Negotiating the Best Loan for You

When shopping for a car, consumers must take various factors into account. Though not everyone thinks about or remembers to research the vehicle and loan options they have, it is a good place to start. Cars.com recently posted an article on loan basics consumers should be aware of. Swapalease.com has also published its loan versus lease spreadsheet to help shoppers determine if it’s cheaper to finance, lease of take over an existing lease.

The article mentions the different aspects of a negotiation that buyers should keep in mind such as the total amount financed, the interest rate, length of loan, and monthly car payment. Many times buyers are so focused on the bottom line and monthly payments they neglect to look at the other elements of what they’re agreeing to and signing. It is very important to be cognizant of everything you agree to as the buyer so that there are no surprises down the road.

What’s more, the article mentions that consumers must read the fine print and not be swayed by ads they see, as there are restrictions that not everyone qualifies for. The article also advises buyers to get pre-approved for a loan, which can be used to leverage what the kind of offer the dealer makes.

If you’re not looking forward to making payments for the next 72 to 84 months, assuming a short-term lease is a great option. Sellers who are looking to exit their lease early, with no penalties, can list their lease on Swapalease.com where an interested buyer will take it over.

Usually there are no down payments required and you get to drive the latest cars with a short-term commitment. You upgrade your phone every few months, why not your vehicle?

Headquartered in Cincinnati, Ohio, Swapalease.com is the world’s largest automotive lease marketplace and the pioneer in facilitating lease transfers online. For more information about Swapalease.com or how to exit your lease early, call 866-SWAPNOW or visit www.swapalease.com.

Trouble with Auto’s Subprime Bubble?

There have been many reports talking about the danger of the automotive industry’s subprime bubble and what kind of effect it can have on the economy. However, it turns out that auto’s subprime bubble doesn’t compare to the one the housing market experienced before the Great Recession.

In a recent article in The Guardian, experts compared the subprime bubble in the automotive industry to the housing bubble and found that, though the auto subprime bubble reached $20 billion in 2014, the housing subprime bubble reached $600 billion in 2006 alone. Though subprime lending continues to increase in the automotive industry, consumers need to be aware of what kind of loan terms they’re agreeing to when buying a new car.

Most of the time, dealers are looking to make a sale and won’t explain the specifics of the loan while consumers are focused on monthly payments that they won’t take a better look at loan terms and length. However, consumers should educate themselves and not be pressured into singing on the dotted line until they understand the details of their car loan.

What’s more, purchasing a car isn’t in everyone’s best interest. A lot of the times buyers can save more money over time by taking over the remainder of a lease. Taking over a lease helps both sellers and buyers. Sellers can exit their lease before it’s due and not have to pay any fees for breaking their lease and buyers take over a shorter-term commitment with a low monthly price.

For those looking to get a good deal, assuming a lease is a nice way to drive the latest models without breaking the bank. It’s the only option that gives you the best of both worlds. Next time you think of driving something new, weigh your options and really consider taking over an existing lease.

Swapalease.com is the largest online lease transfer marketplace and has vehicles and customers in every state in the continental United States and Canada. For more information on finding the best car lease deals or to learn how you can have a successful car lease trade, visit Swapalease.com or contact them at 866-SWAPNOW.

The Rise of Auto Sales and Millennials

The state of the automotive industry will be dependent on Millennials entering into the workforce and adult life. There were reports that Millennials weren’t contributing to the automotive industry because most were turning away from vehicles. However, an Automotive News article has reported otherwise.

Since the Great Recession, it has been harder for Millennials to find a steady job and begin adult life. While the Baby Boomer generation contributed greatly to the automotive industry, it seemed that Millennials weren’t as interested in getting their licenses or owning a car as their parents and grandparents. That doesn’t seem to be the case.

With the economy continuing its recovery, Millennials have started to impact the auto industry with a slow increase in new car sales and leases. According to the article, auto loans grew 27 percent in 2014 for Millennials, an increase from roughly 10 percent in 2013. Millennials seem to be finding their footing and are beginning to make major life decisions.

Though buying a vehicle might be a little out of some Millennials’ price range, taking over the remainder of an existing lease might prove to be a sound, cost-effective option. Not only are you committing to a short-term agreement, it also provides you with an opportunity to drive the latest vehicles every few months.

Swapalease.com allows drivers, who are looking to opt out of their lease, list it on their website and help match them up with drivers interested in taking over the remainder of the lease. Often times, there is no down payment and both parties walk away with what they were looking for.

Headquartered in Cincinnati, Ohio, Swapalease.com is the world’s largest automotive lease marketplace and the pioneer in facilitating lease transfers online. For more information about Swapalease.com or how to exit your lease early, call 866-SWAPNOW or visit www.swapalease.com.

More Vehicle Sales Equals Longer Loans

Owning a car is a dream that many can relate to. Usually owning a car is one of the first big decisions we make as we enter into the adult world. However, that dream has been harder and harder to achieve in the years since the Great Recession. There have been many reports recently highlighting the fact that the average auto loan has increased.

A CNBC article brought to attention the fact that most auto loans now are 73 to 84 months. Though sales of new vehicles have increased, so has the average loan length. In a previous post, we said that the longer the loan, the more consumers will pay in interest. What’s more, as cars are lasting longer, the wear and tear the car experiences as time goes can mean bad news for your budget.

Why limit yourself to driving just one make and model for the next five or six years when you can drive a few different makes and models during that same time. Swapalease.com helps drivers do that. As the largest online lease transfer online marketplace, they help drivers who no longer want to be in their lease, exit it early.

For buyers, taking over a lease might be just the kind of commitment to take on. With no down payment required most of the time, buyers can take over the remainder of a lease, saving them money and time. Don’t restrain yourself to driving the same vehicle for the next five years when you can drive the latest models simply by taking over the remainder of a lease.

Swapalease.com is the largest online lease transfer marketplace and has vehicles and customers in every state in the continental United States and Canada. For more information on finding the best car lease deals or to learn how you can have a successful car lease trade, visit Swapalease.com or contact them at 866-SWAPNOW.

Be Wary of Long-Term Auto Loans

When buying a new vehicle, most consumers will take out a loan in order to make the car more affordable. Recently, however, consumers have been taking out longer loans to have lower monthly payments. The problem is that taking out a five- or six-year loan may not be the best option because it doesn’t necessarily mean that that vehicle is a financially feasible option.

A recent article in The Buffalo News mentioned how drivers are so concerned about lower monthly payments they are not taking the value of the car itself into consideration. Having low monthly payments is great for consumers but since cars are lasting longer, taking out a five- or six-year loan may mean that your finances can take a big hit when it comes to normal wear and tear on the car.

What’s more, the interest rate buyers pay on longer term loans is also something to take into consideration. Though lower monthly payments may seem more attractive, the amount of interest rate you end up paying on a longer-term loan is not always worth it. Consumers should follow the 20/4/10 rule. Put down at least 20%, take out a loan no longer than 4 years and keep monthly cost of the car under 10% of total gross income.

For those who choose not to purchase a car because they don’t want to be in the same vehicle for the term of their loan, Swapalease.com offers drivers the chance to take over the remainder of a lease. With no down payment required, taking over a car lease is the short-commitment you’re looking for.

Because cars are lasting longer you might be stuck in your make and model for a few years but Swapalease.com offers you the chance to drive a different, newer car every few months. For drivers looking to get out of their lease early, listing it on Swapalese.com allows you to walk away with no hassle. So what are you waiting for?

Headquartered in Cincinnati, Ohio, Swapalease.com is the world’s largest automotive lease marketplace and the pioneer in facilitating lease transfers online. For more information about Swapalease.com or how to exit your lease early, call 866-SWAPNOW or visit www.swapalease.com.