13 Tips for Buying a Used Car in 2015

Debt can be overwhelming, especially when you are paying every month for a car you're driving. On top of your monthly financing payments, you have to take care of maintenance and repair. So, when your tax refund comes in the mail, are you thinking that it might be time to pay off that loan once and for all? Maybe it's time to trade-in or buy something else? Check out these tips for how to spend your tax refund money in 2017. more Using Tax Refund to Pay Car Loan Paying every month for a car you're driving all the time can be frustrating. Instead of waiting around for your loan to finally be paid off, are you considering putting your tax refund down to get rid of the monthly payments completely? Consider these questions before you make the call: Do you have other sources of debt that are earning a higher interest rate than your car loan? It might be worthwhile to pay off your credit cards before putting money towards a car loan. Is there somewhere you could invest the money to make a bigger return than you are losing on interest by paying your car loan monthly? Do you plan on selling the vehicle or trading it in soon? If so, it's better to have it paid off as you will get a better price for it. Using Tax Refund Money to Purchase a Car The tax money arrives and you want to spend it on something worthwhile. You drive every day, so is a car a great place to put the money? First, you have to decide between paying a large chunk on the purchase of a used vehicle or using the money as a down payment on the purchase of a new vehicle. There are benefits to each, so consider each category carefully. Buying a new vehicle offers reliability and modern style, but you have to consider your finances down the road. Will you be able to make the monthly payments and handle any repairs and maintenance the vehicle needs as well? A previously-owned vehicle offers a lower price, but it's important to be sure you know what you're getting. Have a professional inspect the vehicle before you purchase to catch any issues before you put your money on the table.  '

So, you're in the market for a new or used car, and you've got yourself wondering whether paying in cash or taking out a loan is a better option. We're here to tell you that paying with cash might not always be the best idea, so when you're choosing between the two options, it's important to consider what's going to work with your financial situation. We'll help you decide! more Reasons to Pay Cash for Your Car Many people choose to pay for a car with cash because then they will not be paying any interest. When you pay with cash, you simply hand them the amount agreed upon and drive home. However, there are reasons that make financing a car the better choice. You might want to pay for your new car with cash if: You do not qualify for a low interest rate You don't trust yourself to make monthly payments on time The car is relatively inexpensive Reasons to Finance Your Car If you are buying a new car, one that is going to cost a decent chunk of change, you might want to strongly consider the convenience and advantages of financing. Many people can afford a nicer car through financing, rather than only buying the vehicle you can afford in cash on the spot. Making monthly payments can be tough or annoying for those with a tighter budget, but ending up with a more reliable vehicle might be worth the investment. Read More: Tips for Financing a New Car With Poor Credit If you have a decent credit score, you can potentially qualify for a low interest rate. A lower interest rate means that even after all those monthly payments, you will have paid much less in interest on top of it. If you have the room for close to a 20% down payment and qualify for a lower interest rate, it might make the most sense for you to choose a financing plan. Apply for Financing Pre-Approval Online If you are interested in seeing what kind of financing plan you qualify for, here at Palmen Dodge Chrysler Jeep Ram of Racine, fill out the online credit pre-approval form. Our financing team will work with you to choose the plan that best fits your budget and your lifestyle, and help you drive home in a great new or used car.

Car insurance is one of those necessary evils. We feel like we are constantly sending our money off into a black hole, but it must be done. So, if you are sick of your car insurance rates and are looking for some tips for lowering your car insurance rate, read on. We've got the 5 most common ways to lower car insurance payments, and we're going to fill you in! more Five Ways to Decrease Car Insurance Bills Get Multiple Quotes Before Committing: Different insurance companies charge different amounts, and if you aren't careful you could end up paying twice as much at one company over another. Shop around and get quotes from a variety of different places before putting all your eggs in one expensive basket! It might end up saving you over 50%! Ask About Low Mileage Discounts: If you drive significantly less than the average driver, there's a chance that you could score a lower payment. Check with your insurance company for any available discounts. Even without the discount on insurance, you're saving money on fuel! Drop Comprehensive Coverage on Older Cars: If you are paying for comprehensive insurance and your car's value is really low, consider doing some calculating to see if it's worth it. Here's a general rule: If you take your comprehensive coverage premium and multiply it by 10, that number should be less than the value of your vehicle. Avoid Lapses in Coverage: Lapses in coverage, even if brief, can put you out of the running for discounts. If you pay your insurance bills on time and keep yourself covered at all times (even if switching companies) you will end up paying less. Watch Your Credit Score: More and more insurance carriers are looking at your credit score to determine your rate. If your credit score is in rough shape, it might be worth trying to clean it up. If you are worried about financing a new car, fill out this form to get pre-approved!