long a loan will last and how much money you'll need to buy a car. To see how the suggested funding varies, alter the loan duration, interest rate, and monthly payment.

Final Thoughts

When it comes to financing any kind of used car, there is no right or wrong length. The suitable loan period for you could be as little as 24 months or as long as 84 months, depending on your present financial status and future intentions for the vehicle.
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How to Register Your Vehicle in Ohio?

11/16/2021

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This blog post will walk you through the entire process of registering a new vehicle, renewing your registration, registering an out-of-state vehicle, calculating registration payments, and keeping your vehicle up to date on inspections in Ohio!
​

We'll talk about the following topics:
  • Is it possible to complete my vehicle registration online?
  • How do I register a car for the first time in Ohio?
  • How can I re-register or change my vehicle's registration in Ohio?
  • What fees can be associated with registering in Ohio?
  • What kind of examination is required?

Register your Vehicle: For Ohio Residents ​

​Whether you're moving to Ohio, buying a new automobile from a dealership (although the dealership may assist you), or buying/receiving a vehicle from a private person, you're responsible for completing your vehicle registration.
  • Before registering a vehicle, new residents must get an Ohio vehicle title.
  • Within 30 days of purchase, car dealerships must furnish you with the title.
  • If you are purchasing a vehicle from a private party, the seller must provide you with the title at the time of purchase. Ascertain that the title transfer is properly documented.

Step 1: Go to Registrar's office with documents

Go to the local deputy registrar's office once you obtain the title, and please provide proof of:
  • A valid Ohio driver's license or photo ID is required, as well as proof of Social Security number.
  • Vehicle registration in Ohio (obtained from the dealer, signed over from the seller via private sale, OR out-of-state title transfer)
  • The title must be notarized and include the seal of the Ohio clerk of court.
  • Completed Ohio Vehicle Registration Power of Attorney(if your vehicle is leased)
  • VIN inspection report (if the vehicle is new to Ohio; can be completed at any deputy registrar agency)
  • Evidence of an emissions inspection (if applicable)
  • Vehicle insurance proof from Ohio
  • Paid full Fees and taxes.
  • The registration fee is $31.
  • Fees for license plates.
  • Fees for Deputy Registrar license agencies.
  • Taxes charged by the county (if applicable).
Note: Although proof of insurance is not usually necessary, you may be asked to show proof of OH auto insurance before completing your registration.

​Step 2: Make a payment

When you submit all of the papers to register your vehicle, you must pay the registration fees to the deputy registrar agency. The fee for non-commercial and passenger automobiles starts at $31. This does not include district-specific permissive taxes, fees charged by the Deputy Registrar's license agency, or any special license plate costs that may apply.
  • $6 for a plate or registration transfer.
  • One license plate replacement or exchange costs $12.
  • $13.25 to replace or swap two license plates.
  • Temporary registration is $20 for 45 days.
  • The cost of an out-of-state car inspection is $5.
  • Plates mailing fee (if applicable): current mail rates
Additional payments for county taxes or specialty license plates may apply. The deputy registrar agency will determine the actual price payable for registering your vehicle.

Last Step: Temporary permit till you get plates

The address on your registration will be used to mail your license plates. While you wait for the plates to come, you'll be given a temporary permit that will allow you to drive legally.

Bonus: Registration Renewal
In Ohio, there are plentiful options for renewing your vehicle registration.

Via Mail:
The following documents are required to complete a registration renewal by mail in Ohio:
  • An E-Check Certificate, If Applicable
  • Certificate Of Insurance
  • Checks Or Money Orders 
  • Current Residence Address
  • Registration Request Form
  • Renewal Notice, Signed And Dated
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Mailing address:
The Bureau of Motor Vehicles
Vehicle Information Services
Registration Support Services, P.O. Box 16521
Columbus, Ohio 43216-6521


After you turn in your paperwork, you will receive your registration and stickers in the mail four weeks later.

Conclusion

To complete your registration renewal in person, bring the identical items indicated above in the "By Mail" section, except the Application for Registration, to your local Deputy Registrar's office. In-person transactions must be paid with a valid credit card, cash, check, or money order.
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Personal Loans vs Car Loans: What's the Difference?

11/9/2021

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If you want to buy anything big, like a car, you may need to take out a loan to pay for it. Personal and car loans are two of the most common financing options, and they can be rather simple to obtain if you match the lending criteria.
So, what exactly is the distinction between the two?

​Key distinctions between car loans and personal loans

The first major distinction between a car loan and a personal loan is that a car loan is typically secured, with the car serving as collateral. As a result, most car loans are for new or very new vehicles. You can receive an unsecured vehicle loan, but it will usually come with a considerably higher interest rate due to the lender's greater risk.
​

Any personal loan allows you to borrow money for various reasons, including funding a vacation, a car, home improvements, or debt consolidation. While you may need to explain the purpose of the purchase – in this case, purchasing a car - you may be able to borrow more than the car costs and put the additional money towards another purchase or improve your cash flow (provided you can meet the repayments). Loans can be unsecured or insured, and they can have a fixed or variable interest rate.

When to get auto loans?

Auto loans are the most affordable option to finance a new or used car. Some lenders and dealerships may not require a down payment, but you will get a better rate if you do.
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These loans are usually used to buy out a lease. You may potentially qualify for a cheaper rate if you have been paying on time for a year or more and your credit has improved.
Key Features
  • It can only be used to buy a car, and the car is used as collateral for the loan.
  • The lender owns the car until the loan is fully repaid.
  • The sum is limited to 80-90% of the car's cost.
  • A 10%-20% down payment is required.
  • 7-year tenure possible.
  • As a secured loan, it can be obtained with bad credit.
  • Banks and NBFCs.
Benefits of Getting a Car Loan
  • Affordability
  • Easy to get
​Cons of Getting a Car Loan
  • Can't borrow for all cars
  • Need a deposit
  • The bank can seize your car
  • Car insurance is required

When do personal loans work best?

When borrowers don't want to put down payment and are willing to pay a higher rate for unsecured funds, it calls for acquiring a personal loan.
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Unlike an auto loan, a personal loan does not burden your vehicle, allowing you to sell it before paying it off.
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​Key Features
  • Unsecured loans
  • Short tenure
  • No need to pledge any assets to get the loan.
  • Available through online lenders, banks, and NBFCs.
  • Simple docs.
  • Higher interest rates than secured loans.
  • Useful for any purpose.
Benefits of buying a car with a Personal Loan 
  • No deposit.
  • Minimal risk of repossession.
  • Less limiting.
Cons of buying a car with a Personal Loan:
  • Much more costly.

Which is right for you?

Pre-qualify for a vehicle loan or personal loan by asking yourself these questions:
Do I know my car?
Before granting you a car loan, a lender may want to know all about the vehicle. They may ask for the manufacturer, model, VIN, and even the color. You can receive a car loan if you have these facts. A personal loan may be better suitable if you merely want a loan and then go automobile shopping.
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If you still want a car loan and want to go car shopping, apply for pre-approval. No assurance, but it indicates how much the lender will finance you when you return with your desired vehicle.
Is it a new or used car?
For example, some lenders won't allow you to buy a used car, while others accept up to five years old. A personal loan may be more likely to be approved for a used or older car.
How secure will my finances be during the loan term?
Personal and auto loans normally range from one to five years but can go up to seven. If you have a consistent income and your circumstances are unlikely to change, a car loan may be better than a personal loan. A car loan frequently has fixed repayments, making it easier to budget for that period.
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A personal loan may be more suited if you know your situation will change, such as having a child or buying a property. Personal loans are often more flexible, so you can make bigger payments for a year or two before returning to the minimum. Personal loans rarely charge for late payments, although car loans frequently do.
Do I need to borrow more than the automobile is worth?
If you're a head turner, you may want to customize your new wheels. If you can't afford it and need a loan, a car loan is unlikely to help. Car loans are just for the purchase of a vehicle, which is why approval is so strict. Personal loans aren't usually tied to specific items, so you can borrow $5,000 more than the car's worth and put a dirty subwoofer in the boot.
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