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If you’d love nothing more than a new set of wheels, there are a few ways to achieve that dream. One popular option, according to Cartelligent: “Around one-fifth (20%) of all new cars in the United States were leased in 2022.” Certain high-end vehicles are even more likely to be leased than purchased. Which path makes most sense to take may depend on a host of factors:

• Your budget
• Driving habits
• Ability to get a loan
• Financial history
• How long you’ll use the vehicle

To make an informed decision that’s in your best interest, first educate yourself about the main differences between leasing and purchasing a vehicle today.

What Does It Mean to Lease a Car?

Leasing a car still provides you with a vehicle that is new to you – just with an alternative form of financing it. This option is typically made for a predetermined period of time. Like renting, you make monthly payments until the end of your lease, at which point you are expected to return the vehicle. If you’re in town for six months and need a car to get to work, then leasing might make more sense. The monthly payments you will owe will likely be less than if you purchase the vehicle.

However, when you lease a car, you need to consider a few details in the contact. You’ll want to make sure you’re getting the best deal possible, particularly if there’s a chance you might purchase it eventually:

• How much the value will depreciate
• Interest you will owe over time
• Taxes included in payments

One benefit to leasing you may not have considered: you won’t have to sell it someday. Cars are. They break down. Eventually, car owners need to figure out what to do with their aging vehicles. That’s why if you know your driving needs are limited, leasing might be a more practical and attractive option.

What Happens When You Buy a Vehicle?

The main limitation of leasing is that it doesn’t give you ownership over your vehicle. Buying the car outright gives you full ownership from day one. If you don’t want a company having any say over what you do with the vehicle – and you have the means to pay for it – this might be a better option. You can drive it whenever and wherever you want with no restrictions. This option is good for people who plan to use the car for a long time, as opposed to someone with temporary needs.

Prepare to make a bigger upfront deposit than with a leased vehicle. Most folks apply for a loan to finance their new vehicle, which can be done online or in person. A few things you may need to finance your purchase:

1. Your Credit Score

Do you know your credit score? A low score will be necessary to secure a favorable loan.

2. Interest Rates

The interest rate will compound what you owe each month, so the lower the interest rate the better. Do some research to find out what interest rates are available on your vehicle for people in your credit score range to get a sense of what rates you might be offered.

3. Short-Term vs Long-Term Loans

Other terms will include how much time you will need to pay off the loan, and how often you will make payments. Take time to weigh your options so you know you’re choosing the best financing deal for your financial circumstances.

In other words, whether buying or leasing, some math should be involved in any decision. That’s why it’s so important to find out what terms and conditions you’re willing to accept beforehand. Lease-to-buy is yet another option. Either way, make calculations based on various factors, including monthly auto insurance payments and auto maintenance costs, both of which will boost the overall price of vehicle ownership.

Title, Plates & Registration at CFSC Auto Services Throughout Midwest

At CFSC Auto Services throughout the Midwest, we manage a whole array of needs for drivers and their vehicles. When you need stickers, plates, or to transfer ownership, we’ll take care of the paperwork for you and make sure everything is handled properly from day one.

Stop by at your convenience and find out about the many financial services we also provide. Check out CFSC Auto Services today!

As the year winds down, many people start thinking about donating their car to a good cause. Doing so helps ensure you can get a tax writeoff in the year to come. Some 700,000 vehicles get donated to charitable organizations throughout the United States annually, according to one consumer law group’s data.

If you’re thinking of replacing your car or truck, giving it to a charity can be an altruistic move that has practical benefits for the donor, as well. And making it happen through proper channels may be easier than you think!

However, acting too hastily can cause a well-intentioned donor to miss a couple important steps. First, be sure your documents are in order. Then, you may need to do a bit of homework, starting with this practical advice:

Research Your Options

Most people want to know they are supporting a good cause when they make donations. This requires doing a bit of homework on the group or organization taking them. For instance, you can ask if one hundred percent of the proceeds go toward the donation you are making.

The Federal Trade Commission provides several recommendations for looking up unknown charities on online navigators. When you look up a name, you can find information on a number of factors that will help you make an informed decision:

• Impact
• Results
• Accountability
• Financial information
• Past ratings

Consider Donating Your Car to Habitat for Humanity

The benefit of donating to a global organization like Habitat for Humanity is that it saves you some of the digging you might do on a less-known charity. This nonprofit has nearly four decades of experience providing help for people who lack decent housing.

Did you know they also take car donations? The donation of a vehicle to Habitat for Humanity is a great way to support local families who need your help. Car donations help raise millions of dollars each year for struggling families. All you have to do is fill out a vehicle donation form providing some basic information about your vehicle.

The steps for making a donation are simple:

1. Provide your information
2. Submit your donation
3. Arrange for a free pickup
4. Receive a tax receipt

That tax receipt helps lower the taxes that donors owe at tax time.

Determine You’re Giving to a Legitimate Charitable Organization

If you’re not familiar with the charitable organization, make sure the place you’re giving to is a legitimate organization before handing your ride over. Here are some signs you can trust a charity offering to take that old car off your hands:

1. It’s an established name in your community.
2. It’s an official 501(c)(3) nonprofit organization.
3. It is registered at the state or federal level.
4. It has a long track record of providing good services.
5. A search through a charity navigator turns up positive results.

Being designated as a 501(c)(3) lets donors know that their donations will be tax deductible. The organization should provide some form of receipt that can be used toward your deductions when you file your taxes.

Consider a Recycling Center or Junk Car Donation Program

Another option is to donate your clunker to your local recycling plant or other junk car donation program. Such places typically provide cash or tax deductions for used vehicles. Look for a place that bases its cash amounts on the Kelley Blue Book value. You can still feel good knowing you’re following a practice that has environmental benefits.

Get Help with New Car Title, License Registration and Stickers at CFSC Auto Services

Whether or not you’re donating your vehicle, CFSC Auto Services in Illinois and Wisconsin provides many helpful services to ensure you’re driving legally and avoiding financial penalties. This includes:

1. License plate services
2. Replacing stickers
3. License plates transfers
4. Other auto-related services

Stop by your nearest CFSC location for help managing your auto-related needs today.

Car shopping can be as overwhelming as it is exciting, especially when it’s your first time. There is a lot to learn, to say the least. Taking a realistic look at the car buying process will inform you about how to narrow down what you’re looking for – and avoid an impulse purchase that won’t be pragmatic or affordable in the long run.

Would you rather buy through a private seller or an established dealership? Do you have a preference for new or used vehicles? The process will be slightly different depending on these and other factors. Take your time doing a proper search and you’re more likely to be happy with the results.

Determine How Much You Can Afford

Do you have a certain amount of money saved up for your new set of wheels? You’ll need to do a bit of math to see how much that dollar amount translates to the sticker price you can afford. For example, it’s necessary to consider the added financial cost of a few other things:

• Sales tax
• Auto insurance
• Updated title and registration
• Routine maintenance
• Gas

Not only do these expenses add up, but there may be unexpected items such as necessary repairs. To be on the safe side, set aside some of your funds so that you’re making a purchase you can realistically afford over time.

Figure Out What Type of Vehicle You Want

There are dozens of car models and brands to choose from. So how do you know which one is right for you? Since everyone has unique desires and expectations out of a vehicle, this is one area where each buyer must put in a little time and research to figure out which model will match their needs.

To get started, narrow down the type of vehicle you would consider:

• Compact
• Sedan
• Sports utility vehicle (SUV)
• Truck
• Hatchback
• Hybrid or electric vehicle (EV)

Do you transport equipment for work or prefer something smaller for better mileage and easier parking? Families with children often opt for something with a bit more space in back, but someone on a budget can save money by getting a fuel-efficient vehicle or an EV.

Apply for a Loan

Perhaps the most complex aspect of car shopping is determining how to finance the vehicle. Most people who buy a car must apply for a loan. This involves a financial contract that spells out the conditions for paying it back. There are several steps in the process, which often include:

1. Determining your budget
2. Prequalifying for loans
3. Applying through multiple vendors
4. Being accepted for a loan
5. Selecting favorable loan terms

Take some time to figure out the process and you’ll become a pro in no time. Bankrate outlines auto loan rates for both new and used vehicles to help first-time buyers. Other online resources such as Investopedia break down the financing process in simple terms so that inexperienced buyers can make more informed decisions.

Read Contracts Carefully, Negotiate Prices & Take Your Time Making a Purchase

It’s important to test drive any car you’re considering buying, so shoppers should know what to look for while taking each vehicle out for a spin. And don’t ever sign a contract out of pressure. It’s crucial to understand the details of a given contract before making a commitment.

Finally, it’s common practice to negotiate a better deal. Be prepared to ask for a lower price, and know what you’re willing or not willing to pay. You can take an offer home with you and have a more experienced person help you look it over to ensure the terms are favorable to you.

Get Help with New Car Title, Registration and Other Needs at CFSC Auto Services

Once you’ve purchased your dream car, there are a few remaining tasks to take care of. Let CFSC Auto Services help you get it registered so that you don’t risk getting a ticket. We can help with a whole range of items:

1. Get your license plates
2. Replace stolen or lost stickers
3. Transfer your plates
4. Take care of other auto-related needs

Stop by your nearest CFSC location to find out more about our convenience financial services today!

There are over 51 million cyclists in the U.S., according to Statista. Given those high numbers, it’s crucial for drivers to understand how to share the road with them safely and legally. Despite their differences, cyclists have many of the same rights as motor vehicles. Sharing the road responsibly with one another helps everyone coexist more safely.

As biking grows in popularity, it’s a good time to review some basic safety measures that all drivers should follow.

Here’s What Illinois Says About Driving Near Cyclists. What Are the Laws in Your Area?

Sharing the road can be confusing for drivers, particularly in crowded areas with limited space and either no no bike lanes or ones that aren’t well-marked. That’s why it’s important to know what the rules are in your neck of the woods – and you can usually locate them online.

Illinois, for example, posts these safety rules for drivers, cyclists, and pedestrians sharing roadways:

• When passing a bike, drivers should proceed slowly and cautiously.
• If a cyclist is biking in front of you, you must yield the right-of-way as you would with a car.
• Drivers are expected to leave at least three feet of space when passing.
• Crowding or threatening someone riding a bike is prohibited.
• A motorist should not park or drive in marked bicycle lanes.
• Drivers should wait before turning left when a cyclist is approaching from the opposite direction, just as they wait for drivers to pass.

Careful Opening Your Car Door

Accidents can occur when doors of parked cars open without giving the cyclist time to adjust. Doing so can hit them or cause them to swerve into traffic. Always check your side mirrors before opening your door, and ask any passengers to check the road carefully before opening theirs.

Never Drive Under the Influence of Alcohol

Even a small amount of alcohol can impair your judgment when behind the wheel of a car, and drinking raises your risk of getting in any type of accident. Thousands of cyclists get in an accident each year. The CDC reports that “about one-third of crashes that result in a bicyclist’s death involve alcohol for the motor vehicle driver and/or bicyclist.”

Intersections Pose More Risks

Car accidents that lead to bicyclist deaths are more common in intersections. The added traffic can make it difficult to see cyclists and decelerate in time to avoid them. Trucks and longer vehicles may also pose additional risks when turning corners.

Next time you approach an intersection, be extra cautious in case there are any cyclists nearby. Look carefully for people riding bikes before turning right or left, take care when merging into bike lanes, and always respect the right of way of cyclists.

What Are Some Other Common Safety Measures That Drivers Should Know?

No one wants to get in an accident, but some drivers may need to adjust their mindset in order to share the road with cyclists and slow down for their safety. Here are three safety measures to keep in mind next time you’re behind the wheel of a car:

1. Avoid attempting to pass cyclists on narrow lanes, especially if you lack visibility or other factors make passing risky.
2. Be aware that a pothole or debris in the street could cause a cyclist to swerve into traffic, and reduce your speed accordingly.
3. Take extra care around children on bikes.

In some situations, making eye contact lets riders know that they are seen and can proceed ahead.

CFSC Auto Services Helps Drivers Take Care of Routine Auto-Related Needs

There’s a lot to think about when it comes to being a responsible driver. CFSC Auto Services can take some of that load off your plate by helping ensure that your plates and stickers are up to date. We can also help you through the process if either of those things is lost or stolen, or you need to transfer your plates or vice versa.

Come by and check out what else we can do for you at your nearest CFSC location. There is a long list of financial services we will handle for you, as well, all under one roof. Check out CFSC Auto Services online to find out more!