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car loans

Wednesday’s need-to-know money news

November 17, 2021 By Liz Weston

Today’s top story:  Harsh vibe continues for home buyers in 2022. Also in the news: Important lessons from Mortgage application data, new for Medicare in 2022, 5 mistakes that can lead to a bad car loan, and TV Black Friday 2021 deals.

The Property Line: Harsh Vibe Continues for Home Buyers in 2022
Signs point toward a friendlier market for buyers in 2022, if only marginally so.

Why Might Your Mortgage App Fail? Learn From 2020’s Denials
Mortgage application data from years past can teach important lessons.

What’s New for Medicare in 2022?
Costs are going up for Original Medicare, including a big increase for Medicare Part B.

5 Mistakes That Can Lead to a Bad Car Loan
Extending the loan’s term and not shopping for a loan are among the common mistakes that can lead to a bad car loan.

TV Black Friday 2021 Deals: Are They Worth It?
Amazon has a 50-inch Fire TV for $329.99.

Filed Under: Liz's Blog Tagged With: Black Friday 2021, car loans, home buyers, Medicare, Medicare Part B, mortgage

Q&A: Learning an expensive car loan lesson

September 28, 2020 By Liz Weston

Dear Liz: My grandson bought a new car with a loan that has a 24% interest rate. He owes $17,000, and the car is now worth $5,000. What options does he have to get out of this situation?

Answer: The best solution would be to refinance, but that can happen only if your grandson has some equity in the car or is able to get a lower-rate, unsecured personal loan to pay off the car loan. Your grandson probably would need good credit and steady employment to get a personal loan, as lenders are scrutinizing applications more closely these days.

Otherwise, his best course is to “drive out of the loan,” or keep making payments until he owns the vehicle free and clear. He should be making extra principal payments, if possible, to speed up that day.

You can encourage him to hang on to this car as long as possible after it’s paid off so that he can save up the cash for his next car. If he can learn from this experience to pay cash for cars, or to have at least a 20% down payment, then the expensive lesson may have been worth it.

Filed Under: Car Loans, Q&A Tagged With: car loans, q&a

Tuesday’s need-to-know money news

September 24, 2019 By Liz Weston

Today’s top story: Hard-won tips from borrowers who got student loan forgiveness. Also in the news: Steering your upside-down car loan back to safety, FAFSA mistakes that can negatively affect your financial aid, and what to do first with an inheritance.

Hard-Won Tips From Borrowers Who Got Student Loan Forgiveness
It won’t be easy.

Is Your Car Loan Upside-Down? How to Steer Back to Safety
Getting back above water.

These FAFSA mistakes can negatively affect your financial aid
FAFSA applications open on October 1st.

What to Do First With an Inheritance
Making smart decisions during a difficult time.

Filed Under: Liz's Blog Tagged With: car loans, FAFSA, financial aid, Inheritance, student loan forgiveness, tips

Friday’s need-to-know money news

September 13, 2019 By Liz Weston

Today’s top story: Decode your credit card’s fine print like a pro. Also in the news: How to turn your upside-down car loan right-side up, a handy trick to help you save more for your next vacation, and what to do if your credit score drops.

Decode Your Credit Card’s Fine Print Like a Pro
Understanding the small type.

Is Your Car Loan Upside-Down? How to Steer Back to Safety
Don’t get pulled off the road.

Try this handy trick to help you save more for your next vacation
It’s all in the name.

What to Do if Your Credit Score Drops
Make sure there isn’t a security issue.

Filed Under: Liz's Blog Tagged With: car loans, credit card terms, Credit Score, tips, vacation savings

Tuesday’s need-to-know money news

June 11, 2019 By Liz Weston

Today’s top story: Why you should shop for a car loan before going to the dealership. Also in the news: The lowdown on new tools to jump-start your credit, 7 Father’s Day gift ideas under $50, and the best beach towns to spend your retirement.

Car Buyers’ Best Cost-Saving Move: Shop for a Loan First
Don’t put yourself at the mercy of the dealership.

The Lowdown on New Tools to Jump-Start Your Credit
The pros and cons.

7 Father’s Day Gift Ideas Under $50
It’s the thought that counts.

Dream of spending your retirement on the beach? Here are the best towns
Spending your golden years on the sand.

Filed Under: Liz's Blog Tagged With: beach towns, car buying, car loans, Credit Score, Father's Day, Retirement

Monday’s need-to-know money news

June 3, 2019 By Liz Weston

Today’s top story: 5 reasons to line up a loan before visiting a car dealer. Also in the news: 6 things to know about student loans before you start school, 5 tips to boost your credit card rewards, and why investor interest in CDs is rising.

5 Reasons to Line Up a Loan Before Visiting a Car Dealer
Protecting yourself from the finance department.

6 Things to Know About Student Loans Before You Start School
Important details.

Watch Your Credit Card Rewards Pile Up With These 5 Tips
Even more rewarding.

Why Investor Interest in CDs is Rising
Choosing the security of fixed-interest.

Filed Under: Liz's Blog Tagged With: car loans, CDs, credit card rewards, financing, Investing, Student Loans, tips

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