Auto Loan Terms #car #values #bluebook

#used car loans

Auto Loan Terms

Auto Loan Terms

An auto loan term is the amount of time you have to pay off your car loan. Generally, you’ll make monthly payments until the term reaches maturity (i.e. until you reach the designated end of the auto loan).

Common Auto Loan Terms

Standard-Term Loans

Until fairly recently, 60-month auto loan terms (5 years) were a fairly common car loan term length. Simply put, if you sign up for a 5-year term, you have 5 years to pay off the auto loan. More specifically, that’s one car payment every month for 60 months.

60-month car loans may be appealing, as they will usually come with reasonable monthly payments and interest rates, as compared to auto loans with different term lengths.

Short-Term Loans

Some drivers go even lower, opting for 48-month (4-year) car loan terms. Some car buyers will even sign up for a 36-month term (3 years).

While a shorter term certainly means much higher monthly payments. it also means you end up paying much less in interest over the course of your loan. This is due to interest rates for short-term auto loans typically being lower than longer-termed loans. and the fact that you would be paying the interest over a shorter amount of time.

Long-Term Loans

Recently, more car buyers have been signing on for 72-month and 84-month auto loan terms (6 and 7 years); likewise, this means they have 72 months or 84 months to pay off their car loans. Many buyers do this because longer loan terms tend to bring lower monthly payments. While this might sound attractive, keep in mind that lower car loan payments aren’t always an advantage (see Disadvantages of Long-Term Auto Loans below for details).

NOTE . Sometimes, auto loan terms are affected by whether the car is new or used. Generally, used car loan terms aren’t as long as new car loan terms. For example, where a new car loan term might be for 60 months, a used car loan term might be for 36 months.

Car Loan Term Effects

Monthly Payments

As mentioned above, generally the longer the car loan term, the lower the car loan payment. Because your loan is spread out over such a long period of time, you can make lower payments until you reach your auto loan term.

On the other hand, if your loan term isn’t as long (say, you have a 48-month auto loan term), your payments will be a bit higher. TIP: Reduce Your Term and Payments

Want a short-term loan with lower monthly payments? Try budgeting for a considerable down payment as you shop for your auto loan. Remember, the higher your down payment, the lower your monthly payments .

Interest Rates

Typically, the lower the auto loan terms, the lower the interest rates —unless you’re dealing with used cars. Your exact interest rate could depend on current interest rate trends. however, so it’s important to keep an eye on dealerships offering low interest rates that line up with the auto loan term length in which you’re interested.

In the end, keep in mind that the interest rate can affect how much you actually pay for your vehicle. Remember, for every year you are paying your car loan, you are paying a certain percentage in interest on top of the actual price of the car.

Disadvantages of Long-Term Auto Loans

Although they usually lower your monthly payments, long-term auto loans—such as those for 72 months or 84 months—may not be beneficial.

Basically, long-term auto loans:

  • Bring higher interest rates. Although you’re paying lower payments over a longer period of time, you’re actually paying more money (because of the higher interest) than you would with a shorter auto term loan. Generally, long-term loans come with higher interest rates.
  • Put you “upside down.” Being upside down means you owe more than the vehicle is worth. This is very common with long-term loans, as the car begins to lose value faster than you can pay off the loan.
  • Decrease equity in the vehicle. Your vehicle’s trade-in value is decreased when you don’t have much equity, which can affect your overall down payment for a new (or even used) vehicle.

While choosing a long-term auto loan with lower monthly payments might seem appealing at first, it could be in your best interests (literally) to choose a short-term car loan with a higher down payment or a less expensive vehicle.

Risks of Early Car Payments

Often called a pre-payment penalty. this penalty comes when a car buyer pays off his or her auto loan before the term is up. Typically, this penalty exists because the lender is losing money (i.e. interest payments) when the car buyer pays off the loan early.

Because a situation might arise when you want to pay off your auto loan early, it’s always a good idea to check your loan contract for information about a pre-payment penalty before signing the dotted line.

Auto Loans – Car Financing #buy #car #online

#car loans

Auto Loans & Financing

Find info on auto loans & refinancing before buying your next new or used vehicle. Simply estimate your monthly payment with our auto loan calculator.

Find the information you need on how to manage your auto loan, including lien removals, early loan payoffs, refinancing an auto loan, and more.

There are many different types of auto loan lenders, including banks, credit unions, dealerships, and more. Find the information you need on auto loan providers to find the best vehicle loan for you.

Applying for a car loan doesn’t have to difficult. Read our guide to learn how to get a car loan.

Understand your car financing options to help get the best auto loan for your next car.

Learn all about auto loan rates, what they mean to your car loan, and deceiving financing deals to look out for.

Determine the car loan amount you might get from an auto lender or financial institution for a new or used car using the auto loan calculator.

A refinanced auto loan can potentially save you hundreds of dollars over the lifetime of your loan. Read our quick guide to learn about car loan refinancing.

Learn how bad credit car loans can help you get a car even if your credit is low.

Lean about how car title loans may provide relief in the short term, but can be potentially expensive in the long term.

Follow our tips to getting a cheap car loan that fits your needs.

Auto Insurance coverage #used #cars #pittsburgh

#car ins

Auto Insurance Coverage




With all the choices for auto insurance coverage out there, why choose us? Because we will take you, adventure and all. Foremost Auto Insurance accepts a broad range of drivers and driving histories. Lucky for you, an agent can help you choose the right Foremost policy for your auto, so you can go out and enjoy the drive while someone else takes care of the paperwork!

Our Auto Insurance has you covered:

Rental Reimbursement.

If you rent a car after you have a covered loss on your automobile, we will put $50 a day back in your pocket for up to 30 days.

  • Medical Payments.

    Towing and Roadside Service.

    Loan/Lease Coverage.

    Keep that money in your wallet:

    Do you pay by electronic funds transfer? Savings.

    Do you have other policies with Foremost? Savings.

    Do you have more than one automobile to insure with Foremost? Savings.

    Do you have kids away at school? Savings.

    Are you going to pay your bill in full within the time period? Savings.

    Do you want to give us your valid email address? Savings.

    Take advantage of the knowledge at hand.

    Do we insure you?

    A Foremost policy covers a wide range drivers. Don’t be afraid to check us out, you might be surprised. Visit an agent to help you choose the right Foremost policy for you.

    You Choose!

    Trusting your automobile with an insurance company that doesn’t want you may bring you an unpleasant surprise at claim time. That’s why we are here to tell you that a Foremost Auto policy can cover you so the journey can continue.

  • Auto Liability Insurance #car #keys

    #insurance car

    Auto Liability Insurance

    Your Key To Safety.

    Lock up your coverage

    Why Do I Need Liability Insurance On My Car, Truck Or Motorcycle?

    The New York State registered motor vehicle you drive on a public road or highway in New York State, or that you allow someone else to drive, must be covered by liability insurance. Vehicles registered outside New York State and operated within this state must conform with the New York State financial responsibility law. New York State law requires this liability insurance to protect you and other highway users who may be involved in an accident with you:

    • Unless your registered vehicle is a motorcycle, it has to be insured even when it is in storage or not being driven. If you have a motorcycle, its insurance coverage must be in effect whenever the vehicle is operated on a public road or highway.
    • Your vehicle’s insurance and registration must always be in exactly the same name and address. You should always carry the insurance ID card in your vehicle.
    • The insurance coverage must be obtained from a company licensed by the NYS Department of Financial Services. Out-of-state insurance is not acceptable.

    When your vehicle becomes insured, your insurance company must file your coverage electronically with the Department of Motor Vehicles (DMV). Your company also will issue you an insurance identification card so you can register your vehicle at the DMV. However, your insurance ID card alone does not prove you have coverage. State law requires both paper proof and electronic filing of coverage. 

    What Happens If My Vehicle Doesn’t Have Liability Coverage?

    Your insurance company must notify the DMV electronically every time you obtain motor vehicle insurance liability coverage and whenever your coverage has ended. This also is true whether you have changed your insurance company or registered a replacement vehicle, or if your coverage has been reinstated. If your insurance company does not properly notify the DMV electronically, your vehicle registration will be suspended and your driver license could also become suspended.

    How Would Driving Without Insurance Affect My Driver License?

    Your driver license and vehicle registration will be revoked for at least one year if the DMV receives information that you were involved in a traffic crash while driving a motor vehicle not covered by liability insurance. Your license and registration will also be revoked for at least one year if someone else driving your uninsured vehicle is involved in a traffic crash and is convicted of operating without insurance.

    The traffic court fine could be as much as $1,500 for driving without insurance or allowing someone else to drive your uninsured vehicle. You will have to pay the DMV an additional civil penalty of $750 to get your license back after revocation.

    How Do I Avoid A Problem?

    Remember this simple rule: no insurance, no plates!

    Make sure the DMV always has your current address for both your vehicle registration and your driver license. You must keep the liability coverage on your motor vehicle for as long as your vehicle is registered in New York State. Your liability coverage must be provided by a company licensed by the NYS Department of Financial Services. Out-of-state coverage is never acceptable on any vehicle registered in New York State. If your NYS insurance is going to end for any reason, turn in the license plates to DMV before your coverage ends. Be sure to obtain a receipt showing that you turned them in. If your insurance is ending, you must turn in your plates even if your car or truck will be parked off the public road or put into storage.

    If you DO NOT have valid liability insurance coverage for your vehicle, you MUST IMMEDIATELY turn in your registration and license plates at a DMV office or mail them to:

    Department of Motor Vehicles

    2799 Route 112

    Medford, NY 11763

    NOTE: Motorcycle plates DO NOT have to be surrendered to DMV when liability insurance lapses. However, it is illegal to operate a motorcycle when it does not have proper liability insurance.

    What If I Get A Letter From The DMV That States My Insurance Has Lapsed?

    Read the letter carefully, and answer it quickly! The DMV letter means an insurance company has notified the DMV that your insurance coverage has ended, and that no other company has notified the DMV about new coverage. Read the insert that came with the letter and follow its instructions carefully. If there is a problem, do not assume your insurance company will take care of it. If you actually do have insurance, respond as the letter instructs, then contact your company or agent about the problem. Ask your company to file a notice of coverage with the DMV electronically.

    What If I Get A Letter From The DMV That States My Insurance Company Didn’t Verify My Coverage?

    This means your insurance company did not file your coverage with the DMV electronically. Contact your company or agent and ask them to file a notice of coverage. If the DMV does not receive proper notification electronically from the insurance company, your registration and license will be suspended.

    What If My Insurance Coverage Has Not Lapsed?

    If you receive a cancellation notice from your insurance company and you do not believe your coverage has really ended or been cancelled, contact your insurance agent or company immediately.

    • Do not use the vehicle if coverage has ended, even if you think it ended because of a mistake.
    • If your liability coverage is going to end and you are not going to immediately replace it with other coverage, turn in your license plates to the DMV before coverage ends. If you do not, your vehicle registration and driver license will be suspended.
    • Do not keep the plates while you work out a problem with the insurance company. Turn the plates in to the DMV! You can get your registration back and new plates when the problem is corrected. If your insurance coverage becomes reinstated or if you obtain coverage from a different company, be sure the new company notifies DMV electronically.

    Why Did I Get A Suspension For Invalid Proof Of Insurance?

    If this happens, your insurance company reported that the proof of insurance you gave to the DMV was not valid and you do not have liability coverage with them. If you do have coverage with that company, contact your insurance company and ask them to file a notice of coverage with the DMV electronically. The company must file notice electronically – paper proof or e-mail messages are NOT acceptable. Your proof of insurance cannot be filed electronically by your insurance agent or broker; it can be filed electronically only by your insurance company.

    If your vehicle is now insured with a different company, provide your new insurance ID card to the DMV and ask your new company to file your coverage with the DMV electronically.

    What If I Don’t Follow These Steps?

    Do not drive any vehicle that is not insured. You could be arrested or ticketed, and your vehicle impounded, by a law enforcement officer. If you do not follow these steps, your vehicle registration will be suspended. You must turn in your vehicle’s license plates to the DMV. The registration suspension will last for the same number of days that your vehicle was without liability coverage and the plates had not been turned in.

    If the registration suspension period becomes more than 90 days, your driver license will also be suspended. The license suspension will be in effect until it is reinstated after the end of the registration suspension. To reinstate your driver license, you must pay the DMV a $25 license suspension termination fee. For a suspension that has an effective date on or after July 6, 2009, the termination fee is $50.

    How Can I Avoid Suspension of My Registration?

    If your insurance coverage lapse is 90 days or less, you may have the choice to pay a civil penalty instead of turning in your license plates to the DMV.  This civil penalty options is not available if your insurance lapse was for more than 90 days or if you have used the civil penalty option for a registration suspension within the previous 36 months.

    Auto Insurance #auto #mall

    #car insurances

    Auto Insurance

    Prepare for the Unexpected

    Car accidents happen every day. You’re distracted in a parking lot and back into another car. You’re pulling out of the garage and realize a second too late that the lift gate is still open. Or you’re in a more serious auto accident and the medical bills are quickly adding up. Even minor repairs to a vehicle can be costly—making a good insurance plan a nice thing to have.

    Auto insurance is there to protect you from financial loss in case of an accident. and thankfully, with an auto insurance policy from Pekin Insurance. you can drive through life knowing we have you financially protected. Car accidents, hail or weather damage, hitting a deer, and theft are all covered under our comprehensive auto insurance plans.

    What Does Auto Insurance Cover?

    Auto insurance from Pekin Insurance covers many things. Some of the most common claims we see on our comprehensive auto insurance plans are:

    • Car accidents
    • Hail or weather damage
    • Hitting a deer
    • Theft

    Does Auto Insurance Coverage Differ by Age?

    From young teenage drivers who just passed their driving test to seasoned drivers who have the occasional auto insurance claim, Pekin Insurance will help you determine which type of insurance—comprehensive, liability, collision, and more—is best for you. Age or we should say, driving experience does impact the amount you pay for coverage, but so do many other things like multi-policy discounts, good driver discounts, and more. We encourage you to work with one of our agents to follow the steps below and get the best rates, customized deductibles, and coverage for you.

    Step 1: Choose your deductible.

    Step 2: Compare coverage.

    Step 4. Uncover valuable discounts that fit your family, vehicle, and budget.

    Why Choose Auto Insurance From Pekin Insurance?