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Are you preparing to purchase a vehicle? You've likely seen various terms related to the auto financing process that can seem confusing. To help you deepen your knowledge, we're going to share five common auto finance terminology to know about.

1. Debt-to-Income: This is a percentage that shows a borrower's monthly debt payments compared to their gross income. This is one factor used to determine your creditworthiness.

2. APR: This is a yearly interest rate that includes the total fees and expenses paid to acquire the loan.

 

Your credit score is one of the most important aspects of your personal finance. It affects how much you pay for loans, mortgages, and even cell phone plans. This blog post will discuss three simple steps that will help you improve your credit score quickly and easily.

1) Three C's of Credit – Carry a Balance

In general, you should carry a credit card balance from time to time. If you don't carry a balance from time to time, this could actually negatively affect your credit score.

2) Address Outstanding Debt
 

Unexpected financial issues may interfere with the ability to make a car payment. Owners struggle when deciding whether to trade-in the vehicle for a cheaper model or refinance their current loan. An optimal decision depends on individual goals, the vehicle's current worth and loan terms.

Refinancing makes sense when an improved credit score enables the owner to acquire a lowered interest rate. Refinancing with a new rate has the potential for saving money and lowering the monthly payment. However, extending the loan term may lead to negative equity

The car you could once afford now drains your budget. Sadly, personal financial situations can be upending without warning, even less than a year after buying a car. Options exist for owners wondering how to deal with the situation. Refinancing and trade-in plans are conventional ones. Which one of the two options should a driver in Lakewood take?

A car that won't remain operational much longer isn't a good candidate for refinancing. Lenders might not want to deal with a vehicle that won't last another year or so. An aged car could be best used as a…

You are in for a lot of excitement if you are in the process of looking for a used car. It can be a great deal of fun to look at all of the possible options to find that one that you feel is best suited for you. At the same time, we want you to get the best value that you can for your dollar.

To do that, you will want to negotiate on the price. Know what you are willing to pay before you ever step foot in the showroom at Lakewood Happy Motors or elsewhere. That way…

The choice of whether to refinance your car or trade it in can be a difficult one, and it will really depend on your individual circumstances. If your car loan has a reasonable interest rate and the duration isn't too long, yet you are still struggling to make the payments, it may be a sign that you should trade your vehicle in for a less expensive model.

If your credit rating has improved since initially taking out your loan, you may be able to refinance for a more competitive rate based on your new score. If your car is…

When it is time to purchase a new vehicle, you will probably need to get a loan in order to be able to buy the car. Sometimes, all of the terminology surrounding auto financing can be a bit confusing. Knowing what some common terms mean will help a lot.

Most dealerships will want a down payment. This is the amount of money that you must pay upfront for a vehicle. The amount of the down payment is deducted from the purchase price, and the remaining amount is what is financed. APR stands for annual percentage rate. This is the amount…