Getting Where You Need to Go: Tips for Financing Your Family Car

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Having a safe, dependable car that you and your family members can all use is important and almost essential in this day and age. For working families, there are countless everyday tasks that need to be taken care of with the help of a car, such as childcare, jobs, groceries, dental and medical appointments, sporting practices, school, and so forth.

If you are looking to buy a car, the expenses may seem out of reach. While we would all like to be able to purchase a car without taking out a lease or loan, it is not entirely feasible with all of the other expenses that come with family life. Thankfully, there are numerous ways for families to finance a vehicle without breaking the bank.

Choosing the Right Lender

Taking out an auto loan is the number one way to finance your family car, as it will ensure that you do not overstep your financial boundaries. According to a leading credit guide (https://aaacreditguide.com/best-auto-loans/), this decision will ultimately affect your finances for several years, so it is crucial that you carefully weigh up all of your options. When you go to purchase a car, the dealership’s financial office will offer you a specific financing rate. If you belong to a credit union, you should also check with their financing rate, as they will oftentimes be the lowest. With knowledge of your rate, you can then begin to research the best loan for your financial situation – but be cautious of selecting the one with the most cost-effective fees.

Once you have found the right loan for your financial needs, you will be ready to take the plunge and sign the contract for both your vehicle and the lender. Lenders will offer you different loans based on your financial background, so it is important to be aware of the lender’s specifications and policies. There are two main types of lenders: online and traditional. By researching the value of each type, you can make the best decision in financing your family car.

  • Online Auto Loan Lenders
    • CarsDirect – This online lender accepts borrowers no matter their credit type, which is helpful for anyone looking for a loan despite their financial history. The application takes little time and is guaranteed to give you multiple loan options to compare and contrast
    • MyAutoLoan – Great for financing a car in unconventional ways, such as refinancing an existing loan or buying out a lease.
    • Blue Harbor – Best known for its competitive refinancing rates, this online lender will also grant loans for new or used vehicles.
  • Traditional Auto Loan Lenders
    • Bank of America
    • Wells Fargo
    • Chase Bank
    • U.S. Bank
    • Auto Credit Express
    • Capital One
    • Blue Sky Auto Finance

Selecting a traditional auto loan lender oftentimes provide relationship discounts for existing members, which can be helpful in finding the lowest possible financing rates. By applying for these loans in-person, you are also guaranteed to get the loans quickly and efficiently.

Whether you decide to finance your family’s vehicle with an online lending service or a traditional service, you should always do the most research that you can to compare costs and fees. Before long, you and your family will be hitting the roads, checking off all of your daily errands, and saving money.