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Tag: buying

How to Get Rid of Car Loan
When you feel your car payments have become a burden for you or your family, it is time to learn how to get rid of the car loan. It’s common to see someone made a wrong decision when dealing with their car loan. This often happens when a person is facing bankruptcy. Whatever the reasons are, there are many ways to get rid of a car loan. Follow the step by step guide below to get out of a car loan if you have these questions in mind:
- How to get rid of a car you owe money on?
- How to sell your car privately when you have a loan?
- How to get rid of a car payment?
- How to get rid of car loan debt?
Step 1: Check your car’s market value

Understanding your car’s market value is the first thing you have to do. DO NOT estimate your car by just checking a used car websites online. Use a reliable online valuation service such as NADA Used Car Guides or Kelley Blue Book (kbb.com). Kelley Blue Book is widely recognized by both consumers and the automotive industry so the report is trustworthy. In addition, drive your car to at least 2 or 3 local used car dealerships to see what are the prices they offer. There are many factors to determine your car price, for example, body condition, extra accessories, mileage and overall condition.

Step 2: Check if you have an upside-down loan

Now you already know the market value of your car, compare it with your current loan amount and see if you have negative equity or not. An upside-down car means you owe the loan more than the car’s value. Having an upside-down loan is very common if you just own the car for 1 to 3 years. If you don’t have a negative equity, congratulations! You can just sell your car right away to get rid of the remaining car loan.

Step 3: Solutions for upside-down car

There are a few options you can do if you have an upside-down car. It depends on what you plan to do next. For example, if you no longer need the car and want to get rid of car loan completely, you can borrow the difference. Let’s say you owe $15,000 on the car, and the current market value is only $12,000, borrow $3,000 to pay it off. On the other hand, if you still need the car and want to lower your monthly car payment, you need to refinance. In our Car Buying Guide, we mentioned that refinancing is one of the easiest and simplest way to pay off your car loan faster. Do some research to find out which local banks or credit companies are offering low interest rates for refinancing. Lastly, if you are selling your old car for a brand new car, the only thing you can do is pay the difference. You will need extra cash for the new car down payment too. There is no way to buy a new car without extra cash if you are having an upside-down car loan.

Step 4: Sell your car privately when you have a loan

If you are selling your car privately to a friends or someone else, he or she would have to get approved for a new loan in the amount of the agreed purchased price. The new owner’s bank will then pay you the money. You can then use the money to pay off your own car loan. Extra money is needed if your loan is upside-down. Otherwise, you could have some extra money left if the selling price is higher than your loan amount.

Step 5: Use cash to pay off the car loan

The best method to completely get rid of car loan is to pay it off with cash. It is always the easiest and cheapest option as there is no extra cost for loan processing fees. With adequate amount of cash on hand, you can contact your lender to discuss the available options to pay it off. Without a car loan, you can live a debt-free life. Last but not least, see also Buy a new car with cash: Smart or Stupid?
September 15, 2016
16 Used Cars to Avoid

Here’s the list of 16 used cars to avoid in your entire life. These cars are voted as the worst used cars according to consumer reports and some other sources from the internet. Some feedback are collected from related forums and blogs. They are written by drivers who actually using the cars. Well, these used cars might not be as bad as described but there are many negative comment about them, it is better to avoid them as used cars except you really tight on budget.

1. Chevrolet Aveo

A used Chevrolet Aveo is affordable with high fuel economy, however, it comes with a weak engine, cramped interior and middling crash test scores. Consumer Reports takes issue with the 2009 Aveo’s brakes, body integrity and body hardware. This could be the reason it was replaced by Chevrolet Sonic in 2012.

2. Chrysler Sebring / Dodge Avenger

With an unrefined engines, the Chrysler Sebring/Dodge Avenger is giving a poor fuel economy and lackluster acceleration with V6s. According to Consumer Reports and J.D. Power owner surveys, models from 2008-2009 are having poor long-term mechanical reliability.

3. Dodge Nitro / Jeep Liberty

A used Dodge Nitro / Jeep Liberty is priced at less than $10,000. It has a good towing capacity but bad in gas mileage. An owner of Dodge Nitro from California cited the handling is like driving a truck. See best used cars under $10,000 if you are looking for a used cars under $10,000.

4. Jaguar XF

According to a Jaguar Owner’s forum, owner surveys indicate the Jaguar XF will suffer lower-than-average reliability. This means you might need to prepare a bunch of money to keep the car running especially if the warranty is expired. Thus, consider twice if you are thinking to get a used car.

5. BMW 7-Series

The BMW 7-Series is another used cars to avoid when it comes to car buying. It is a luxury car with good feedback but all the positive feedback are meant for new car, not used car. According to Consumer Reports, it ranked worse in terms of engine major and transmission major.

6. Jeep Wrangler / Wrangler Unlimited

Most of the used Jeep Wrangler or Wrangler Unlimited are taken off-road, therefore, you might want to prepare extra money for excessive wear and tear if you are looking for a used one. Models from 2008-2009 get low ratings for reliability from J.D. Power.

7. Lincoln MKS

The Lincoln MKS received poor ratings for both quality and long-term durability from J.D. Power. It also gets below average in reliability from Consumer Reports. Be prepare for the cost of replacement parts if you are looking for a used Lincoln MKS.

8. Volkswagen GTI

The Volkswagen GTI has a lively engine with good fuel economy. It also features an upscale interior but it landed on the Consuper Reports’ as worst used car list due to the reliability.

9. Saturn Relay

Don’t be attracted by the large cabin storage because the Saturn Relay is one of the worst used cars to avoid. There is no airbag coverage for third row and it has an unimpressive IIHS side-impact crash test score. The production went on from 2005 until 2006 and it could be very hard to get any replacement parts. Avoid, avoid, and avoid!

10. BMW X5

It’s not surprise to see the BMW X5 appear in the list of used cars to avoid because both Consumer Reports and J.D. Power cited it for having worse than average reliability, particularly 2008 and 2009 model. It could be costly to for the car maintenance just to keep it running.

11. Audi Q5

We love the Audi Q5 because it has a comfortable interior and handles very well. However, a 2012 Consumer Reports rated it as the worst car for overall reliability. According to myAUDIQ5 forum, owners are complaining about the navigation system and the functioning of the keyless entry.

12. Cadillac STS

The Cadillac STS was discontinued after the 2010 model year. Still, it is not really recommended to buy as a used car because J.D. Power gives it low scores for overall dependability. On the other hand, Consumer Reports cites issues with its braking and electrical systems.

13. Chevrolet Blazer

The Chevrolet Blazer was discontinued after the 2005 model. Poor crash test ratings and worst reliability make this car a MUST to avoid. Fuel pump failing, electrical problems, transmission issues are just a few to be mentioned.

14. Kia Sedona

Introduced in 2001, the Kia Sedona has been in the automobile market for more than a decade. However, Consumer Reports rated the reliability of this car below average for all model years.

15. Volkswagen Touareg

The Volkswagen Touareg often regarded as a funny car name. According to car related forums and blogs, the first-generation Touareg received complaints for having premature failure on the center support bearings. It could be costly to repair it if the warranty expires.

16. GMC Acadia

According to Consumer Reports, the main issue for the GMC Acadia is the transmission problem. The transmission refuse to downshift at certain times. Transmission issue is often one of the most costly when it comes to car repair.

Although you are advised to avoid buying these used cars, it doesn’t mean you can’t buy them. You can still buy it as long as you inspect a used car properly. It could be a good buy if you understand the common issues and know which parts have been replaced by previous owners.

October 9, 2015
Buying Cars Wholesale

There are few important things you need to know if you are buying cars wholesale. Buying cars wholesale is very different from buying cars from dealer. This is because wholesale are those distributors who sell cars in dealer-only auctions. Wholesaler normally does not sell cars to the public. Therefore, things work differently and there are a few extra things you need to be familiar. Do not make a deal with a wholesaler before going through the essential guide and tips below. (more…)

May 15, 2015
Cars under £500 that run good

Often there are at least 1,000 to 2,000 used cars under £500 for sale with over 500,000 used cars available in the UK. These cars may sound very cheap to buy but do they really reliable, run well, and do not require much repair? Most of them are not but some of them yes. Used cars under £500 are often flooded with more than 100,000 miles on the odometer and some has completed two or three rounds on the clock. However, it doesn’t mean there is no chance to get a good car with £500. There are still some great cars out there work like a semi-new car that cost extremely cheap. Now here is your delicious A-list of cars under £500 that run well, good for family use, and with minimum maintenance cost.
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August 25, 2012
Best gas mileage SUV for savvy consumers

While gas prices are on the rise again, owning a poor gas mileage SUV definitely is not a good idea. On the contrary, owning the best gas mileage SUV is what a smart consumer will do. In our complete car buying guide, one main thing to consider when buying a new car is the gas mileage. Generally, vehicles with poor gas mileage have bad resale value compared to vehicles with good gas mileage. We couldn’t control the gas price but we could plan well and buy a fuel efficient car. Most SUVs did not have good fuel economy due to the body size and weight. However, it doesn’t mean that you have to pay more on the gas. There are still many fuel efficient SUVs out there in the market if you fall in love with the off-road capability, body style, and the stoutness. For those who are into SUVs but prefer a fuel efficient model, take a look at these top five options.

MINI Cooper Countryman

MSRP Price: $22,450
The 2012 MINI Cooper Countryman is a stylish small SUV/crossover that offers a great fuel economy of 27 mpg city/35 mpg highway/ 30 combined mpg. It runs like a proper MINI Cooper. The astonishing exterior and high fuel-efficient engines might persuade a lot of SUV buyers but the cramped backseat may discourage some. As such, choices include the Kia Soul and Nissan Juke often comes in mind when a person is buying an SUV. For those who don’t mind making a few sacrifices for the sake of enjoyment and fuel efficiency, this is the best small SUV in its segments.

Toyota Highlander Hybrid

MSRP Price: $38,715
While hybrid sedans are getting more common, it is only a matter of time until hybrid technology migrated to all SUVs. The 2012 Toyota Highlander is considered one best mid-size SUV to own. It is slightly bigger than the MINI Countryman with bigger cargo capacity and superior passenger room. SUV shoppers hardly refuse this most fuel-efficient seven-seater vehicle that offers a smooth ride with all-wheel-drive option, a comfortable interior, an elegant exterior, and a fantastic fuel economy of 28 mpg city and 28 mpg highway. Competitors include the 2012 Honda CR-V and 2012 Kia Sorento.

GMC Yukon Hybrid (Also known as Chevrolet Tahoe Hybrid)

MSRP Price: $53,465
The debut of the GMC Yukon Hybrid once again reminds people that a large SUV with decent towing capacity can also comes with great fuel economy. At 20 mpg city/23 mpg highway/21 combined mpg, the car accelerates well without sacrificing the power. Large SUV with less than 15 mpg is no longer a way of life. The V8 engine works well to transport up to eight passengers and gives a towing capacity of 6,200 lbs. In official crash testing, the 2012 GMC Yukon Hybrid scored an overall rating of four out of five stars. As for price, it will however cost more.

Lexus RX 450h Hybrid

MSRP Price: $45,235
Although it is expensive compared to the non-hybrid version, the Lexus RX 450h SUV is still a better choice in long run with its impressive fuel economy. The Lexus RX 450h is an SUV that packs luxurious, power, fuel efficient, comfortable, and smooth ride into one piece. Paired with an electric motor, the 3.5-liter V6 engine achieves better fuel economy for city drive compared to the all-time best seller Honda Civic. 32/28/30 mpg is the numbers that you get for a luxury SUV in between $40,000 to $50,000.

Audi Q5 Quattro

MSRP Price: $40,775
The 2012 Audi Q5 Quattro is one of the large-size SUVs that achieve 20 mpg in city drive except the Lexus RX 450h and the 2012 Mercedes-Benz M-Class. The Q5 is famous for its safety, reliable, and luxury interior with top-notch craftsmanship. This is one good choice for savvy consumers for look for the safest SUV. Backseats are roomy, handling is superb, and ride is smooth. Standard equipment on the car includes a set of cool 18-inch wheels, automatic headlights, eight-way power front seats, automatic wipers, leather upholstery, a sliding and reclining 40/20/40 rear seat, and a multi-function multimedia screen at the center console. With 20/27/22 mpg, the Audi Q5 made itself into the top five best SUVs list.

In a nutshell, saving a few miles per gallon on gas could turn into few thousand dollars in the end of the day. A vehicle with extra 3 mpg will give you an extra 300 miles for 300 gallons of gas. Why not?

May 3, 2012