Central Kentucky Cars

And so has the auto industry. Today, peek under any major automaker's hood and you'll find not only women executives but also women designers, engineers and technicians. Many women are gravitating toward careers in the auto industry, and guess what? Women are welcome.

Maureen Kempston Darkes is a perfect example of one of those outstanding success stories that put to death the notion that many people have about the "glass ceiling," "no opportunities for women" or, one of my personal favorites, "a woman's place."

Kempston Darkes started out as a receptionist at a Ford dealership while attending the University of Toronto. She went on to join GM's legal staff in 1975. Twenty years later, she has earned her way to CEO, breaking down barriers and opening new windows of opportunity for every woman.

Corvette unleashed its fifth generation on the public this year with an all-new shape and style. It is by far the most ergonomically friendly Corvette ever made. Why? In part because its new looks, thoughtful design and user-friendly details were the result of including 10 women designers and engineers on the team, giving the American icon a much-needed face-lift.

The point being that automakers - the once-infamous ol'-boys-club industry - have seen the light and not through the spaces of an uncomplicated engine. The industry has come to recognize the value of having a balanced perspective on the design of today's new vehicles and how they are marketed to consumers. And, since women comprise more than 50 percent of those consumers, automakers now comprehend the significance of reaching them.

The only way to reach that audience is to level the playing field by adding women, as well as minorities, to the fields of design, engineering, technology, marketing, sales and, yes, mechanics. Automakers are doing it and, in fact, have stepped up the action.

In case you haven't heard, there's a crisis-level shortage of technicians in the auto industry. About 60,000 worth. By the year 2005, the Bureau of Labor Statistics estimates that about 168,000 automotive repair jobs alone will be created for some talented people. Why? Because cars now use computers and complex diagnostic systems to make them run longer, more efficiently and environmentally clean. The more complicated they get, the more skills they'll require to design, evaluate and repair. Brains are in. Brawn is out.

Opportunities in the auto industry are not only abundant, they also pay well, with starting salaries from $30,000 to $100,000 a year, depending on education, training, experience and skill level. So to students and parents we say, rethink your dreams and be sure to guide your talents into what you really want to be, not what you think you should be.

Courtney Caldwell is the publisher/editor in chief of American Woman Road & Travel, an online auto and travel resource. For more info, visit www.roadandtravel.com.

(This information is provided by Fort Knox Federal Credit Union. All information is general in nature. Please see your financial advisor about your specific situation.)

How to Get Tax Deductible
Auto Loan Interest

As most homeowners know, the interest portion of their mortgage payment is tax deductible. This usually means a substantial savings for homeowners at income tax time.

What if the interest paid on your car loan was also tax deductible?

With a unique type of vehicle loan associated with your home, you can deduct the interest paid on your car loan. Fort Knox Federal Credit Union offers its interest deductible Auto Equity Loan.

Although named Auto Equity, the vehicle is the security for the loan. However, this unique financing option does allow for most homeowners to deduct the interest paid off their income tax. Individuals should check with an independent tax consultant about specific situations.

The obvious benefits of an Auto Equity loan are the tax savings. In most cases, this can effectively reduce the annual percentage rate on the car loan by about one-third. For example, if the Auto Equity APR is 4.70%, the effective rate, after allowing for a typical taxpayer's deductions in the 28% federal tax bracket, would be approximately
3.15% APR.

Auto Equity can be used to purchase a new or used vehicle. A tax deductible auto loan coupled with new car rebates could increase your overall savings on a new car purchase. You can also refinance your existing car loan, thus reducing monthly payments and creating an additional tax deduction.

Not every homeowner is eligible for a tax deductible auto loan. If your home is more than 100% financed, then a tax deductible car loan associated with the equity in your home may not be feasible.

To find out more about tax deductible interest on car loans, just click on the Fort Knox Federal Credit Union link on the Payment Calculator page of ckCars.com.

(This information is provided by Fort Knox Federal Credit Union. All information is general in nature. Please see your financial advisor about your specific situation.)

What's A Good Interest Rate?

4.7% APR, 1.9% APR, 0.0% APR!

Current auto loan interest rates are all over the board. Some rates are advertised as low as 0.0% annual percentage rate (APR), but is that really a good rate?

Ultimately, a 'good' rate is determined by the individual buyer's situation. A seemingly low interest rate can be very attractive if available for the vehicle you want. However, some special 'low' rates also have restrictive terms, such as fewer months to repay.

A low percentage rate might suit one buyer, but could make monthly payments too high for another customer considering purchasing the same car. When evaluating a car loan, consider some of these points:

Is it better to accept a rebate or low financing rate when purchasing a new car?

Again, the answer depends on your situation. Remember, many rebates or special financing offers have restrictions. It may be better to accept rebated cash, but finance your car through a third party, such as a credit union.

What is a simple interest loan and is it better for purchasing cars?

With a simple interest loan, payments are calculated based on the annual percentage rate and the unpaid principal. As the principal decreases, the subsequent amount of interest charged decreases, as well. For example, if the loan is 12% APR, then simple interest would be calculated at 1% each month on the unpaid balance at the time. The remainder of your payment amount is credited to principal and reduces the unpaid balance on the loan.

When should I arrange for financing?

Perhaps the best time to determine financing is before you select the automobile you want. Consider shopping for an auto loan the same way you shop for the vehicle itself. Check the various lenders to compare annual percentage rates (the cost of the loan), the terms, initial fees and options. Determine which deal is best for you as well as a monthly payment you're comfortable with. This will also give you definite guidelines on the total cost of the vehicle you can purchase. And with pre-approval from your lender, you have the added advantage of being a cash buyer.

So what's a good rate on a car loan?

It all depends on you, the buyer.

(This information is provided by Fort Knox Federal Credit Union. All information is general in nature. Please see your financial advisor about your specific situation.)

Do You Know the Score?

The newspaper's sports page isn't the only place you'll find important scores. One of the most important scores for a car buyer is the credit score.

Do you know yours?

If not, there are several ways to find out. In 2001, it became possible for you to get your own Beacon FICO Credit Score when you get your credit report online. Congress passed legislation allowing consumers to obtain their credit scores. Previously, lenders generally had access to this information, but not consumers.

Primarily, your credit score is a numeric evaluation and ranking of your credit-worthiness when compared to other consumers. Generally, the higher your score, the better your credit rating and, generally, the more likely lenders will approve a loan to you.

There are more than 100 variables making up your credit score. From the number of open accounts in your name to your debt-to-income ratio to promptness of past payments to other creditors, all have some bearing on your credit score.

However, a high credit score does not guarantee your car loan will be approved. Lenders will likely verify if you have had an auto loan before. If not, even with a high credit score, approval or a lower interest rate on your auto loan is not assured.

So before applying for an auto loan, find out your credit score. Make sure your credit history as shown is correct. And have any out of date or erroneous information corrected.

Your credit score is very important when applying for an auto or any major loan. Be sure you know your score.

(This information is provided by Fort Knox Federal Credit Union. All information is general in nature. Please see your financial advisor about your specific situation.)

Get Your Auto Financing First

The experience of purchasing a new vehicle can range from exhilarating to frightening. While everyone in the automobile retail industry wants to make the buying experience a pleasant and positive one, there are natural anxieties.

Will I find the vehicle I want?
Will I get financing?
How much will the monthly payments be?

These are just a few of the questions that surface during auto buying. And like most questions, good reliable information is the best way to answer them. This space on ckCars.com is devoted to providing a source of that information.

When shopping for a new or used vehicle, the first step is determining how to finance the purchase. If borrowing most or all of what is needed to buy the car, then look for a combination of terms (annual percent interest rate, number of months, total monthly payment) that is most comfortable for you.

A good idea is to apply for a loan and get approval before picking out the car. In this way, you'll already have your financing, you'll know what your monthly payments will be, and what you can ultimately spend on your vehicle purchase.

Plus, you'll have the added advantage of a "Cash Customer" when buying your car.

For more information about pre-approval for auto loans, see the loan specialists at your financial institution of choice.

(This information is provided by Fort Knox Federal Credit Union. All information is general in nature. Please see your financial advisor about your specific situation.)