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Whether you’re looking for a way to commute to work or school on your own time, or you’ve been saving up for your own set of wheels to go on countless adventures, in today’s financial climate, managing your vehicle loans efficiently is key. It could help you save money and limit potential headaches down the road. Here are some helpful strategies to manage your vehicle payments:
1) Budget wisely. Before signing on the dotted line, make sure that your monthly payments align with your financial goals. Don’t stretch your budget too thin. It’s better to set your car budget first and then find a vehicle that fits that budget, rather than finding a car and potentially being disappointed if it’s more than you can afford. Using a car payment calculator can help estimate your monthly car payment for different scenarios, by inputting the ballpark amount you’d like to finance along with some other basic info.
2) Automate your payments. Some lenders offer the option to automate your monthly payments. This can be an extremely useful tool as it helps you avoid missing your payment and a potential late fees.
3) Make biweekly payments. Instead of monthly payments, consider paying half of your monthly amount every two weeks. By making biweekly payments, you end up making a total of 26 payments in a year, the equivalent of 13 monthly payments rather than 12—helping you pay off the loan a little earlier. Make sure you contact your lender to confirm this is an option.
4) Consider shorter loan terms. Though longer loans often mean smaller monthly payments, they usually come with higher interest rates, which typically ends up costing you more over time. If available, opt for a shorter loan term to save on interest.
Looking for ways to better plan for or even reduce insurance, gas, and maintenance costs?
Though these costs are generally unavoidable, there are a few simple ways that you can minimize the impact on your wallet, including:
1) Shopping around for insurance. Shopping around for rates can help you compare different insurers, as rates can vary widely between providers. This way, you have a better chance of finding a policy to suit your needs at a price that won’t break the bank.
2) Fuel-efficient driving. Perhaps an unexpected way to use less gas is through your driving habits. Avoid making hard stops and starts. For long stretches of uninterrupted miles, cruise control will help your car use less gas by maintaining a steady speed.
3) Maintaining your car regularly. Routine check-ups can also help you save money on gas but also help prevent expensive repairs in the future. Changing the oil regularly, checking tire pressure, and following the manufacturer’s maintenance schedule are great ways to keep your car and wallet happy.
How should someone approach the true cost of car ownership before buying a car?
The total or true cost of car ownership typically goes beyond just the sticker price—although the sticker price is typically the largest of all the expenses associated with buying a car. Other expenses that usually get bundled into the total cost include sales taxes, vehicle registration fees, maintenance and running costs, car insurance and financing.
Be sure to do your homework before stepping on the lot. There are many tools available that can help you plan for additional costs, such as sales taxes, registration fees, and insurance—which can vary depending on the car make, model and even the color.
For more auto budgeting tools and tips, visit autofinance.chase.com.
For informational/educational purposes only: Views and strategies described in this article or provided via links may not be appropriate for everyone and are not intended as specific advice/recommendation for any business. Information has been obtained from sources believed to be reliable, but JPMorgan Chase & Co. or its affiliates and/or subsidiaries do not warrant its completeness or accuracy. The material is not intended to provide legal, tax, or financial advice or to indicate the availability or suitability of any JPMorgan Chase Bank, N.A. product or service. You should carefully consider your needs and objectives before making any decisions and consult the appropriate professional(s). Outlooks and past performance are not guarantees of future results. JPMorgan Chase & Co. and its affiliates are not responsible for, and do not provide or endorse third party products, services, or other content.
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