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How to Prepare for the Costs that Come with Buying a New Car

Man admiring a new car and considering the daily expenses of owning a car.

When it comes to buying a new car, there’s more to consider than just the sticker price. You also have to factor in the costs that come with buying a new car like gas, insurance and maintenance.

You’ll want to have enough money to cover these daily driving expenses as well as making your monthly car payment. Before you buy a new car, take a look at the following car expenses and factor them into your savings goals.

What Credit Score is Needed for an Auto Loan?

Shopping for a car? Your credit score can have a big impact on the cost of your next car.

If you’re in the market for a new or used car, your credit score can have a big impact on the ability to obtain financing and score a low auto loan rate. For example, a great credit score of 781 and above gets you the very best rates, an average of 2.6% in the third quarter of 2016, while a subprime borrower, a credit score of 500 or less, was saddled with 13.53% during the same period.

How Does Credit Score Translate into Dollars Saved on a Car Loan?

Let’s look at the difference the above credit scores can make over the course of a car loan.

Best Family Cars for Family Adventures

No matter what era, parents are always looking for the best family car for family adventures.

Tired of having to take two cars to one event? Paying too much at the pump? Or forgetting one item for a sporting event because it’s in a different car? These are common issues faced by many households because they lack a proper family car. If you’re like thousands of other Americans, you’re looking to upgrade your vehicle to better suit your family lifestyle. The following information will help you to sort through the seemingly-endless variations of cars to find the upgrade your family needs and deserves.

New Car vs. Used Car

Interior of a car illustrating the article on the pros and cons of buying new and used cars

The pros and cons of buying a new car vs. a used car are many. There is no right or wrong…simply a choice that makes the most sense for you. Let’s look at some of the key factors that can help you decide between a new and used car.

The New Car Advantage

In addition to the new car smell, the benefits of buying a new car vs. a pre-owned vehicle include many key benefits.