In this article:

• Five helpful tips for Financial Literacy Month
• The importance of checking your credit report
• How simple interest works

April is National Financial Literacy Month. What better time to take a moment to step back and look at your financial goals?

There鈥檚 more to financial health than making your car payment on time. Spending habits, savings, insurance, taxes and retirement all are part of the bigger picture of financial wellness 鈥� along with staying current on your payments.

And while it may not always be easy to keep up, 麻豆直播 Consumer USA can help.
翱耻谤听Learning Center聽is designed to help guide you through some of the basics, with short videos, articles and more. It鈥檚 a one-stop shop to jump-starting financial literacy and getting you on the road to achieving your goals.

Following are five tips (lessons) to help you with financial education that are good ideas, not just for National Financial Literacy Month, but any time of the year.

1. Set a monthly budget

Not knowing your spending limits can lead to overspending and financial trouble. Late or missed payments can be avoided by creating a budget and sticking to it. Knowing how much you can afford before you start spending is key to staying on track. Our finance calculators^鈥� can help you get organized.

2. Avoid added interest and fees

Paying your bills on time can sometimes be tough to do. But making timely payments is important for a variety of reasons. If you鈥檙e not able to make your payments on time, there can be consequences, both now and in the future, including late fees, extra interest charges and possible impacts to your credit score.

3. Check your credit report

Making it a point to regularly check your credit report (at least one each year) is an important step in maintaining your financial wellness. By keeping up with items showing up on your report, you鈥檙e more likely to catch errors and keep them to a minimum. It鈥檚 easier than you might think.

4. Take steps to prevent identity theft

Identity theft and fraud are frequent occurrences and it鈥檚 more important than ever to protect your personal information. A few small things can go a long way in protecting yourself against聽fraudsters. This includes using strong computer usernames and passwords and changing them often. And using multi-factor authentication wherever available provides a second layer of security protection.

5. How simple interest contracts work

If you鈥檙e in the market for an auto loan, it鈥檚 important that you know how your simple interest contract works. This makes it easier to understand how your payments are applied and more. To find out more about simple interest, visit our聽Help and Support page聽and type 鈥渟imple interest鈥� in the 鈥淎sk me anything鈥︹€� field at the top of the page.

Learning about money, budgets and how to manage both can lead to overall financial wellness and achieving goals like purchasing a vehicle or a home. Even small steps can make a big difference, no matter your income or age.

At 麻豆直播 Consumer USA, we care about your financial wellness. It鈥檚 important to us that our customers pave their way to a brighter financial future.

^鈥�The referenced calculators are meant for educational and illustrative purposes only. The calculators estimate amounts solely based on the information you provide. We do not guarantee the availability of the illustrated terms or your eligibility for any product referenced. The estimated amounts generated from the calculators do not constitute a finance offer.

The post Five lessons for Financial Literacy Month appeared first on 麻豆直播 Consumer USA.

In this article:

• Recommended 20% for new and 10% for used cars
• Using a trade-in for a down payment
• Even smaller down payments still offer advantages

When shopping for a new vehicle, in addition to price, year, model, mileage and other details, an important financing element to keep in mind is a down payment. If you鈥檝e ever asked yourself, 鈥淗ow much should I put down on a car?鈥� then you鈥檙e not alone.

According to auto and financial industry experts, the standard recommended amount is 20% of the sales price for a new car, or at least 10% of the sales price if you鈥檙e buying a preowned vehicle.

Depending on how much money you can put down, the amount impacts the overall financing and monthly amount you鈥檒l pay for your auto loan. Not to mention your chance for loan approval and the particular Annual Percentage Rate (APR) available.

For first-time car buyers, putting money down on a car can help prove creditworthiness because, to a lender, cash indicates that you鈥檙e serious about buying a vehicle and committed to making the payments.

What is the typical down payment on a car?

Kelley Blue Book supports the idea that the average down payment on a car should fall around 20% of a vehicle鈥檚 total price. Other financial news sources, such as CNBC and NerdWallet, agree with this amount as a good percentage to shoot for when car buying.

New cars
For new cars, it鈥檚 understood that depreciation 鈥� the decrease in a car鈥檚 value over time 鈥� begins when a vehicle is driven off the lot. A new car typically depreciates by 20% to 30% in its first year and continues to decline in value as the years go by. Therefore, putting down 20% (or more) can help offset the car鈥檚 value due to depreciation, and often offer lower monthly payments, giving you some peace of mind after your purchase. As far as equity in your vehicle goes, making a larger down payment can help you fight off that depreciation and put you in a better position when you sell or trade your vehicle in.

Used cars
Since used cars have already gone through the initial depreciation phase, depending on year, mileage, condition and other factors, the cost to finance could be lower than new. Putting down less on a preowned vehicle, say 10%, might be enough to have a manageable monthly payment based on your budget. Keep in mind the bigger the down payment you can afford to make, could help improve your financing options.

Benefits of a large down payment

Average down payment of a car at 20% or 10% aside, if you can afford to put down more on a vehicle upfront, it could benefit you and the overall life of your loan.

Lower monthly payments
More money down could equate to a lower monthly payment as the overall amount you are financing would be less. Using our handy auto finance calculator,* you can see how much different down payments could impact your overall loan. For example, say you have your eyes on a car that costs $30,000 and get approved for the full amount at 10% APR, over 60 months. The monthly payment would be around $637. With a 20% down payment of $6,000, however, that monthly payment drops to $510.

Less interest
The more you put down up front can reduce the amount you have to borrow, and in turn, could also reduce the amount of interest you have to pay over the life of the loan.

How your credit score impacts your down payment

You鈥檙e probably aware that your credit score plays a part in your ability to get auto financing. Typically, the higher the credit score, the more favorable the interest rate and loan amount. If you have a lower credit score, lenders may request a larger down payment to offset the risk of the loan being paid back.

Using your trade-in for a down payment

If you don鈥檛 have extra cash to put down on a new car, but you do have a car to trade in, that can be a big help in getting financing. Even a trade-in worth, say $3,000, put down on a $30,000 vehicle can have you in better shape with a loan than not putting anything down at all. As our article on understanding the differences between APR and interest rates for auto loans states, 鈥淎ny money you can put down, including the value of a trade-in, will reduce the amount you need to borrow and, in turn, lower the risk for a lender.鈥�

Going into the car shopping process with the mindset of finding something that works with your budget can help set you up for the financial road ahead. And planning what you may be able to put down upfront is a big part of that decision.

*The referenced calculator is meant for educational and illustrative purposes only. The calculator estimates amounts solely based on the information you provide. We do not guarantee the availability of the illustrated terms or your eligibility for any product referenced. The estimated amounts generated from the calculator do not constitute a finance offer.

The post How much should a car down payment be? appeared first on 麻豆直播 Consumer USA.

You have a choice to make.

When you鈥檙e ready for your next vehicle you can take the traditional road to purchase 鈥� and finance 鈥� as millions of people do every year.

Or you can lease, which accounts for about 20% of new-vehicle transactions in recent years.

There are advantages to each option which you should know about before you make a decision, because either way you are making a significant financial commitment. That might be perhaps two, three or four years in the case of a lease or around six years on average for a purchase.

To help you understand the differences between purchasing a new vehicle and leasing, we鈥檝e produced a short video that should provide some useful information. 鈥淏uying vs. Leasing a Vehicle鈥� appears above and in the Learning Center with other useful auto finance information, helpful videos and more.

VIDEO TRANSCRIPT

Buying vs. Leasing a Vehicle

Life is full of big decisions, including getting a new vehicle. But it鈥檚 difficult to get through life without one.

A question you will have to answer is whether you should purchase a new vehicle or lease it.

There are good reasons to consider both.

Purchasing a vehicle, whether or not you finance it, enables you to treat it as your own, even if you choose to sell it.

And there are other advantages that make this worth considering.

Financing a purchase may be easier than leasing for people with lower credit scores.

You also may get more value from purchasing a vehicle if you plan to keep it after it is paid off.

• No mileage limits
• No wear-and-tear restrictions
• No customization restrictions

And then there is the feeling of accomplishment that goes with paying off a vehicle and not having a car payment.

Or you may find leasing a vehicle a better alternative.

Leasing may allow you to drive a more desirable vehicle for the same monthly payment 鈥� and low or no down payment.

Leasing also allows you to change vehicles more frequently if you choose not to purchase, so you can drive a newer vehicle.

Driving a leased vehicle may involve less worry, since leased vehicles have manufacturers鈥� warranties included, which may result in minimal repair bills.

When your lease contract ends, you will have multiple options …

• Purchase the current leased vehicle
• Turn in the lease vehicle and lease again
• Return the leased vehicle and purchase another vehicle

And with leasing, you never worry about owing more than the vehicle is worth.

Whether you鈥檙e purchasing or leasing, 麻豆直播 Consumer USA has answers 鈥� and is ready to help with your next vehicle.

For more videos and smart financial tips, visit our Learning Center at santanderconsumerusa.com.

The post Leasing vs. buying 鈥� which option is better for you? appeared first on 麻豆直播 Consumer USA.

You鈥檝e made your final vehicle payment 鈥� congratulations! That is an exciting step as a vehicle owner, and one you should be proud of.

How do I get my title after paying off my car?

Now, you may be wondering when you鈥檒l receive your car title. Great question! Let鈥檚 take a look at the journey your title is about to take on its way to you.

Ensure your information is updated

Have you moved or otherwise updated your mailing address since you purchased your vehicle? If so, did you update your address with both your lender and your state vehicle titling agency (Department/Bureau of Motor Vehicles [DMV/BMV], title and registration office, etc.)?

Now may be a good time to double-check that your mailing address is correct with both your lender and your state titling agency. Why both? Because there are many types of titles and not all are mailed directly from your lender.

Where your title, or lien release document, is mailed from depends upon the state in which your vehicle is titled and the type of title that was issued at the time you purchased your vehicle. Some titles are sent to you directly from your state鈥檚 auto titling agency (more about that a bit later), so it鈥檚 important to keep them up to date with your current mailing address as well. Other states, such as Ohio and Florida, do not automatically mail the title. You have to request the title online at the DMV and pay for it to be shipped lien free.

Title release dates vary per state requirements

Depending on how you made your final payment, it may take a few days for it to post to your account, especially if you mailed your final payment. Don鈥檛 forget to allow time for the check to reach your lender and get posted to your account.

Once your account reaches a zero balance, your title will be set for release. Please note 鈥� the account must reach a zero balance for the title release to be processed. If there is an amount due of any kind, it won鈥檛 prompt the title release process to begin.

The date your title is set for release depends on guidelines set by the state in which your vehicle is titled. Keep in mind that this may NOT be the state in which you reside, but rather the state in which you originally purchased your vehicle.

For example, if you currently live in Texas, but you lived in California when you purchased your vehicle, you likely still have a California title. The title will be released per California guidelines. Many consumers change their titling state soon after they move since registration expires and they cannot drive in their new state.

Something else to keep in mind is that unsecured forms of payment, such as personal checks, may have additional hold times before a title is set for release. This allows for funds to clear prior to the lien being removed from the title. Again, this follows guidelines set forth by the state in which your vehicle is titled.

When financing a vehicle, who holds the title?

Something else that varies by state is who holds the title while financing a car. In title-holding states, the driver holds the title while paying off a loan.

Keep in mind that even though you may reside in a title-holding state, the lienholder鈥檚 name still appears as the legal owner on the title.

On the flip side, in non-title holding states, those particular states require the lienholder to hold the title until the loan is fully paid off.

What to expect when your title is processed

When you receive your original title from your lender, it will have the lien signed off in the appropriate area. In states where the vehicle owner holds the title, you will receive a lien release. Simply attach the lien release to the title you currently have in your possession. And, for Maryland residents, where there is a two-part title, you will receive the lender鈥檚 portion of your title, with the lien released in the appropriate area.

It is strongly recommended that, upon receipt, you take the original title document(s) to your local state鈥檚 auto titling office to have a new title issued in your name with no lienholder. If you do not do so and later misplace the original title and/or lien release, you will need to contact your original lender for assistance in getting a new title. You will have to do so before you can sell or trade your vehicle.

Earlier we mentioned that some states will mail your title to you directly from their vehicle titling agency. In these states, lenders hold an electronic lien and do not have a paper record. When a loan is paid in full, the lender notifies the state agency that they no longer have an interest in the vehicle. At that time, the state removes the lender from the title record.

Some states that process electronic liens print a paper record at this time and mail it to the vehicle owner鈥檚 address on record. (In general, allow up to three weeks for processing and mailing from the state agency.) Other states keep the title as an electronic record until a paper record is requested. If your state processes electronic liens and you have not yet received your title, contact your state鈥檚 auto-titling agency to see if this is the case.

Keep your title in a secure place

Finally, once your title arrives, be sure to keep it in a safe place. Ideally, a fireproof safe or cabinet, where you keep other important documents is best. If you don鈥檛 have access to a fireproof safe or cabinet, keep it in a secure, accessible area. Do not keep your title in your vehicle.

You will need it when you decide to sell or trade your vehicle. Knowing where it is and being able to access it when you need it will be important when the time comes.

For more information about this and other topics, including helpful articles regarding聽financial wellness, please visit our聽Learning Center.

The post When do you get your title after paying off your car loan? appeared first on 麻豆直播 Consumer USA.

It鈥檚 that time of the year. Like millions of other Americans, you鈥檙e doing the hard work and preparing to file your taxes. Once your taxes are submitted comes the exciting part, possibly turning your refund into a new vehicle 鈥� for the road ahead.

The average tax refund last year was sizeable 鈥� around $3,000 according to the聽IRS. Whether your tax refund turns out to be more or less than you hoped, there are smart ways to put the money to good use when it comes to your car and auto-related expenses.

Pay down your current car loan

Depending on the amount of your tax refund and how much you owe on your current vehicle, you may be able to pay your loan down by a decent amount, or even pay it off entirely. The freedom of cruising around in a car you own outright is definitely fun!

Down payment

Is getting into a new vehicle part of your 2025 plans? Consider a larger down payment, which typically means you鈥檒l need to finance less and could end up with smaller monthly payments.

For example, think about a down payment of $3,000 on a $40,000 vehicle. Using our handy聽monthly payment finance calculator, if you finance for 60 months at 10% interest, your monthly payment would be about $786. But if you are able to double your down payment to $6,000, your monthly payment drops to just over $722 a month. That鈥檚 a savings of $64 a month and more than $768 a year!**

Tips for when you use your tax refund to buy a car

Additionally, if you are going to get a new car using your tax refund, a few tips to think about include:

• Knowing your budget. Even though a refund can boost your income when it arrives, it can be spent quickly in a short amount of time. Make sure to consider your current budget to use the extra cash wisely.
• Consider buying a used car. By opening up your ideas of what your next vehicle could be, a pre-owned car could wind up saving you quite a bit of money and make your refund go further regarding auto financing.
• Taking your time during the process. It鈥檚 always a good idea to weigh options with a vehicle purchase and not rush into something that might be out of budget, or wind up being not the deal you thought it was.

Pay ahead on your current account

Based on your current car loan balance and tax refund amount, you could easily have several months of payments in hand after getting your tax refund. Keep this money saved in a secure bank account so you鈥檒l have the funds available when the loan payment is due.

You could even make additional payments. Although you will still be paying any accrued interest, you can pay off your loan quicker with these additional payments. For convenience, 麻豆直播 Consumer USA customers can聽set up Auto Pay聽so deductions are automatically made by the payment due date.

Get your account back on track

If you鈥檝e struggled to keep your account paid in full every month, your tax refund could help get you聽back on track. Popular聽payment options聽include the above-mentioned Auto Pay, online and by phone or mail. (Fees apply to debit card payments made by the automated phone system or with a live agent.)

Upgrade your insurance coverage

Auto insurance is one of the expensive, but necessary aspects to car ownership. Rates can vary depending on a number of factors including location, driving record and vehicle type. Taking a look at your insurance coverage this time of year, resources such as Insurify*** can help you decide ways to save and allocate funds from your tax refund toward insurance costs for the year.

Fix or upgrade your car

Trading in or buying a vehicle right now may not make sense for you. Instead, maybe the time is right to get the brake job you鈥檝e been putting off or install a new set of tires.

Invest in yourself

If you鈥檙e in good shape with your auto loan, insurance, vehicle maintenance, etc., then maybe it鈥檚 time to fill the fuel tank and head out of town for a relaxing road trip. Whether you go on a weekend jaunt or something longer, put stress in the rearview mirror and decompress.

Road trips are an excellent way to get creative on a budget. Or treat yourself and indulge in a luxurious hotel and fancy restaurant and return feeling refreshed.

*These statements are informational only and should not be construed as legal, financial, tax or other professional advice. Please consult a tax professional for any tax-related questions.

**The referenced calculator and example provided are meant for educational and illustrative purposes only. The calculator estimates monthly payments solely based on the information you provide. We do not guarantee the availability of the illustrated terms or your eligibility for any product referenced. The estimated monthly payments generated from the calculator do not constitute a finance offer.

***Insurance products and services described are offered by Insurify Insurance Agency, Inc., not 麻豆直播. or its affiliates. Insurify will help you to arrange your insurance needs with selected insurance carriers. Customers of 麻豆直播. are not required to purchase an insurance policy through Insurify or any specific insurance company in connection with their auto loan or lease, and your choice of agent or insurer shall not affect any credit decision or credit terms except as related to the credit worthiness of the insurer and the scope of coverage. Insurify may compensate 麻豆直播 Insurance Agency US LLC if you sign up for insurance through Insurify. Insurify Insurance Agency, Inc. is a licensed insurance agency in 50 states and DC.

The post How to use your tax refund* to buy a car appeared first on 麻豆直播 Consumer USA.

There are some clear reasons why it makes sense to pay bills on time. Depending on the situation, keeping up with payments can help to avoid potential late fees, added interest charges, a knock to your credit score, the loss of a service or possession or even a combination of these.

Thankfully, there are also some straightforward ways to stay on track. Take a look at these tips.

1. Make a list of your bills

A good place to start is to make a record of all the bills you need to pay, including the name of service providers or people to pay, the amounts and when they鈥檙e due, so that you don鈥檛 miss a payment. Many bills, like a mortgage, rent or car payment, are recurring fixed amounts which are easy to plan for while others can vary. The Consumer Financial Protection Bureau recommends displaying this information in a bill calendar as a handy reference.

2. Review your payment due dates

Remember that you鈥檒l need enough money in your bank or other chosen account to pay each bill. With that in mind, you may want to adjust your payment due dates, where possible, with your service providers. Often, companies will enable you to log in to an to make an update.

3. Think about how you pay

Look into the payment options offered by each service provider, too, to make sure you鈥檙e making the right choice for your situation. Some common ways to pay include debit cards, ACH, online and mobile payments, checks, money orders and cash.

Be aware that you may have to pay a fee according to the payment method you choose and who you鈥檙e paying, and that the time it takes for a payment to process is typically different across payment methods. Make sure you know which options are free, which require a fee, and plan for processing time as part of your research.

If you have a recurring bill, consider setting up automatic payments to ensure you are on time, every time. For a credit card or other types of account that involve repaying a debt, it could also help you build a record of reliable payments which can benefit your credit score. Another approach is to set up payment reminders via text or email.

4. Make time to pay

Once you鈥檝e got a clearer picture of the best way to pay each of your bills, you鈥檒l still need to set aside time to make payments that aren鈥檛 paid automatically. One option here is to commit to a regular time to submit those payments. It鈥檚 also an opportunity to review your statements, check for errors and make sure you recognize all of the charges.

Managing your vehicle payments

Getting a vehicle finance contract with 麻豆直播 Consumer USA sets you up for a convenient route to managing your account and payments. You can sign up or log in to your account at to enjoy access anytime, anywhere.

Once logged in, MyAccount lets you easily select your preferred payment option, including free Auto Pay and ACH options, make and schedule your payments, opt in for electronic notifications and more. Take a moment to log in now to check your settings, and look out for new MyAccount features and updates in the future.

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