Save On Your Next Car: 6 Tips

Purchasing a new vehicle can be a very stressful situation. Make sure you do all of the research that you need in order to feel comfortable making your decision, and you won’t leave with a sense of buyer’s remorse.

Here are 6 important tips that will help you save money on your next car.

1.Find your financing before you shop.

It is widely known that paying cash will save you the most money on your new vehicle purchase (as you will not be paying any interest). However, if you are unable to dish out the cash, explore your financial options outside of the dealerships or car lots. Obtain pre-approval from your bank or credit union for the lowest interest rate possible, potentially saving you thousands. Independent financing will give you more buying power than relying on the finance department at the dealership.

  1. Check your credit profile.

The interest rate you receive depends significantly on your credit score. Your credit score is used by lenders to determine how risky it is to lend you money, and will adjust the interest rates according to their evaluation. In order to make sure the lender’s assessment of you is as accurate as possible, check your credit reports for inaccuracies. Do this a few months before shopping so there is time to fix these inaccuracies and improve the interest rate you receive.

  1. Compare available APRs.

Typically, the loan rates you are offered are shown as an annual percentage rate or APR. APR includes interest and fees, allowing you to compare loans in an apples-to-apples fashion. A lower APR will save you money over the length of your loan and lower your monthly payment. In order to determine which type of loan will work best for you, use an online loan calculator to experiment with loan amounts, interest rates and loan terms.

  1. Avoid long-term loans.

Longer-term auto loans have become increasingly popular as monthly budgeting concerns are often taken into consideration more than the total price paid over the life of the loan. Terms as long as 84 months are being reported more frequently than ever before. Though these loans are gaining in popularity, this does not mean they are a good idea. A longer loan will provide lower monthly payments but you will end up paying much higher interest. Keep your term as short as you can while still being able to fit it in your budget.

  1. Compare rates and terms.

Shop around for the best interest rates and loan terms available. A dealership may be able to offer you the best rates for your situation, with some new car purchases being financed at 0% for 60-72 months to buyers with great credit. If the dealership is not offering incentives on brand new vehicles, credit unions will likely offer you the best rates, educate yourself on your options.

  1. Focus on total cost.

Don’t get burned, concentrate on the total cost of the loan you are applying for rather than the monthly payment. The best options for lowering the total amount of your loan are to bring in a trade-in or a significant down payment.

The bottom line:

Do your research, exercise your options, and make sure your credit is going to help you obtain approval. If your credit leaves some room for improvement, CreditServices.com can help you.

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Each person’s credit situation is unique. Results may vary, and CreditServices.com makes no guarantee of any particular result. The information in this site is intended for general informational purposes only, and is not to be construed as legal, tax, accounting, or other professional advice.  As such, it should not be used as, or relied upon, as a substitute for seeking professional legal, tax, accounting, or other advice. All information in this site is provided “as-is”, with no guarantee of completeness, accuracy, timeliness, or other results obtained from its use. In no event is CreditServices.com, its Affiliates, or their agents or employees liable to you or anyone else for any decision made or action taken in reliance on the information in this site. “Affiliate” means any entity that directly or indirectly owns or controls, is owned or controlled by, or is under common ownership or common control of the party in question.

Pay Off Mortgage or Invest?

Some homeowners just do not like having a mortgage and will try to pay it off as quickly as possible. Doing this could be very beneficial for some homeowners, but for some, it could be a mistake. For one thing, pouring money into your mortgage can present you with a liquidity problem. If you lose your job, or become temporarily disabled and unable to work, you may not have the ability to access your home equity. You may try to take out a home equity loan, but if you are out of work you could be denied. If it is approved, you will be adding debt while unemployed or on a fixed income. Instead of making extra mortgage payments, consider investing the extra money in more liquid options that offer growth potential or current income.

Real estate

Some shorter term and lower risk options to maintain liquidity in your cash would be; a Roth IRA, money market accounts, high yield online savings accounts, certificates of deposit, short-term bonds, or paying off higher interest debt. Combining multiple investment options while still putting extra money toward your mortgage will also be a good strategy, that way you can pay your mortgage off faster and still grow your investments, allowing you liquidity, and a shorter road to debt free living!

When balancing your debts and investments, it is important to consider multiple angles so you can find what works for you, and which options will make your money go further.

At CreditServices.com, our credit advisors will not only coach you throughout the process of repairing your credit, but also teach you valuable tactics that will provide you with a solid foundation for your future purchasing power.

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Each person’s credit situation is unique. Results may vary, and CreditServices.com makes no guarantee of any particular result. The information in this site is intended for general informational purposes only, and is not to be construed as legal, tax, accounting, or other professional advice.  As such, it should not be used as, or relied upon, as a substitute for seeking professional legal, tax, accounting, or other advice. All information in this site is provided “as-is”, with no guarantee of completeness, accuracy, timeliness, or other results obtained from its use. In no event is CreditServices.com, its Affiliates, or their agents or employees liable to you or anyone else for any decision made or action taken in reliance on the information in this site. “Affiliate” means any entity that directly or indirectly owns or controls, is owned or controlled by, or is under common ownership or common control of the party in question.

When Do Your Balances Report?

It is important to have as long of a credit history as possible, do not cancel credit cards just because they are older. Hold onto them and use them from time to time. Keep the balance low, and make the payments on time. Keeping reporting balances low means you need to know when your balance is reported.

pay

The balances appearing on your credit reports are usually based on the balance remaining at the end of your billing cycle, not on the payment due date. Go online to make a payment a few days before the end of the billing cycle so the balance reported to the credit bureaus is lower.

This is one tactic we can utilize when building your credit profile. A significant part of the value we offer at CreditServices.com is the education and knowledge that comes with having your own personal credit analyst. We also maintain a database of information that can be put to use when executing your personal Credit Guide. Our advisors know which tactics to use and when to use them, and will coach you throughout the process.

A staggering number of consumers carry high balances on high interest credit cards when they could be saving thousands on interest by keeping balances low and paying before the billing cycle end date. Those credit card users carrying higher balances however, may lack the resources to use this technique just yet. The solution: low-interest rate personal loans. Qualified borrowers are able to get easier access to competitive rates on personal loans for a variety of reasons, including refinancing high interest rate credit card debt.

Don’t Make Any More Mistakes!

You’re trying to build your credit, don’t dig yourself a deeper hole. One of the most common mistakes is making a late payment. Set up auto-pay on your credit cards for the minimum payment so you don’t forget, and make sure to set the payment before your billing cycle end date. You can always pay more, and missing a payment can be devastating.

Personal loans can be a great alternative to credit cards for two key reasons. First, it ends the debilitating cycle of credit card debt, because the loan has a finite term. In contrast, when you transfer credit card debt from one card to another, you have the temptation to keep racking up the charges. The second reason is that it can save you a lot of cash.

Just remember, once you have lowered your credit card balances, you will need to acquire new cards, or continue to use the ones you have. Be certain to use them wisely and pay at the right time to ensure your credit score is in the best possible position.

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Each person’s credit situation is unique. Results may vary, and CreditServices.com makes no guarantee of any particular result. The information in this site is intended for general informational purposes only, and is not to be construed as legal, tax, accounting, or other professional advice.  As such, it should not be used as, or relied upon, as a substitute for seeking professional legal, tax, accounting, or other advice. All information in this site is provided “as-is”, with no guarantee of completeness, accuracy, timeliness, or other results obtained from its use. In no event is CreditServices.com, its Affiliates, or their agents or employees liable to you or anyone else for any decision made or action taken in reliance on the information in this site. “Affiliate” means any entity that directly or indirectly owns or controls, is owned or controlled by, or is under common ownership or common control of the party in question.

Millennials: Build Credit Now

Many millennials saw their parents hit a very rocky financial situation during the Great Recession, creating a fear of credit among the generation. Understanding the difference between credit and debt is the most important aspect of getting over this fear. Credit is a financial tool, that when used correctly can provide you with valuable purchasing power. Debt is a problem caused by the misuse of credit.

millennials credit cards

Using credit wisely is an incredibly important aspect of becoming financially successful now and in the future.

 

Your credit history is everything you have done in the past with regards to using credit. Credit history includes the amount of credit you have used, your payment habits, and if creditors have had to resort to using collections agencies or the legal system to get you to repay your debts.

When considering whether or not to lend you money, a lender will attempt to determine what the odds are that you will repay a debt. Your credit history is the best indicator they have of your credit risk. They assume that you will continue to behave in the future as you have in the past. But if you have no past use of credit, they will view you as risky because they have no record of you being willing and able to manage debt.

After establishing a credit history, you will want to make sure that your reports are reflecting accurate information to ensure that you aren’t being judged unfairly. Lenders look to your credit profile as a record of your credit history and they will likely assume that the accounts listed in your credit reports are accurate. The problem is that very often these items are inaccurate or untimely, misleading, incomplete, unverifiable, biased or unclear.

If your credit reports contain questionable negative items, you have the right to dispute them in an effort to get them corrected or removed entirely. CreditServices.com will help you make sure your profile is reporting accurately, and teach you how to build your credit. We have helped thousands of people with unfair credit reports, and we can help you too!

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Each person’s credit situation is unique. Results may vary, and CreditServices.com makes no guarantee of any particular result. The information in this site is intended for general informational purposes only, and is not to be construed as legal, tax, accounting, or other professional advice.  As such, it should not be used as, or relied upon, as a substitute for seeking professional legal, tax, accounting, or other advice. All information in this site is provided “as-is”, with no guarantee of completeness, accuracy, timeliness, or other results obtained from its use. In no event is CreditServices.com, its Affiliates, or their agents or employees liable to you or anyone else for any decision made or action taken in reliance on the information in this site. “Affiliate” means any entity that directly or indirectly owns or controls, is owned or controlled by, or is under common ownership or common control of the party in question.

Strong Credit For Home Lending!

Looking to obtain lending for a home?

Strengthening your credit score is a very important step to take, the earlier you start, the earlier you will get into your new home!

While there are plenty of qualified buyers in the 580 credit score range, today’s market is looking for 640 to 660 as a minimum. These scores will get you into a house, however a FICO score of 700 to 720 will get you a better deal, and 750+ will get you the best rates on the market.

The first step in determining your standing is pulling your credit to make sure your profile is strong enough to move forward and that you aren’t being penalized for old accounts.

At CreditServices.com, our credit analysts will walk through this process with you. Analyzing your credit report and disputing accounts that are invalid is a very tedious process, and something that we excel with. We are a top 1% performing Credit Service Organization, and our past clients say it the best.

If you are looking to improve your credit for mortgage approval, the experts at CreditServices.com will help you from start to finish, and achieve industry leading results by utilizing a strong background and knowledge of the requirements of the mortgage lending industry, and the steps that need to be taken in order to meet them.

Contact us today, and qualify for the loan you deserve sooner!

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Each person’s credit situation is unique. Results may vary, and CreditServices.com makes no guarantee of any particular result. The information in this site is intended for general informational purposes only, and is not to be construed as legal, tax, accounting, or other professional advice.  As such, it should not be used as, or relied upon, as a substitute for seeking professional legal, tax, accounting, or other advice. All information in this site is provided “as-is”, with no guarantee of completeness, accuracy, timeliness, or other results obtained from its use. In no event is CreditServices.com, its Affiliates, or their agents or employees liable to you or anyone else for any decision made or action taken in reliance on the information in this site. “Affiliate” means any entity that directly or indirectly owns or controls, is owned or controlled by, or is under common ownership or common control of the party in question.

Simple Credit Building Technique

It can be difficult to build credit once you have a negative credit history. Most banks won’t approve you for a loan, and creditors don’t want to give you a credit card because you are “high risk”.

One way to begin building your credit is by obtaining a secured credit card. Secured cards require a deposit, usually around $200-$300 to open. This deposit will act as your credit limit, and is a form of insurance for the bank, knowing that they at least have that amount of money in case you go delinquent on the account.

Once you have your secured card, you will need to keep your balance low to maximize the credit building power. Set your card to take auto payments from a debit account so that you will not have to think about it, and won’t risk any late payments, lowering your score even more. This tactic will build your profile in two ways: payment history, and balance to limit ratio.

This is one of many tactics that we can use to guide you to your Path To Credit Recovery. CreditServices.com is here to help motivated individuals put their bad credit in the past and get their purchasing power back!

Get motivated, set your goals, and take action!

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Each person’s credit situation is unique. Results may vary, and CreditServices.com makes no guarantee of any particular result. The information in this site is intended for general informational purposes only, and is not to be construed as legal, tax, accounting, or other professional advice.  As such, it should not be used as, or relied upon, as a substitute for seeking professional legal, tax, accounting, or other advice. All information in this site is provided “as-is”, with no guarantee of completeness, accuracy, timeliness, or other results obtained from its use. In no event is CreditServices.com, its Affiliates, or their agents or employees liable to you or anyone else for any decision made or action taken in reliance on the information in this site. “Affiliate” means any entity that directly or indirectly owns or controls, is owned or controlled by, or is under common ownership or common control of the party in question.

Credit Card Offers In The Mail?

Many companies that solicit new credit card accounts use pre-screening to identify potential customers. These offers are based on information in your credit report that shows that you meet criteria set by the company offering the credit card.

Can pre-screening hurt my credit score?

No. These are marketing inquiries that do not show up on your credit report, because you are not asking for any new lending opportunities.

What about opting out?

Many people prefer not to receive these offers in the mail, especially if they are not in the market for a new credit card. Some pre-screened offers include great benefits, especially if you are in the market for a new credit card. These offers allow you to gain knowledge of the market by comparing costs, and finding what works best for you. Consider this when wondering whether to opt out or not. If you decide to opt out, your request will typically be processed within five days, but don’t expect the letters to stop immediately as it may take up to 60 days.

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Each person’s credit situation is unique. Results may vary, and CreditServices.com makes no guarantee of any particular result. The information in this site is intended for general informational purposes only, and is not to be construed as legal, tax, accounting, or other professional advice.  As such, it should not be used as, or relied upon, as a substitute for seeking professional legal, tax, accounting, or other advice. All information in this site is provided “as-is”, with no guarantee of completeness, accuracy, timeliness, or other results obtained from its use. In no event is CreditServices.com, its Affiliates, or their agents or employees liable to you or anyone else for any decision made or action taken in reliance on the information in this site. “Affiliate” means any entity that directly or indirectly owns or controls, is owned or controlled by, or is under common ownership or common control of the party in question.

Our Offering

CreditServices.com™ Service Levels have one of the Nation’s highest success rates among Credit Service Organizations. Specific services include validation through our meticulous bureau discovery process, credit rebuilding strategies and options, credit education on profile management, coaching on the FICO™ and Consumer scoring formulas, and continued support with advising and consulting throughout your specific credit service process.

We are an award winning consumer-oriented company and love to deliver the results that our clients deserve! Whether your goal is obtaining a mortgage, auto loan, or general credit improvement for purchasing power, we have a program for you.

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Each person’s credit situation is unique. Results may vary, and CreditServices.com makes no guarantee of any particular result. The information in this site is intended for general informational purposes only, and is not to be construed as legal, tax, accounting, or other professional advice.  As such, it should not be used as, or relied upon, as a substitute for seeking professional legal, tax, accounting, or other advice. All information in this site is provided “as-is”, with no guarantee of completeness, accuracy, timeliness, or other results obtained from its use. In no event is CreditServices.com, its Affiliates, or their agents or employees liable to you or anyone else for any decision made or action taken in reliance on the information in this site. “Affiliate” means any entity that directly or indirectly owns or controls, is owned or controlled by, or is under common ownership or common control of the party in question.

Strong Credit; Financial Success

What Can Good Credit Do For You?

Having a good credit score shows lenders there is less risk in lending you money. Since you have a history of repaying your debts in a timely manner, you will be more likely to qualify for loans, larger lines of credit, and lower interest rates.

In today’s credit driven society, having good credit is key to getting the most out of your money because having good credit means that less of your money goes to interest and more goes toward the principal on your debts, leaving funds that would have been spent on interest to pay down debts or invest elsewhere.

Strategic decisions in the use of credit can be tremendously beneficial. This is where CreditServices.com comes in. As industry experts we teach our clients the most effective ways to build and manage their credit profile.

Strengthen your credit profile, and strengthen your purchasing power!

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Each person’s credit situation is unique. Results may vary, and CreditServices.com makes no guarantee of any particular result. The information in this site is intended for general informational purposes only, and is not to be construed as legal, tax, accounting, or other professional advice.  As such, it should not be used as, or relied upon, as a substitute for seeking professional legal, tax, accounting, or other advice. All information in this site is provided “as-is”, with no guarantee of completeness, accuracy, timeliness, or other results obtained from its use. In no event is CreditServices.com, its Affiliates, or their agents or employees liable to you or anyone else for any decision made or action taken in reliance on the information in this site. “Affiliate” means any entity that directly or indirectly owns or controls, is owned or controlled by, or is under common ownership or common control of the party in question.

Low Rates, Can You Take Advantage?

The interest rate you agree on for a mortgage heavily influences the affordability of your home. Half of a percentage point higher could make a difference in monthly payments and whether you will have enough money left over for your other financial goals, such as paying off debt. Since interest rates have been hovering around historic lows, applicants can lock down a low rate before they begin to rise.

However, if your credit score is low, it may make sense to raise your credit standing before applying for a mortgage. Borrowers who have high credit scores are more likely to get the lowest mortgage rates, which could save them thousands in interest payments over the life of the loan.

CreditServices.com can get your credit in a position to receive great interest rates and save you thousands on your home!

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Each person’s credit situation is unique. Results may vary, and CreditServices.com makes no guarantee of any particular result. The information in this site is intended for general informational purposes only, and is not to be construed as legal, tax, accounting, or other professional advice.  As such, it should not be used as, or relied upon, as a substitute for seeking professional legal, tax, accounting, or other advice. All information in this site is provided “as-is”, with no guarantee of completeness, accuracy, timeliness, or other results obtained from its use. In no event is CreditServices.com, its Affiliates, or their agents or employees liable to you or anyone else for any decision made or action taken in reliance on the information in this site. “Affiliate” means any entity that directly or indirectly owns or controls, is owned or controlled by, or is under common ownership or common control of the party in question.