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 StatsFor 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 termAdvantages: 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-termWhen 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. 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 ThoughtsWhen 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.
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:
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.
Step 1: Go to Registrar's office with documentsGo to the local deputy registrar's office once you obtain the title, and please provide proof of:
Step 2: Make a paymentWhen 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.
Last Step: Temporary permit till you get platesThe 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:
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.
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 loansThe 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. 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
Benefits of Getting a Car Loan
Cons of Getting a Car Loan
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. Unlike an auto loan, a personal loan does not burden your vehicle, allowing you to sell it before paying it off. Key Features
Benefits of buying a car with a Personal Loan
Cons of buying a car with a Personal Loan:
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. 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. 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. If you are in need of a good used car, look no further than Great City cars! We are the TOP Buy Here Pay Here Car Lot in Columbus for a reason!!
We bring in cars that fit every budget and will work with you on the financials to get you approved and driving. We provide many updates on our Facebook page - sop please visit www.facebook.com/greatcitycars and LIKE our page so you get the most recent posts and let's get you driving Columbus!! Here are a few examples from this month of Great City Cars!! Apply Today - Click HERE For many, the summer months mean plenty of long road trips to the lake, to vacation destinations, to visit family, and more. Of course, these extra road trips can really increase the amount of money that you spend on gas. This is especially true when you consider the fact that running the air conditioner at full blast – which is often a summertime necessity – decreases your fuel economy by up to 25%. If you would like to help reduce your pain at the pump while driving in Los Angeles this summer, check out these fuel saving tips.
Reduce Your AC Usage Since running your AC can reduce your fuel economy by up to 25%, it follows that cutting back on your AC usage is the best way to get more mileage out of your fuel during the summer. At low speeds, roll the windows down to keep air circulating in the car, and try to avoid turning the fan on your AC higher or the temperature lower than is needed to keep you comfortable. It is important to note, though, that driving with the windows down at highway speeds actually reduces your fuel economy more than running your AC by making your vehicle less aerodynamic and forcing the engine to work harder. Drive the Speed Limit Did you know that speed limits were originally put into place in order to save fuel during an oil shortage rather than to increase safety? The faster you drive the more fuel it takes to travel the same amount of distance. There are plenty of calculators that will show you just how much speeding affects fuel economy, but suffice it to say that if you keep it under the speed limit you’ll certainly spend less on fuel this summer. Park in the Shade The cooler your vehicle is when you get into it the less you will have to run your AC to get it down to a comfortable temperature, so you should always try to park in the shade when possible. When you first take off, you should also roll your windows down to let out the hot air in your vehicle before you turn your AC on. Drive a Vehicle that gets Great Fuel Economy All of the driving tips outlined above will certainly help you save on fuel this summer. However, if you’re driving a gas-guzzler there’s only so much you can do to cut back on fuel costs. Today, newer vehicles are getting better and better at mileage with every year that goes by- so much so that having a vehicle that’s just a few model years newer can make a huge difference when it comes to fuel economy. At Great City Cars, we have a wide range of quality pre-owned vehicles, plenty of which offer excellent fuel economy. If you would like to trade your current vehicle in on a newer, more economic vehicle that will help you save on gas this summer, we invite you to stop by Great City Cars today or browse our inventory to see the vehicles that we have available. Great City Cars is a used car dealer columbus offering on-site car financing in columbus. Our in house car financing columbus and buy here pay here in columbus ohio services help our customers get and stay on the road. Come by our buy here pay here car lot columbus and see why Great City cars is the BEST columbus ohio buy here pay here lot. Apply online today and get driving right away!!
If you have been turned down for a car loan, you may have to consider a Buy Here Pay Here Car Loan and Dealership.
What is a buy here pay here car loan? This is a loan that you get directly from the dealership iteself. There is no bank financing, so there is no typical loan qualifications needed. Because we act as the bank, you will also make your payments here at the dealership on a weekly basis. This allow you to get into a car to get to work, drive the kids around and live your life. We know that sometimes life gets rough, and sometimes your credit takes a back seat to life. This is okay with us. We will hjelp you get into a used car today with a drivers license and a downpayment as low as $500. You can even save $200 off your car when you opt into our great savings offer. So, buy here pay here car lots like Great City Cars exist because we know the need is there. We want to help you get back on the road and back to work. You can always pay off your loan early and we can even help you upgrade if you are interested in this. Our team likes to say YOU ARE APPROVED!!@ So what are you waiting for.... APPLY NOW According to a recent study undertaken by automotive website Edmunds.com, U.S. millennials purchased the Dodge Magnum more than any other vehicle...
<read full article> Every time you start your car, the dashboard warning lights glow to greet you and fade away after a few seconds. But if they stay on, there may be a major problem that needs to be dealt with right away.
"Motorists need to be aware of the critical 'big three' warning lights," said John Nielsen, director of AAA Automotive. "They include those that monitor engine oil pressure, engine coolant temperature and the vehicle charging system. To reduce the chances of vehicle damage and/or a roadside breakdown, these warning lights require prompt and proper action when they illuminate." AAA provides the following guidelines on what to do if these lights come on: * Engine oil pressure: This warning light commonly displays an oil can symbol or the word "OIL." This means that the engine has lost its supply of pressurized lubricating oil and severe engine damage or catastrophic failure can occur within seconds. If the oil pressure warning light comes on, pull off the road immediately, shut off the engine and have your vehicle towed to a repair facility. Unless you are in an extremely dangerous situation, do not attempt to drive the vehicle. * Engine coolant temperature: This light commonly displays a thermometer symbol or the logo "TEMP." When the coolant temperature light illuminates, the engine temperature has exceeded the safe maximum. Until the rise in coolant temperature is reversed, the engine will suffer accelerated wear. If the increase in temperature continues, major engine damage or catastrophic failure will result. If the coolant temperature warning light comes on, quickly assess the situation. Steam or liquid coolant coming from under the hood is a clear indication of overheating or a leak. Pull off the road at the first safe opportunity and call for assistance. Because boiling coolant can cause severe burns, do not attempt to open the hood in the presence of excessive steam and never remove the radiator cap when the engine is hot. * Charging system: This light commonly displays a battery symbol or the logo "ALT" or "GEN" and means that the electrical system is no longer being supplied with power by the alternator. Depending on the electrical demands of your vehicle and the reserve capacity of its battery, you will generally have at least 20 minutes of daylight driving time before voltage drops to the point at which the ignition system will no longer function. If the charging system warning light comes on, turn off all unnecessary electrical accessories and drive to the nearest repair facility to have the vehicle checked. If you are unsure of what any of these may mean, we highly receommend you visit your nearest Vehicle Repair Shop. At Great City Cars, we offer convienient Buy-Here Pay-Here Financing. What is Buy Here Pay Here in Columbus? It means that we do not pull your credit to get a car. You do not have a bank loan, you have a loan with us instead We work with you for your down payment and we keep the payments fixed each week so you can budget your car accordingly.
We are constantly bringing in new used cars for our customers. Many times the inventory on the website is already gone before it is even up for a day, so to buy a car from us, we have found it is best that you Click Here to Apply First, then come on down and see us at our loaction at 6147 Weservlle Road. When you come by, one of our representatives will show you the cars that you may be interested and let you go on a test drive as well. We will explain what we know about the car, its maintenance history and we will let you decide for yourself if it works for you. No Pressure. No being hurried or pushed into . We are here to make your life a little easier. We know that some people with credit challlenges often feel like they are treated badly because of this. At Great City Cars we offer a no judgment zxone, and will be kind and profesisonal with you throwughoout the proces. So if you have some credit issues and still need a car, the buy here pay here car lot at Great City Cars is the BEST in the business and we look forward to helpig YOU next! |
Buy Here Pay Here Car lot In ColumbusDownpayments as low as $500 and payments only $115/week. If you have a job, a license and insurance - Your Approved! Categories
All
|