WASHINGTON, D.C. — As many Americans this Labor Day deal with record high levels of unemployment, Americans Well-Informed on Auto Retailing Economics pointed out that the importance of transportation when looking for jobs is vital.

The group went on to say that this makes even more important for these Americans to know some fundamentals of vehicle financing.

"Vehicles play a critical role in sustaining employment because the majority of Americans still use them to get to work," said AWARE spokesman Eric Hoffman.

Citing a 2007 U.S. Census Bureau American Community Survey, AWARE said that close to nine out of 10 workers drove to work in 2005, with 75 percent of commuters driving alone.

The group went on to offer the following tips for American workers considering getting another vehicle:

—Determine how much you can afford based upon your needs and financial situation, and stick to that amount. If you need help, use the Auto-Finance Calculator at www.autofinancing101.org.

—Know the difference between leasing and buying. While leasing typically provides lower monthly payments, you do not own the vehicle. You get to use it, but must return it at the end of the lease unless you choose to buy it at that time. 

—Research what vehicles in your price range meet your needs.

—Compare rates and financing terms from several different lending sources to find what best meets your needs.

—Become familiar with common vehicle financing terms. Learn more at www.autofinancing101.org/resources/glossary.asp.

—Negotiate your finance arrangements and terms. Don't hesitate to walk away from an offer that won't work for you.

—Read the contract carefully and make sure all blanks are filled in before signing it.

—Once you've financed or leased a car, make your payments on time, as late or missed payments incur late fees and appear on your credit report, which can impact your ability to get credit in the future.

—If you experience financial difficulty, contact your creditor immediately. Repossession can occur if you fail to make timely payments. Vehicle finance companies want to work with you so you can fulfill your financing obligations and reclaim firm financial footing.