Life Events: Buying a Car

Life happens. Will you be ready?
Throughout your investing life, you're going to experience life events — some planned, some not — that will affect your finances.
We're here to help you prepare for those critical times of financial change.

Buying a car

A new car could be one of the most expensive purchases you make. Before you commit to the first vehicle that catches your eye, think about how you plan to use and pay for it.
Keep in mind:
Leasing generally lets you use a new car over a limited period for a relatively small monthly payment
Buying may require a larger down payment and higher monthly payments for the life of the loan, but it tends to be less expensive than leasing over time

Resources for car buyers

Auto Loan Payment

Calculate your estimated monthly payments and how much you can afford to spend on your next car.

Preferred Rewards

Saving for a car? You may qualify for real benefits and rewards on your Merrill Edge® investment and Bank of America® banking accounts.

Play video about whether to Lease or buy
your car?
the options

Take a look at the numbers and see how each option would impact your finances.

Financing a new car

It pays to learn about automobile financing before walking into the showroom.

Understand the basics of buying a new or used car

Learn how to determine your automobile needs, plan a budget or research your options.

Saving for a large purchase

If you're planning to buy a big-ticket item, it's a good money habit to have a plan to pay for it.

Auto Loan Calculator

Estimate monthly auto loan payments and how much you can afford to spend on your next car.

Auto Refinance Calculator

Use this auto refinance calculator to compare your current loan with a refinance loan.
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Any information presented about tax considerations affecting your financial transactions or arrangements is not intended as tax advice and cannot be relied on to avoid any tax penalties. Neither Merrill Edge® nor its Financial Solutions Advisors provide tax, accounting or legal advice. You should review any planned financial transactions or arrangements that may have tax, accounting or legal implications with your personal professional advisor.