Should You Purchase Rental Car insurance? US News #we #buy #any #car


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Should You Purchase Rental Car insurance?

You might already be covered for your summer road trip.

The warm summer weather might have you itching for a road trip. But before you hit the road, you may need to spring for a rental car. And before you do that, you’ll need to decide whether to purchase rental car insurance.

It’s a tricky decision, given the fact that you may already be covered through your existing car insurance or your credit card. Your personal auto car coverage usually does cover rental car coverage, says Merle Scheiber of the National Association of Insurance Commissioners.

Through your personal auto car coverage, you’ll want to make sure you have collision coverage, which pays for damages to your vehicle from accidents involving other cars or objects. For people who already have collision coverage on the rental car, getting the rental car insurance policy is a waste of money, says Neil Abrams, an auto rental consultant of Abrams Consulting Group based in Purchase, N.Y. If you don’t have collision coverage, you’ll either have to pay for the rental car insurance or use a credit card to pay for the rental car—one that has rental car insurance built in.

A number of major credit card providers offer rental auto insurance to cardholders, such as Visa, but certain cards only offer it to elite members, so check with your credit card company first. For example, Visa’s auto rental collision-damage waiver (given to Visa credit card holders) provides reimbursement for damage due to collision or theft up to the actual cash value of most rental vehicles. However, Visa’s coverage kicks in only on theft or damage expenses that are not covered by other insurance or reimbursement. In essence, the credit card acts as a secondary insurer, and it would still be wise to have your own personal auto insurance.

The benefits of buying insurance from the rental company? It protects you from significant out-of-pocket expenses associated with loss or damage to the vehicle, including theft, says Abrams. Rental car insurance can cost roughly $20 to $40, depending on what plan you select. The collision damage waiver, also known as optional vehicle protection or loss damage waiver, can cost as much as $19 per day and shifts liability for collision damage from the person renting the car to the car rental company. Liability insurance, which provides protection for up to $1 million, costs between $7 and $14 a day. However, your personal auto insurance should already include liability insurance. For an additional $1 to $5 a day, personal accident insurance covers medical and ambulance bills for the driver and passengers in the event of an accident.

The rental companies are required to provide statutory minimum liability coverage, Abrams says. But in a significant event, that’s not going to do much for you. Statutory minimum liability coverage provides some protection to individuals involved in an accident while driving a rental vehicle—the same minimum coverage that would apply to personal coverage.

It’s not insurance, in the technical sense, that rental companies offer, Abrams says. Rental companies are not licensed insurance agents in every state. Instead, they offer a protection package. It doesn’t help where clear negligence is involved, Abrams warns. If you leave your car with the engine running and the key in the ignition, and the car disappears, the rental company may have a problem with that.

Abrams adds that some people are protected through their homeowner’s policy. Home owners can extend the liability when the policyholder is not in their home, i.e. while renting a car. However, the provisions vary from one policy to another, so be sure to check ahead of time.

Jan Zobel, a tax preparer in Oakland, Calif. rents a car when she travels to Hawaii several times a year. Zobel receives coverage using her American Express card, which charges her $17.95 per rental. I’m not a big AmEx card user, but you can bet that I pay for every rental now with that card, she says.


Jaguar Land Rover could purchase British Formula One circuit Silverstone #used #trucks


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Jaguar Land Rover could purchase British Formula One circuit Silverstone International Business Times 20 hrs ago

Kedar Grandhi

Jaguar Land Rover (JLR) is considering purchasing the British Formula One Grand Prix circuit, Silverstone. In July, it had asked property consultant Cushman Wakefield to draw up a valuation for the Northamptonshire track.

Cushman advised JLR that it could cost £22.7m (€32m, $33.8m) for the purchase of the Silverstone circuit, industrial units and land for potential development at current market value, according to The Financial Times.

JLR could consider converting Silverstone into its home that would include a heritage centre to showcase its fleet of cars, offices, a hotel and visitor’s centre. The Coventry-headquartered carmaker could also relocate major parts of its business to Silverstone.

The British Racing Drivers Club (BRDC) owns and operates Silverstone Circuit on the Buckinghamshire/Northamptonshire borders according to its website. However, if this deal were to go through, it would become a tenant of the circuit but would continue to operate it on JLR’s behalf through its subsidiary, Silverstone Circuits Ltd.

JLR ran an F1 team for four years starting from 2000. Its Indian parent company Tata Motors, which acquired the British carmaker in 2008 from Ford, has also been associated with the race in the past. It had sponsored the Ferrari team.

Silverstone’s problems

One of the seven original circuits, Silverstone had hosted the British Grand Prix in 1948 and was the first course to host a race of the World Championship of Drivers in 1950. In 2014, it posted a decade-high pre-tax profit of £3m. Despite this, it struggled to pay its annual Grand Prix fees of £16m.

Bernie Ecclestone, chief executive of the Formula One Group, which manages F1 and controls the commercial rights to the sport, recently stated that the fees could not be reduced even if it meant Silverstone losing the chance to host an F1 race to a competitor.

This is a sign that sport’s centre of power is shifting to the Middle East and Asia from the more established European circuits. One of the other original circuits facing problems raising the money required to host F1 races after 2016 is Monza, home of the Italian Grand Prix.

BRDC had considered selling its circuit earlier. The sale, however, did not go through after discussions ended last year. It has now maintained that it will consult its members numbering more than 800 before taking a decision to sell.


Calculating Sales Tax for a New Car Purchase With a Trade-In #car #leasing #uk


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Calculating Sales Tax for a New Car Purchase With a Trade-In

Your car sales contract will break down how tax is calculated.

Stockbyte/Stockbyte/Getty Images

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In 42 out of the 50 states, when you trade in a car to purchase a new one, you will get some sort of sales tax credit on the value of your trade. The amount of tax you pay depends on what you are buying, what your trade is worth and your state’s sales tax policies. The dealer will calculate and collect the sales tax, but it does not hurt to check the dealer’s numbers.

Tax on Net Cost

Across most of the country, the sales tax you pay on a car purchase at the dealership will be the sales tax rate times the difference between the purchase price and trade-in allowance. The new car cost and trade value will come off the sales contract for the car deal. For example, if you are buying a new car for $25,000 and the dealer is giving you $10,000 for your trade, you will pay sales tax on the $15,000 difference. If sales tax in your state is 8 percent, the tax would be $1,200. Without the trade value sales tax on the purchase increases to $2,000.

Sales Tax Considerations

States handle the sales tax rate on car purchases differently from state to state. In some areas, the sales tax rate you pay is the rate in effect where the dealer is located. Other states require that the rate be based on your home address tax jurisdiction. The sales tax will be the same whether you pay cash or finance the purchase with a regular car loan. In most states you do not pay sales tax and do not get a tax credit on your trade-in if you lease the new car.

Trade-in Value Increase

Another way to view the sales tax reduction from trading a car — and a favorite view of car dealers — is that the reduced sales tax can be equated to a higher value for your trade-in. If the dealer gives you $10,000 for your trade and trading the car reduces your sales tax bill by $800, you are in effect receiving $10,800 for the car you are trading. If you sold the car on your own, you would not receive the sales tax savings, so would have to sell the car for more than $10,800 to come out ahead of going the trade-in route.

States without Tax Benefit


Car Loans, PCP, Hire Purchase – Finance Deals from FinanceAcar #used #car #dealers


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Cheapest Car Finance Deals

Get the Cheapest Car Finance, Hire Purchase and PCP deals

If you are a car buyer looking to finance a car, FinanceAcar.co.uk provides users with the fastest car finance comparison on the web. Car finance comparison is our specialty! To compare cars on finance right now, use the tools above to select your preferred car, get monthly payment prices instantly and then obtain a personalised quote.

We provide personal and business car credit and car finance deals for approximately 6,000 models from the UK s top lenders and manufacturers. Our website has the tools to compare each car finance option such as PCP, Hire Purchase and Personal Loans to find you the cheapest price available in the market. There can be a significant variation in monthly payment and total payment depending on the car finance product that you choose. Therefore, it is very important that you compare all of the car loans, PCP deals, hire purchase or leasing options before making a final decision and thereby ensure that you get the best car finance deal possible. Our unique car finance comparison tools allows our users to search and get the best car finance possible out of all of the numerous finance options available such as a business car loan or personal car loan, personal contract purchase (PCP), hire purchase or car leasing. Read more about FinanceAcar

How Can We Offer Such Good Car Finance Deals?

For our car finance products. we offer the finance separately or as a package with a car sourced through our partners. However, it is important to note that often our car finance offers on PCP, hire purchase cars or leasing are cheaper than when you source your own vehicle and then combine car finance separately. In fact, our finance offers are often cheaper than the car finance price and PCP deals that you might get from a dealer. This is because our finance partners (which include major dealers) buy cars in bulk and get substantial volume discounts that we pass on to you. In terms of a car loan, personal loan or business loan, these are sourced from partners that get the best rates from top UK lenders. Our monthly repayments for loans are based on competitive APRs and it is essential to apply online to check which rate you can get as this might increase or decrease based on your credit rating. All cars provided through FinanceAcar are sourced directly from the top manufacturers or from trusted dealers.


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What Credit Score is Needed for Yamaha Financing? #credit #score #needed #to #purchase #a #home


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February 22nd, 2012 | Author: Stephanie

There are many fun, alternative vehicles on the market such as motorcycles, watercraft and other off road equipment. These items are, however, often quite pricey and may not have the same financing options at dealerships that traditional vehicles might. Alternatives such as Yamaha financing is, for some, a great way to get that motorcycle, watercraft or off road vehicle you always wanted. You can also use this credit for accessories, warranty packages, service, and routine maintenance. Standards for obtaining this type of financing are much greater than qualification requirements for a traditional department store card, though it is “in house financing”, as the limits are usually much higher.

This is not a form of financing that you apply for online like you can with traditional credit cards or department store credit cards. You can apply for Yamaha financing at an authorized Yamaha dealership. It literally takes just a few minutes to apply for financing through Yamaha, but one of the requirements is that you must have an active personal credit card. If you are approved, you will instantly have access to a $2,500 line of credit, which can be used towards a purchase that day. The credit line can be increased to as much as $10,000; your limit will be dependent on your credit score.

Yamaha offers their financing option via HSBC, a multinational financing company. When applying, your credit card is run to obtain pertinent financial information, and you will also be asked to provide some additional personal information such as address during the application process. One needs excellent credit in order to qualify for this unique line of credit. Scores in the high 700s are recommended for those who wish to apply. Scores in the 600s, while average, if not slightly above, have been declined financing.

This is a unique line of credit as you are given a line of credit where your Yamaha purchase is the collateral for the loan. The interest rates for this loan of credit hovers in the mid-20% range. This is a great option for those who can easily pay off the balance in full before the grace period ends, or who can pay it off shortly. For those who might need to extend payments out further might consider looking into a personal loan from their local banking institution. as one is likely to obtain better terms, rates and fees than through this alternative financing option.

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[I]f you’re trying to become more financially stable and improve your credit rating, you must be careful with how you spend your money. While you don’t want to give up everything fun in life in order to be frugal, you also want to avoid wasting your money on unnecessary expenses. Here are three ways people [ ]

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USDA Home Loans from the Specialists at, purchase order financing.#Purchase #order #financing


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Start Your Quote for a USDA Loan

Purchase order financing

Low Rates & $0 Down

Purchase order financing

Purchase order financing

Better Terms than FHA

Purchase order financing

Not a Farmer’s Loan

What is a USDA Home Loan ?

The USDA Loan is a home-mortgage option available to rural and suburban homebuyers. USDA Home Loans are issued by qualified lenders and guaranteed by the United States Department of Agriculture (USDA)

USDA Home Loans, also referred to as the USDA Rural Development Guaranteed Housing Loan and the Section 502 Guaranteed Loan , are particularly favorable to those living in rural or low-income areas. USDA Loan offer $0 money down, lenient eligibility requirements and competitive interest rates – due to the loan being guaranteed by the USDA.

USDA mortgages stand alone as the only mainstream zero money down program available to borrowers that have not served in the military. Eligible borrowers will be hard pressed to find a home loan program that offers more favorable terms.

$0 Down, 100% Financing

USDA Loans are one of the last $0 down mortgages with 100 percent financing, resulting in low out-of-pocket costs and one of the most desirable loan programs.

More Homes Now Qualify

The USDA’s definition of “rural” is largely liberal – meaning many in small towns, suburbs and exurbs of major U.S. cities meet the “rural” requirement.

Lenient Requirements

The USDA has desinged the USDA Loan to provide homebuyers with lenient eligibility requirements that help low to moderate income families purchase a home.

Competitive Rates

USDA mortgage rates are often lower than comparable conventional 30-year fixed mortgage rates resulting in a better deal as compared to FHA or conventional loans.

USDALoans.com is featured in

Purchase order financing

Basic Eligibility Requirements

  • Homebuyers should show intent to repay the loan
  • Homes purchased with a USDA Loan must be used as the primary residence
  • Credit history should be in good standing
  • Homebuyers should show a history of receiving stable income

USDA Loan Eligibility

USDA Loans used to be considered “farmers loans” but that is simply not the case anymore. Just about anyone looking to purchase a home outside a major metropolitan area can qualify for a USDA Loan.

Some of the eligibility standards that determine if you qualify for a USDA loan for your home include what county and zip code the home resides in, your current income and credit history, as well as the number of dependents you can claim. Because these guidelines are very specific, it is important to work with a company that has experience dealing with USDA government financing to help determine your eligibility.

Frequently Asked USDA Loan Questions

We’ve helped thousands of families learn about the USDA Home Loan process and have seen our fair share of questions along the way. We have listed a few of the most common below; however, if your question isn’t answered, please contact us at 877-701-8732.

Every homebuyer interested in a USDA Loan should speak with an approved USDA Home Loan lender to determine if they qualify. To do this, fill out the form above or call 877-701-8732 and speak with a USDA Loan specialist.

The USDA started this program to help those in rural areas achieve affordable home financing. With this being the case, the USDA wants to ensure those with the greatest need are served by limiting eligible properties to those that are located in rural, or suburban, communities. Additionally, the USDA Home Loan is only for primary residences – meaning rental properties and vacation homes are not eligible.

USDA Loans feature no down payment and lower mortgage insurance costs than both FHA and conventional options – saving homebuyers monthly, as well as out-of-pocket costs.

Using a USDA Loan?

About Us

USDALoans.com was established in 2008 with one goal in mind – make the public aware of the benefits and advantages of the USDA Loan program. USDALoans.com has been recognized as a top USDA Home Loan provider and serves potential homeowners across the nation interested in $0 down, 100 percent mortgage financing.

USDA Loan Overview

Get in Touch

1810 Watermill Dr. Brandon, FL 33511

USDALoans.com does NOT act as a lender, credit provider or mortgage broker and is not affiliated with any governmental agency. USDALoans.com is compensated to provide marketing services for a network of licensed mortgage lenders, brokers and mortgage loan originators. One or more of these Participating Lenders will contact you with additional information regarding your request. For a full list of Participating Lenders Click here. By submitting your information you have agreed that your information will be provided to a Participating Lender who will contact you, but does not mean you will qualify for a USDA loan. USDALoans.com will not accept charge or seek fees of any kind from you.

USDALoans.com does not distribute mortgage products and any terms or conditions will be offered by the USDALoans.com participating lender that you choose as a consumer. Please note that USDALoans.com is not available in Arizona, New York or Virginia or to borrowers in those states.

USDALoans.com participating lender for this search is Luxury Mortgage Corp. NMLS ID #2745. To view this participating lenders licensing click here.

For a full list of participating lenders click here.


Compare Home Mortgage Loan Rates & Credit #home #mortgage #loans, #home #loan #rates,mortgage #refinancing,bad #credit #mortgage,mortgage #loan,home #mortgages,mortgage #refinance,home #purchase #loans,home #refinancing,home #equity #loans,second #mortgage,bad #credit #lenders,nationwide #mortgages,home #financing,fha #mortgage,refinance #loans,bad #credit #mortgage #loan,loans,home #loan #refinancing,house #refinancing,second #mortgages,home #equity #loan,house #purchase #loans,bad #credit #mortgage #rates,va,home #mortgage #rates,jumbo


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The President and Congress came together earlier this year to not only extend the Home Affordable Refinance, but to upgrade the guidelines so that equity is completely taken out of the approval equation. The HARP 2.0 enables homeowners who have underwater mortgages to refinance regardless of their “loan to value.” Our HARP lenders can help determine if your mortgage is held by Fannie or Freddie and whether or not it meets the eligibility requirements.

Compare Home Refinance Mortgages from 90 – 100%

* Income Verification Loans
* Refinancing with FHA
* Use High Credit Score
* 1st Time Home Buyers OK
* No Mortgage Penalties
* Fixed Rate Home Mortgage
* Home Equity Lines
* Compare Interest Only Options

Now you are encouraged to compare offers for home mortgages that were created to replace negative-am 1st mortgage payments with a fixed simple interest rate solution! Replace the teaser loan before the index and rate adjust.

See if You Qualify to Get Lower Mortgage Payments with Fixed Interest!

Compare Home Mortgage Loan Rates Online at No Cost

Fixed Rate Home
Refinancing Mortgages

If your mortgage payment is rising from your variable rate ARM, take action and refinance into a fixed rate loan. Combine all your mortgages together into a fixed rate first mortgage.

– Fixed Rate Jumbo Mortgages
– Cash Out Second Mortgage Loans
– Reduce Principal Balance Quicker
– Alleviate Variable Rate Indexes
– Replace Negative Amortization

The government improved their mortgage relief products. The FHASecure and the Hope for Homeowners did not help as many people out as HUD had hoped so they worked hard to improve Home Loans from FHA were created so that more Americans could qualify for a lower monthly payment.

If you have a second mortgage or equity credit line, we believe you will save a lot of money by refinancing the 2nd lien into your first mortgage. 30-year 1st mortgage rates have never been better so call now and learn how to lock secure home loans from a competitive lender!

Mortgage refinance loans are not created equal. FHA home mortgages do not require as much home equity as conventional lenders demand. Let our loan officers help you with lending guidelines, loan limits and more.

Stay up to speed on loans for new house buyers.

First Time Home Buyers Guide
You can also check our blog for news and HUD policies for FHA financing.

Need Refinance Help or Quick Cash?

With interest rates at all-time lows, now is the optimal time for refinancing a mortgage. Even if you were stuck with a home mortgage because of a poor credit score, consider some of the updated subprime, military and FHA options for house refinancing that have been saving people money all year.

As property values rebound, more of our trusted lenders have rolled out new home equity programs with attractive rates and endless possibilities. Having quick access to cheap money is a huge privilege for homeowners in this great country.


How To Buy Structured Settlements #purchase #structured #settlements


Reserve a Case:

  • Once you verbally reserve the offer, Somerset takes the case off the market and holds it exclusively for the Buyer. To maintain the exclusive hold, the Buyer has 48 hours to return the required documentation.

Required documents to exclusively hold a Case :

  • To comply with all federal laws and regulations and to help fight the funding of terrorism and money laundering activities, Somerset must obtain, verify, and record information that identifies the Buyer via the Purchaser Information Worksheet
  • To be eligible to buy a SMA, a foreign Buyer must have a U.S. address, a U.S. tax identification number, and a U.S. Bank account.

3. Upon receipt of the Purchaser Information Worksheet, Somerset will prepare and send out a Purchase Agreement for the Buyer(s)signature.

  • The Purchase Agreement outlines
    • the terms of the relationship between the Buyer and Somerset Wealth Strategies
    • the transaction process – generally a $5,000 deposit in earnest is sent back with the executed documents. If the case is considered Fast Track – going to court within 15 days or less or already approved, full funding is required.
    • that deposits will be held in a specified attorney-trust account

Note for SMA’s to be funded with Qualified (IRA funds), additional action is required.

4. Funds need to be transferred to an approved custodial account set up with Provident Trust Group.

  • If the account is already established, Somerset will send out with the Purchase Agreement (this can take up to four weeks to complete the transfer).
    • New Transfer Form – to transfer funds into Provident sufficient to cover the Provident Fees and the Purchase Price of the SMA
    • Provident Direction of Investment Form – to transfer funds from the Provident IRA to the Attorney Trust account and fund the specified SMA.
    • If the account is not already established, Somerset will send out with the Purchase Agreement (this can take up to four weeks to complete).
      • Provident IRA Application
      • New Transfer Form
      • Provident Direction of Investment Form

5. Once Somerset receives the executed Purchase Agreement and the required deposit, the Buyer can expect to wait for final closing anywhere from 30 – 90 days due to the court ordered and judicial process these SMA follow.

6. Somerset notifies the Buyer of the progress of the SMA throughout the court process, including court date, approval date and time it will take for Insurance company acknowledgement.

7. Stage 1: Initial deposit provided at the time the Buyer executes the Purchase Agreement. The deposit is held in the attorney trust account specified in the Purchase agreement.

8. Stage 2: The Buyer submits the balance of the SMA purchase price to the Buyer’s attorney trust account 15 days prior to the court date, where the funds are held until the closing of the transaction.

Closing the SMA Purchase

9. Once the court has reviewed and approved the assignment and we have received confirmation from the insurance carrier that the assigned payment(s) are now to be paid directly to the Buyer, our team of legal experts will underwrite the file based upon a set criteria to assure the Buyer is receiving an absolute assignment without encumbrance. (Typically a week to four week process)

10. Upon receipt of an attorney reviewed file, the case will be funded and considered closed.

11. Upon closing, the Buyer receives a Buyer Closing Book which includes all of the pertinent documents and proves the transfer from Buyer to Seller.

Total time the Buyer can expect this process to take is 30-60 days.

Get On The SMA Insider’s List

Sign up to get new SMA offerings emailed to you & get the first pick. You’ll also get our Buyer’s Guide.

No Longer Taking Reservations

Our Clients Say:

“Somerset you are the BEST! I went from earning 1.5% to 2% on CDs to 6% and 6.50% with New York Life and Metlife SMAs!”-Maryanne M. Illinois

“I was about to give up hope of ever being able to achieve a decent rate on the fixed portion my portfolio, until I discovered Secondary Market Annuities and Somerset. After doing thorough research, I decided to go through Somerset because of their process, knowledge, professionalism and the fact that they require outside attorneys to review every transaction at no additional charge to me.”-Ed M. Maryland

Copyright 2017 by Somerset Wealth Strategies. All rights reserved.


How to Finance an Auto Purchase – Personal Finance. #car #sales #sydney


#car financing
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How to Finance an Auto Purchase

Tips

  • You’re usually better off obtaining auto financing from a financial institution, not the car dealer.
  • Your monthly car payment should represent no more than 20% of your disposable income. This amount should cover not only your car payment, but also your insurance and fuel costs.
  • Long-term auto loans will cost you dearly in interest over the long run. The ideal car loan term is anywhere from 3-5 years.
  • Related How-Tos

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    When you walk into a dealership, you won t be there long before a salesperson asks how you intend to pay for your new car.

    When the dealer starts in, just explain that you intend to pay in cash. Saying you’ll be paying in cash doesn’t mean you’re going to open up a briefcase with bricks of money inside, it just means that you’re not interested in dealer or manufacturer financing.

    In some cases (if you have perfect credit, if the car is about to be replaced by a newer model) dealer-sponsored financing might be a good deal, but most of the time it isn t. You can usually find better deals on car loans at credit unions and banks.

    Telling the dealer that you’re not interested in their financing takes away an opportunity for the dealer to pad the deal with extra profit. Dealers make money on upcharging you, so they have ways of slipping various extra fees and charges into your financing arrangement. Forgoing dealer financing also allows you to focus on the features and purchase price of the car you want a far more important and useful task than focusing on the monthly payment figure.

    After declining financing, your next task is negotiating the purchase price of the car. Some survival tips:

    Resist the temptation to lease. Leasing is basically an extended car rental. When you lease a car, you must return it at the end of the lease or buy it from the dealer at a predetermined price usually higher than what you d pay for a similar used car. When you take a loan out to buy a car, you pay down the loan and then the car is yours, free and clear. The only payments you’ll have to make after that are for gas, repairs and insurance.

    Lots of people lease. Smart, respectable people lease. It’s not a terrible thing to do, but it’s not the best way to keep a car, because you re always making payments. Lease a car for three years and, when the term expires, you need to look for a new lease or shell out thousands to purchase the car you’ve been driving.

    Consider factory certified pre-owned cars. “Certified pre-owned” is another term for for “used.” But these cars do come with extra assurances about the car’s condition. Going pre-owned can be a really smart move, because most cars lose 18% of their value in their first year. A certified pre-owned car is one that has been inspected and fixed before it goes on the market, and comes with a manufacturer-backed warranty, like new cars do.

    Size up your future car loan. Once you decide you want a new car, the first thing you should do is figure out how much car you can afford. Calculate this amount before you go shopping; don t let a car dealer influence your decision.

    Figure out how big a loan you should get. A good rule of thumb: Your monthly car payment should be no more than 20% of your disposable income. That means that after you’ve paid all your debts and living expenses, take one-fifth of what’s left. That’s your maximum monthly auto expense. Ideally, this number should cover not only your car payment, but also your insurance and fuel costs.

    Decide how long you’ll give yourself to repay your car loan. A monthly payment is, essentially, the amount of your loan, plus interest, divided over the number of months you have to pay back the loan. The more months you have to pay it back, the lower the monthly payment will be. But stretching out a car loan too long—or any loan, for that matter—will ultimately cost you a truckload more in interest payments.

    For example, say you take out a $20,000 car loan at 5%. If you borrow the money over four years, your monthly payment will be $460.59. At the end of four years, you’ll have paid $2,108.12 in interest.

    If you borrow the money over ten years, your monthly payment will only be $211.12, but at the end of 10 years, you’ll have paid $5,455.72 in interest.

    Keep your loan term to five years or less (three is ideal) and you should be in good shape. If the monthly payments are too much even at five years, the car you’re looking to buy is probably too expensive.

    Consider all pools of money. Should you sell investments to pay for the car instead of borrowing at 7%? That’s a tough call; usually, we d say no. Do not spend any of your tax-sheltered retirement savings (IRAs, 401(k)s), as you’ll pay through the nose in penalties and taxes and rob from your future. As for taxable investments, consider whether cashing out would have tax implications (you’ll pay 15% in capital gains for investments held longer than one year; investments held less than a year are taxed at your ordinary income-tax rate) or whether you may need that money for something else over the next two to three years.

    Should you take out a home equity loan to pay for a car, since the interest of those loans are tax-deductible?

    Many people think home loans are the perfect way to finance the purchase of a new car. But the length of the term for a home loan most require payments over at least 10 years, with penalties for early repayment will send your total costs through the roof, even after the tax savings. Borrow for no more than five years, lease (if you must) for no more than three. If you’re considering a home-equity line of credit to pay for your car, remember that most HELOCs have a variable interest rate, so it’s possible your payments will rise over time.

    How to Find the Best Auto Loan

    You’re going to show up at the dealer with your own loan, but where should that loan come from?

    Begin by getting a sense of the prevailing rate for a new-car loan. Focus on is the APR, or annual percentage rate offered by each lender. The APR is the annual cost of the loan, or interest rate. With this number, you can cross-compare loans from one lender to another, so long as the durations of the loans are the same.

    You’ll probably get the best deal at a credit union— a members-only, nonprofit bank that can offer lower-cost loans than a traditional bank can. But check out rates at traditional banks and online-only car lenders such as Capital One and E-Loans .

    Don’t be distracted by dealerships offering rebates or zero-percent financing if you obtain your loan through them. “Zero-percent financing” means you are not charged any interest on the loan. So if you were buying a car that cost $24,000 and you had a 48-month car loan, your monthly payment would be $500, without any added interest. A rebate is money taken off the price of the car. Rebates are also called cash-back deals.

    Here’s the thing about those offers: The money you save via interest and rebates is probably coming from somewhere. If you qualify for 0% interest (and most people don’t, as it’s given only to people with near-perfect credit), your dealer won’t budge on the sticker price. If you take the rebate, you won’t get a rock-bottom or 0% interest deal.

    That’s why splitting up the financing and purchasing of your car is a good idea: First, you can shop around for the best credit-union car loan, and then you go to dealer and focus on negotiating the purchase price of the car. Bundling the transactions can lead to lots of stress and added expense you may be so focused on financing costs that you the punt on the purchase price so keep them separate.

    If you do choose dealer financing, be extra vigilant about what you agree to, and what you’re signing—it’s not uncommon for dealers to add in various unnecessary fees (rustproofing, extended warranty) that fatten their bottom line. Question everything that wasn’t explicitly discussed during negotiation, and don’t be afraid to walk away.

    There are some easy ways to catch a break with your dealer when negotiating the price of your car. Timing can be everything:

    Shop early in the week. Weekends are prime time for dealers. But if you show up on a Monday, a salesman may be more motivated to cut a deal because business will be slow for the next few days.

    Shop at the end of the month. Car dealers get monthly bonuses if they move enough metal. If you show up on the 30th and your salesperson is two cars short of a bonus, he or she may cut you a better deal so to make numbers.

    Shop for a car that’s about to be replaced/discontinued. Pretty simple logic here: Things that are about to be considered “old” sell for less. If you’re looking at a 2008 Honda Accord and the 2009s are about to arrive at the dealer, you usually can get a bargain. If the 2009 model is completely new and different from the 2008, you’ll save even more. (Who wants to be seen driving the old-looking model? Smart, frugal people, that s who.) And if Honda decides the Accord isn’t selling much anymore and kills it after the current model year? (OK, fat chance, but this is just an example.) Untold riches await. As do potential maintenance headaches remember, some cars are unpopu lar for good reason.