Owning and maintaining a car is usually one of the biggest expenses in the majority of people's monthly budgets.  There are several considerations when owning a car - financing your vehicle, auto insurance, auto repairs, and standard car maintenance.

First - Consider Auto Refinance

If you've already purchased a car and realized you've paid too much, you may still be in luck.  Automotive refinancing is becoming more common.  Usually when you refinance, you are moving your loan to a new lender that offers a lower rate and/or lower monthly payment.  See if auto refinancing is a viable option for you.  

Research before you buy!

1. Know your credit score.

You can download a free credit report each year without penalizing your credit history; frankly the credit bureaus highly recommend it.  Click here to Get All 3 FICO Scores and Credit Reports! This will allow you to download one report with information from all three major credit bureaus in one place.

2. Research types of cars you're interested in.

This way you'll know what you like, what specs will fit your needs, and what price range you can afford with your current financial situation.  To further research the type of car you're interested in, try using Edmunds.com. 

3. Find out what financing options you qualify for before you go to the dealership.

By doing this, you will know the total price you can afford and will have an idea of the rates in which you will be offered.  The dealer may be able to match those rates, but at least you'll have a bargaining tool and another option if they can't meet or beat what you're eligible for through another bank or credit union.  Fill out an application through our friends Harbor Credit, and see what financing options are available to you.

4. Review the industry lingo.

This is important so you understand what the dealer is talking about and what they are actually selling you.  There are several known tricks out there, and it is important to understand how not to fall into these traps.

5. Figure the trade-in value of your current car.

If you have another car you need to sell, find out how much it's worth for dealer trade-in and retail purchase.  If the dealer will accept your trade-in, you'll save on sales tax and it is less of a hassle.  However, you may get more money for the car by selling it on your own.  Click here for Free Price Quotes at Edmunds.com to research the value of your current vehicle.

6. Inquire about insurance costs.

You should inquire about insurance rates for the car(s) you're interested in, and figure that price into the overall monthly cost to realistically know what you can afford.  See what options are available through FinanceGenius' insurance partner, Esurance.  Click here to Stop paying too much for auto insurance! Compare quotes online today.

7. Finally, don’t be afraid to walk away. 

If the deal is not right for your situation, walk away.  The last thing you need is to get in over your head.  There are always other options out there.

Auto Insurance

Auto insurance protects drivers and passengers in both your car and other cars you may unfortunately interact with, as well as any damage to the vehicles as a result of an accident.  Insurance coverage also protects the people in the car at the time of the incident.  Your auto insurance will pay for medical exenses for you and others, provides legal assistance in case of a lawsuit, covers expenses associated with uninsured or underinsured drivers, and protects you in situations of vendelism, theft, and weather related disasters.  Not only is auto insurance coverage important to protect you and your vehicle as you're driving down the road, but in most states it's the law.

There are various types of coverage options based on what best fits your needs.  Each option, however, will have different limits of coverage.  Be sure to carefully research which coverage option is best for you.

Resarch auto insurance quotes online with Esurance.  Hassle-free car insurance from Esurance is as easy as quote, buy, print!

Auto Warranties

Auto warranties cover the expense of mechanical repairs.  Generally a new car will come with a manufacturer's warranty, either a bumper to bumper warranty or a powertrain warranty.  A bumper-to-bumper warranty is the most comprehensive type of coverage usually lasting about 3 years or 36,000 miles, and commonly covers key parts to your car such as the engine and transmission.

An auto extended warranty expands the original manufacturer's car warranty beyond the standard warranty period. The best rates are achieved the earlier you buy your extended warranty to time the car was initially purchased.  The price of extended warranties increases the longer you wait to buy one, as the vehicle becomes a higher risk to warranty companies.  It is important to carefully research the warranty coverage and the warranty company itself to ensure you are buying a quality warranty product.

FinanceGenius has partnered with Paragon Motor Club to offer you great pricing on extended warranties.  Paragon Motor Club is the premier on-line marketer of affordable extended warranties for your car, truck or SUV, saving you hundreds of dollars off dealership plans through purchasing direct.  Get a FREE Warranty Quote through Paragon Motor Club.