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The used car sales tax is the state’s tax rate (7.25%) plus the city’s rate (2.25%), for a total of 9.5%. If you spend $20,000 on a used car, you’re paying $1,900 in sales tax.
You must pay vehicle sales tax when you buy a used car if you live in a state that has sales tax. However, you do not pay that tax to the car dealer or individual selling the car.
For example, if your state charges a combined 10 percent in state and local taxes, and you buy a $40,000 car, you can expect to pay $4000 in taxes. If you have a trade-in worth $10,000, you can ...
The most common method of buying a car in the United States is borrowing the money and then paying it off in installments. Over 85% of new cars and half of used cars are financed (as opposed to being paid for in a lump sum with cash). There are two primary methods of borrowing money to buy a car: direct and indirect.
Sales tax on large purchases, like a car, is crucial to factor into the price. Depending on where you live and the price of your car, sales tax can cost you thousands of dollars. But did you know ...
If you're in the market for buying a used car, heed this advice: never purchase one until you know its full history. ... Read: 3 Ways Smart People Save Money When Filing Their Taxes. 10 Best Free ...
There are two ways to buy a car that has a loan that still has a loan on it, and thus a lien. You can pay off the loan balance yourself by writing a check directly to the lender, or you can ask ...
It just means you'll probably be charged a higher interest rate on your car loan. See: 10 New... If you have a low FICO score, it won't necessarily dash your hopes.