What You May Not Realize About Your New Car

Car-Loan-WiselyBuying a car is an exciting moment for many people. A new or even a used car is somewhat of an accomplishment and a necessity for those that need reliable transportation to get to and from their place of employment. What many do not realize, however, are some of the things associated with car ownership.

INSURANCE

In most states, you must have an insurance policy on a vehicle before you purchase it. Contact your insurance agent and arrange for the coverage to start on the day that the purchase is finalized. The cost of your policy will depend on a number of factors including the state you live in, your age, the make and model of the vehicle, and your driving history. There are also different coverage options available which can play a role in your policy’s cost. Expect a policy to run you anywhere from $500 to over $2,000 per year.

FUEL COSTS

The average working driver will put 15,000 miles on a vehicle in a given year. If your vehicle gets a modest 25 miles per gallon of fuel, you will need to buy 600 gallons of gas for the year. Using the current average of $2.70 per gallon of regular unleaded fuel, a car owner will spend $1,620 a year on gas. Fuel costs will vary, of course, as gas prices fluctuate, but the point is that most people probably do not realize that they spend over $1,000 each year just on gas.

NEED A LOAN?

When your car or truck is paid off, you can actually use it as collateral to obtain a loan. Once the vehicle is free of all liens, you can take out a car title loan from a lender such as Embassy Loans of Florida. The title loan process is very easy and can be started by filling out an application. Embassy Loans, like most lenders, will verify an applicant’s identity, residency, and verify the title is clear and accurate. Once the vehicle is assessed for its value, the final loan terms are drawn up and signed. There are no background or credit checks and the entire process can be completed in as little as a few hours. Most car title loans are completed within an hour. Borrowers must repay the loan or the lender can take possession of the vehicle. When the loan is repaid, the vehicle is once again owned free and clear.