Rebecca Betterton

Registering a new vehicle and getting insurance are essential steps after buying a car. When buying from a private seller, you must handle the title transfer yourself.

The CFPB outlined steps taken against lenders that participated in illegal practices that can result in vehicle repossession and damage to borrowers' credit scores.

Key takeaways An auto equity loan is a type of personal loan that uses your car as collateral.

Remember that a vehicle is costly to maintain and might not be the right gift for those not in dire need of a vehicle.

The amount you can afford for a car depends on whether you're buying or leasing — the latter could be much cheaper and let you access more options.

Key takeaways To get preapproved for a car loan, you must gather the necessary documents and apply to multiple reputable lenders.

First-time car buyer programs often have more flexible requirements.

Auto rebates are money-back deals from manufacturers that lower vehicles’ costs.

There is no minimum credit score, but lenders have varying minimum requirements.

While drivers will not benefit from pre-pandemic rates, borrowers with strong credit can expect better rates in 2024.