It's no secret that you can trade in your current vehicle and use the funds toward your next purchase, and the value of your used vehicle may be higher than you think, due to a waning supply of used models coupled with an increased demand. A report by the National Automobile Dealers Association (NADA) indicates trade-in values have been climbing lately.

"Higher trade-in equity on used vehicles will help facilitate the release of pent up demand for a growing number of consumers making the jump off the sidelines and into a vehicle purchase," said Jonathan Banks, executive automotive analyst with NADA Used Car Guide. "The equity position that consumers find themselves in today is better, and in some cases, dramatically better than it was three years ago."

The association provided a few examples to highlight just how much more consumers can get out of their trade-ins. In 2009, a three-year-old Hyundai Elantra had an average trade-in value of about $5,000. This year, the value of a three-year-old Elantra is nearly $8,900 – a 77 percent difference. Not all models saw as drastic of a change. The Honda Accord, for example, only saw a 16 percent jump in trade-in values between 2009 and 2012.

Drivers who have been thinking about trading in their current car for a new ride can take advantage of the added value and put it toward the purchase of a used model. New Jersey Auto Auction accepts trade-ins, and the dealer offers guaranteed credit approval to help fund the rest of your purchase. With a wide selection of makes and models to choose from, you'll have no trouble finding a suitable used ride to replace your former set of wheels.

Owning a car comes with a variety of other expenses, from registration and maintenance costs to gas and car insurance. The cost of insurance varies depending on a number of different  factors. Luxury and sports cars tend to cost a great deal more to insure than standard sedans, and even the color of a vehicle can influence the insurance costs.

Drivers looking to purchase new or used vehicles may need to take the cost of insurance into account to ensure a particular model will fit their budget, and sometimes the competition can be quite fierce. Automobile.com recently conducted a survey that examined the difference in insurance costs between a Hyundai and a Kia.

"These were the most competitive auto insurance comparison survey results we have witnessed to date," said Automobile.com writer Andrew Evans. "The two South Korean automakers were deemed to be close competitors in terms of annual insurance policies."

The results showed that Hyundai drivers spend an average of 7.03 percent more on their insurance policies than Kia owners. The average annual price Hyundai owners paid was $946.05, and Kia drivers averaged an annual cost of $884.23. While this is not a huge variation, it can make the difference for someone on a tight budget.

Some drivers may want to look into used cars, as older models can be less expensive to insure than new vehicles. New Jersey Auto Auction has a wide variety of makes and models to choose from. Plus anyone requiring financial assistance is guaranteed credit approval thanks to a partnership with the Credit Acceptance Corporation.

As the economy continues its recovery, the number of consumers being approved for auto loans is on the rise. Between January and March of this year, there were $52.5 billion in auto loans originating from finance companies, which is 49 percent higher than at the lowest point in the recession, according to figures from Equifax.

The statistics were part of a larger report from Equifax that indicated the improvement in the realm of auto loans. Specifically, researchers found the auto delinquency rates in March were the lowest of any loan type and are currently at pre-recession levels, certainly good news for anyone considering the purchase of a new or used car.

Although the findings reveal some encouraging statistics, a separate report found that consumers may not be as on top of their finances as one might think. The survey, conducted by CouponCabin.com, found that nearly half of people in the United States do not know their credit score, something which could hinder the ability to get an auto loan. Having a good credit score is one of the best ways to ensure you'll be approved for financing.

"In fact, more than one-third of people we surveyed said they are concerned about how long it will take to pay off their cards,"  said Jackie Warrick, president and chief savings officer of the website. "Keep your swiping in check and always have a grasp on the number of cards you have and how you’re using them."

Although a low credit score may prevent some consumers from being approved for a loan, that's not the case for people who shop at New Jersey State Auto Auction. Thanks to a partnership with the Credit Acceptance Corporation, everyone is guaranteed approval regardless of their credit standing.

As the economy continues to pick up the pace, many people are opening their wallets once again in an effort to make the purchases they had been putting off. The auto market has experienced a surge in sales so far this year, and it seems as though consumers aren't in over their heads.

TransUnion reports the national auto loan delinquency rate hit the lowest level on record, indicating consumers are able to keep up with their car payments. The rate is measured by people who are 60 or more days past due on their bill. For the first quarter of 2012, the rate dropped to 0.36 percent, which indicated a 27 percent decrease from the first quarter of last year.

Analysts for TransUnion said these figures can be attributed to the fact that buying new or used cars is becoming a necessity for many people, particularly if they held onto their old model for longer than they should have. Peter Turek, automotive vice president of TransUnion's financial services business unit, indicates that the sector will continue to see an increase in lending and leasing, particularly in the non-prime risk segments.

"We anticipate national auto loan delinquency rates to remain relatively low for the remainder of the year, rising and decreasing with traditional seasonal patterns," Turek said. "However, a slight increase from this record-low level would not be surprising and should not be construed as a negative event, as lenders continue to originate more loans to consumers across all credit risk levels."

BusinessWeek reports that lenders are approving more auto loans now after pulling back the amount of money handed out due to the recession. As some people have faith in the improving economy, lenders are becoming more willing to help consumers afford their vehicle purchases, with many looking to expand their customer base.

Lenders have become increasingly likely to approve loans for people looking to a buy a used car in New Jersey or elsewhere, and it looks like their trust in consumers has been rewarded. The rate of late auto loan payments is currently at its lowest point in 13 years, according to The Associated Press.

From January to March of this year, the number of auto loan payments that were at least 60 days overdue dropped significantly to a national level of 0.36, good for a decrease of about 27 percent compared to the same period in 2011. The findings are especially encouraging given that lenders are approving financing for even the most high risk borrowers. Additionally, consumers seem to be especially likely to prioritize their car payments.

"Consumers have done a very good job of adjusting to their ever-changing circumstances and managing their debt load," Peter Turek, a vice president at TransUnion's financial services business unit, told the AP. "The data show consumers are, in fact, paying their auto loans more on time than other loan products."

This marks the 10th consecutive quarter that auto loan delinquency rates have been lower than the previous year's quarter. Experts say a lot of that can be chalked up to the fact that the recession caused many consumers to make paying off loans and other debts a priority.

If you're still concerned about being approved for a loan, you should head to New Jersey State Auto Auction. Thanks to a partnership with the Credit Acceptance Corporation, NJ Auto is able to offer guaranteed credit approval, regardless of your past history, and there's no better way to rebuild your credit score than by making loan payments on time.

Anybody who attempted to get a car loan during the height of the recession likely ran into some resistance. That was especially true for consumers who may have had a less-than-ideal credit score. However, as the economy continues its recovery, many analysts are finding that borrowers are returning to normal when it comes to approving auto loans for people with poor credit, according to CNN Money.

The reason for the increased likelihood of approval stems from the fact that banks were too afraid to take on risky loans during the recession. Now that it seems as if the economy is strengthening, there's no fear in bringing on a borrower who has lower credit. Specifically, banks are more willing to ignore a credit score and take the reasons behind missed payments into consideration.

"Having looked at over 5,000 loan applications, credit score is not the best indicator of people's ability to repay," Jesse Toprak, an industry analyst with Truecar.com, told CNN.

Many of the reasons have nothing to do with a borrower's ability to pay back an auto loan. For example, many people had their credit score damaged due to mortgage payments, but are still capable of paying back the auto loan.

While lenders are more likely to approve subprime auto loans, that doesn't mean applicants should ignore their credit score. There are a number of ways to rebuild a low one, and repaying auto loans on times is one of the most effective methods.

Anybody who is concerned they won't get approved for a loan may want to head to New Jersey State Auto Auction. Thanks to a relationship with the Credit Acceptance Corporation, NJ Auto is able to offer guaranteed credit approval to everyone, regardless of their history.

When it comes to owning a car, there are many different costs to consider aside from the initial price. Everything from fuel to repairs and insurance can really add up, and a recent AAA study reveals the average cost of ownership has increased since last year. For every mile the average driver puts on their vehicle, they spent about 59.6 cents, which is 1.1 cents higher than it was last year. The researchers examined the cost of driving the five top-selling vehicles in five categories – small, medium and large sedans, minivans and SUVs.

"The average driving cost for 2012 is up due to relatively large increases in fuel and tire costs, and more moderate increases in other areas," said John Nielsen, the director of automotive engineering and repair for AAA. "Those increases were offset by a decrease in depreciation resulting in an overall increase [in cost of ownership] of 1.9 percent. Some driving costs fluctuate at different times during the year, such as what we have experienced with fuel prices since the middle of February."

Depreciation cost, which dropped 4.9 percent, was the only aspect of ownerships that declined. Insurance rose by 3.4 percent and maintenance fees saw a more modest bump of 0.7 percent.

The higher strain on the budget of owning a car has created a larger demand for used vehicles, as they are typically more affordable than their new counterparts. While recent trends have shown a push toward fuel-efficient new cars, there are still plenty of used models that offer decent mileage. Drivers looking for used cars in New Jersey can head to New Jersey State Auto Auction. The NJ dealer has a wide variety of makes and models at affordable prices.

Financial institutions are beginning to recover from the recession, and some of the people who stand to benefit the most are potential borrowers. Lenders are becoming increasingly likely to approve loans from subprime applicants, The New York Times reports, which could be good news for anybody looking to get behind the wheel of a used car.

To get an idea of how much the climate is improving for people with poor credit standing, you need look no further than how many credit cards were issued toward the end of 2011. In December, lenders gave out 1.1 million new cards to people who had damaged credit, which was up 12.3 percent from November. Furthermore, those borrowers accounted for 23 percent of auto loans during last quarter of 2011, according to the Times.

"It’s clear that we are returning to business as usual," Mark T. Williams, a former Federal Reserve bank examiner, told the newspaper.

A subprime borrower is someone who has a credit score of 660 or below, and the fact that lenders are becoming more likely to approve loans for this segment is good news if borrowers are looking to rebuild their credit standing. According to Experian, paying back loans on time is one of the best ways to do so, as is keeping credit card balances low and paying bills in a timely fashion.

If you're worried about being approved for a loan, you should head to New Jersey State Auto Auction. Thanks to a partnership with the Credit Acceptance Corps, NJ Auto is able to offer guaranteed credit approval, so even with a poor credit score you can drive away in a quality used car.

Results of a recent study show how important making car payments is to American consumers. Research from TransUnion found that people are paying off their auto loans before other expenses, including mortgages and credit card bills, The Associated Press reports.

The credit information company looked at how roughly 4 million Americans paid off their debts. To be included in the analysis, the subjects had to have at least one car loan, one credit card, and a mortgage. TransUnion discovered that the auto loan took priority above all else. Only around 10 percent of people were late on car loan payments, while 39 percent were late on mortgage payments. Additionally, 17 percent were late on credit cards.

The findings are a bit different from when the company looked at similar figures in 2006. Back then, analysts found that staying current on a mortgage was the most important thing, while car loan payments were toward the bottom. Some believe that the shift has to do with how important it is to have a car.

"I can work with the credit card companies. They won't shut off or take away anything," Maryland residnet Matt Saxton told the AP. "I won't have the ability to get to work or even get another car if they repossess this one."

Anybody having trouble getting a loan because they may have a bad credit history will not have an issue being approved at New Jersey State Auto Auction. Thanks to a partnership with the Credit Acceptance Corporation, NJ Auto can guarantee approval, and you'll be on your way to rebuilding your credit score.

There have been several signs that the economy is on its way to recovery, and it even looks as though lenders are becoming more likely to approve consumers. Despite the encouraging signs, many Americans are still skeptical that the economy is really turning around and think it may be difficult to obtain an auto loan in the coming months.

A recent study from FreeScore.com examines just how pessimistic the American consumer is. Researchers found that 66 percent of respondents believe it will be more difficult, or at least as hard, to be approved for an auto loan in 2012. Furthermore, 31 percent said they were less confident than they were in 2011 about their ability to be approved.

The results are bit surprising given the current economic climate. In particular, figures have shown that it's actually becoming a bit easier to get loan. For instance, an Experian report said that the rates for a new vehicle loan fell to 4.52 percent during the fourth quarter of 2011, which is the lowest figure since 2008.

Part of the reason that consumers feel less confident about their ability to obtain a loan may be because of their behavior. The study found that 31.9 percent of respondents did not check their credit score before their most recent auto purchase.

"Knowledge of credit scores in advance of an auto purchase can help consumers in the loan process," said Carrie Coghill, director of consumer research for FreeScore.com. "Additionally, those who know they have good scores are in a stronger position to negotiate a better deal."

Any worries about getting a loan will be quelled at New Jersey State Auto Auction. Thanks to a partnership with the Credit Acceptance Corporation, NJ Auto is able to offer guaranteed credit approval.