Money Loan - Bad Car Credit Down Loan Money No Credit

But
a pickup truck, SUV, sports car, or "luxury" model is a guaranteed
money-loser. Dont worry about what other people will think. Think
about it: when was the last time you saw an expensive automobile and
thought, "I really like and respect whoever owns that!"

The
best buy? Many economists actually recommend buying a used car that's a
year or two old. That way you can actually benefit from the fact that
cars only drop in value. Even a car thats just six months old may
offer you a substantial savings. Just have it inspected thoroughly so
you don't lose what you've saved on maintenance payments.

Hidden Car Loans Danger: Dangerously High Monthly Payments

Unfortunately, most people
never figure out the total cost before signing on the dotted line. They
end up staying up late at night trying to figure out how to make ends
meet. They live in smaller houses. They skip going out at night. They
dont go on vacation.

All that sacrifice to have a brand-new SUV in the driveway!
Take
a hard look at your finances, and figure out how much you can pay total
each month for your car. Be sure to take into account insurance, tax,
maintenance, and fuel. Usually, when people actually do calculate the
total monthly cost of the car theyre considering buying, theyre
amazed by how high it is.

How Much Car Debt Can You Afford?

1) Make a list of your average monthly non-car expenses, and subtract them from your earnings.

-___your monthly after-income-tax income

-___any other taxes
-___housing (including any fees and property taxes, and utilities)
-___food
-___health insurance or HMO
-___life insurance
-___debt payments
-___401 (k), IRA, or other long-term savings
-___short-term savings
-___telephone, cellular phone, cable, internet, etc.
-___entertainment and fun stuff (be honest!)
-___cost of yearly vacation(s) divided by 12
-___other expenses
= ____what you can spend on a car

2) Subtract your monthly car-related expenses from the amount you have left over from your other expenses.

___What you can spend on a car (from above)
-___Amount
youre spending per month on gas (raise or lower this figure depending
on whether you are getting a car with higher or lower gas mileage).
-___Monthly maintenance (remember: your new car wont stay new long, so maintenance will be an issue).
-___Monthly insurance (remember that for a new car, your insurance premiums may go up).
-___Tax.
= ____ Maximum monthly loan payment.

Now plug the number above into a vehicle loan
rate calculator to figure out big of a car loan, and how much interest
you can afford.

Final Hidden Auto Loan Danger: Unnecessarily High Rates

If you simply take the
first loan the dealer offers you, you are probably paying too much. Do
some comparison shopping on the internet, and bring a list of the best
loans with you when you negotiate loan terms with the dealer.

Dont
let the dealer cheat you by shifting the cost from the car loan to the
car price to the deal on your trade-in. Make sure you get a good deal
overall.
Congratulations! You now are far better
prepared to stay out of an auto loan money pit than the vast majority
of car buyers.

Joel Walsh is a regular contributor to Auto Loans :http://cars-auto-loans.com, where he writes about how you can get the best car loan

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