Ways To Work Additional Resources - Arlington Chamber of Commerce, Arlington TX

Additional Resources

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This section of our website is intended to be a resource for our borrowers or potential borrowers. It contains information and links to information on car ownership issues, credit and credit repairs, and other information helpful to people working to improve their financial situation.

The Car Ownership area includes information and links helpful during the purchase of a vehicle and in maintaining a vehicle.

The Credit Assistance area has a number of helpful articles and tips for repairing and safeguarding your credit. It also provides guidance for obtaining a free credit report and credit repair assistance.

Included in the Financial Literacy & Other Resources area are general financial literacy information n, tips for expense management, and related web links.

Car Ownership

Car Buying Guidance

Used Cars: Evaluating and Buying

Following are some helpful reminders to use as you look for a used car to purchase. As you use these reminders, remember to take your time and shop around to find the best car and deal for you!

Know how much you can afford on a monthly basis. This includes the car payment, insurance, and gasoline.

Be sure to inspect the car carefully. Make sure you test, inspect or review the following:

Doors, hood and trunk
All lights
Leaks under the hood and the car
Moldy smell in car interior
Paint color differences, which can indicate the car was in an accident.
Seat belts
Exterior and interior rust
Car maintenance records
Mileage

Test-drive the car and evaluate the following:

Acceleration (from the stop position)
Acceleration (pass another vehicle)
Seat comfort
Heater
Air conditioner
Brakes
Does the car pull to the left or right?
Unusual noises
Interior controls
Audio system

During the test-drive, drive the car on:

The highway
Up a steep hill
On local streets

HAVE THE CAR THOROUGHLY INSPECTED BY A QUALIFIED MECHANIC.

A used car won’t be perfect and will probably need repairs. Determine the nature of any major or minor repairs, if they need immediate attention or can be done later, and obtain the costs for the repairs.

Don’t buy a car that had major repairs like a rebuilt transmission.
Look at a number of cars. Don’t buy the first car you see. Find a car that suits your needs. For example, a small sports car isn’t appropriate for a family of five.
Purchase a car for its reliability and dependability.
Don’t be pressured by a used car salesperson.
Determine the retail value of the used car by researching used car price guides such as NADA (National Automobile Dealers Association) or Kelley Blue Book. You can purchase the guides at bookstores, locate them at public libraries, or find them on the Internet. NADA’s web-site address is www.nadaguides.com and Kelley Blue Book’s web-site address is www.kbb.com
Negotiate the sales price. The dealer or individual seller has assigned a value, purchase price, to the vehicle. You, too, need to decide upon value of the vehicle. Make an offer that you think is reasonable, which in many cases is lower than the seller’s asking price.
Ask for a warranty.
And finally, since you’re paying for the car, be sure to take your time and shop around to find the best car and deal for you!

Car Maintenance

Car Maintenance Guidance

Monthly Car Maintenance Checklist

It is important to take care of your car, because by doing so, your car will last longer and you can save money by avoiding costly repairs. This checklist provides you with a list of basic items that you should test each month. For a more complete list, please refer to your owner’s manual.

Tire wear & tire pressure (rotate and balance every five thousand miles).
Oil level (change oil and oil filter every three thousand miles).
Radiator fluid level
Power steering fluid level
Brake fluid level
Coolant/anti-freeze level
Windshield washer fluid level
Transmission fluid level
Wiper blades
Head lights
Tail & brake lights
Turn signal lights and emergency flashing lights
Belts and hoses
Battery
Brakes (Note any performance change)
Engine (Note any performance change)

Remember, it is important to fix or repair the items that you find unsatisfactory as soon as possible. By doing so, you will avoid costly major repairs, which means that you will save money.

Consumer Credit Resources

Articles & Tips

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Credit Repair Assistance

Monitoring Credit Reports

Monitoring your credit report is one of the most effective ways to protect yourself against identity theft, an insidious crime that often goes undetected until victims start receiving calls from collection agencies about fraudulent accounts. Some victims spend months, or even years, trying to restore their credit. (Click here to finish reading the article in pdf format, written by Sandra Block, personal finance reporter for USA Today.)

Free Credit Reports

Obtaining Your Credit Report

There are three major credit bureaus, not just one “national credit bureau.” These companies gather and record information about your credit history. You have a right to obtain a copy of your credit bureau report. Generally, there is a fee charged for ordering a copy of your credit bureau report. However, you are not charged a fee if you have been denied credit. You need to request a copy of your report within 60 days from the denial date and provide the credit bureau with a copy of the denial letter.

A recent amendment to the federal Fair Credit Reporting Act (FCRA) requires each of the credit bureaus to provide consumers with a free copy of their credit report once every 12 months, at the consumer’s request. The law was to be in effect in all states by September 1, 2005.

Each credit bureau requires that you provide them with certain information (e.g. name, social security number, and date of birth) when you request a copy of your report. The process to order your report might vary among credit bureaus. The best way to find out how to get a copy of your report is to call the credit bureaus or visit their web sites.

The three major credit bureaus, mailing addresses, telephone numbers, and web sites are as follows:

Equifax

P.O. Box 105873

Atlanta, GA 30348

(800) 685-1111
www.equifax.com

Trans Union

P.O. Box 1000

Chester, PA 19022

(800) 888-4213
www.tuc.com

Experian

P.O. Box 2104

Allen, TX 75013-2104

(888) 397-3742
www.experian.com

You may also log on to the web site www.annualcreditreport.com and select your state. You will then be directed to the information section. Type in your personal information and answer the identity verification questions and you should be able to obtain your report instantly.

Usually, all credit bureaus record the same information about your credit history. However, there can be discrepancies, so it is recommended that you obtain a copy of your report from each of the credit bureaus to make sure that all of your credit information is correct.

Financial Literacy & Education

Financial Literacy

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Expense Management

Tracking Expenses

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Additional Links

Alliance for Children and Families
www.alliance1.org

The Annie E. Casey Foundation
www.aecf.org

The Federal Reserve System Online
www.federalreserveonline.org

Federal Trade Commission (FTC)
www.ftc.gov

Internal Revenue Service (IRS)
United States Department of Treasury
www.irs.gov

Jump$tart Coalition for Personal Financial Literacy
www.jumpstartcoalition.org

The McKnight Foundation
www.mcknight.org

National Foundation for Consumer Credit (NFCC)
www.nfcc.org

U.S. Department of Housing and Urban Development (HUD)
www.hud.gov

U.S. Department of Transportation,
Federal Transit Administration
www.fta.dot.gov

U.S. Department of the Treasury, CDFI Program
www.cdfifund.gov