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A new survey from Allstate finds that the uncertain economy is preventing many parents from spending on their teens' cars as well as on other driving-related expenses.
According to the survey, 60 percent of U.S. parents who have a teen with a license and 46 percent of all parents say the recent economic downturn has led them to reduce spending on their teen's car.
Although just 48 percent of parents polled said they their own car or shared a car with siblings when they were a teenager, 73 percent said their child has his or her own car and only 8 percent said their child shared a car with a sibling, indicating the rate of teenage car ownership has risen considerably across generations.
The survey also found that 57 percent of parents would pay less than $5,000 on a car for their child, as compared to the 41 percent who said they would spend more than $5,000.
With money tight for a lot of families, auto refinancing on existing loans can be an option to reduce driving-related expenses. Money initially used on high monthly loan payments and interest rates can be parlayed into other avenues when lower installment and interest rates are obtained through an auto loan refinance.
Refinancing an auto loan can be a smart financial move. Many drivers refinance to secure a lower interest rate, reduce their monthly payment, or adjust their repayment timeline to better fit their current budget. But financial circumstances often change more than once during the life of a car loan, leading some borrowers to wonder whether…
Drivers looking to lower monthly payments, reduce interest costs, or upgrade vehicles often face the same question: Is it smarter to refinance a current auto loan or trade the vehicle in for something else? Both options can improve a financial situation under the right circumstances, but the long-term savings depend on factors like credit score,…
Refinancing a car loan is often positioned as a smart financial move, especially when interest rates drop or a borrower’s credit profile improves. In many cases, auto loan refinancing can lower a monthly payment, reduce the annual percentage rate (APR), or create more manageable loan terms. However, refinancing is not always the right decision. Certain…