By Jason Kay
Used cars are bought significantly more often than new cars. However new car sales in total average more than the amount spent on used cars. This shows how much potential savings can be found by those who choose to invest in a used car rather than a new one. Even though it seems like a relatively easy thing to do, there are some things to keep in mind when you buy a used car.
1. Have a budget in mind. Either have a loan pre-authorized with a bank or credit union or have the amount of money set aside that you are willing to spend. For car loans, you will often get much better rates through a bank or credit union than you will through dealer financing. Also by having a pre-set amount in mind, you will not be tempted by cars that are too expensive.
2. Look beyond the car lot. While many used car dealers exist, they are not necessarily the best place to find a deal on used cars. New car dealers always have used cars available as many people trade them in on newer models. Certain times of the year they do inventory reduction sales and this is a great time to buy. You may also want to check out rental car companies, who regularly sell cars in their fleet. Many good deals can be had on their late model cars that have been maintained, cleaned and driven relatively little.
3. Check out online listings. Many websites, such as Craiglist.org, have free ad space for those wanting to sell privately. When looking for a car, check such listings regularly as deals don't last long.
4. Even before you go to test drive a car that interests you, find out its vital information. Ask for information like model, features, odometer reading and if there have been any accidents or major work done on it. Be sure to get the VIN or vehicle identification number, so you can run a Carfax history on the vehicle. The very useful information that a Carfax report gives you includes dates the car was bought and sold; where it was registered; if any recalls were done on it; if it was involved in any car accidents; any major repair work and possibly even regular maintenance. Having such information will help you to know if you've found a deal or a lemon.
5. Be prepared. Know what you need to bring to a sale and what you need to get from it in order to properly register the car in your state. In most places you should bring along your driver's license, insurance information and a license plate if you have one.
6. Used car and new car dealers will typically take care of the paperwork for you, which is one of the perks of doing business with such companies. If it is a private sale, be sure to bring all the necessary paperwork to the DMV immediately following the sale and take care of the details that are required. Get started now looking for the used car deal you have always dreamt of finding. By putting the above tips to work, you will be best equipped for finding a great used car at a great price.
Learn how to buy anything. Read the latest consumer advice articles written by experts
Make Money With eBay - Trade in Your Used Car Parts For New Money
By Serena Lewis
Salvaging used car parts is the perfect way for the backyard mechanic to make money. The high cost of new parts has made the used car parts market on eBay blossom in the last few years.
This is a great business opportunity for anyone who knows how to dismantle a car, and has the space to do it. With the state of the economy today more people are hanging on to their cars than at any time in recent history, which puts the demand for replacement parts in high demand. For someone who loves to tear things apart and has a decent knowledge of cars, this is a chance to make a good income.
Before making a decision to start this as a way of earning some extra cash there are some things you are going to need to find out, depending on where you live. First and foremost you need to know what your local and state laws are regarding the buying and parting out of cars, many of them will require you to be a licensed auto salvage business. You will also need to have the room to work on the cars you are going to be parting out.
Once you have parts to sell, you need to look at how they are being sold on eBay, in other words how they are being listed. When you write the title for your auction, you need to be as descriptive as possible, write it as if you were looking for a particular part, for example" 1965 Ford Mustang right front fender," this is very concise, it tells the buyers exactly what you have for sale.
Once you get buyers to your listings, then describe in detail the condition your parts are in, if they are moving or electrical parts do they work, if their sheet metal is it bent or rusty, these are things buyers want to know. Take good quality pictures so they can see what you are selling and from every angle so they can be sure of what they are buying, most buyers will not look at an auction with only one picture.
Be prepared to answer email questions from prospective bidders quickly, this is one category where questions are asked very frequently. To help assure you of a good seller rating make sure that the items you sell are as clean as possible and packaged carefully for shipping. For those really big parts you are going to have to be able to ship them by freight, so be sure you have access to a company that is willing to work with you.
For the mechanically inclined person who has room to work, this can be a very good way to turn other people's junk into more than just a scrap of money.
If you need money now, like I mean in the next hour, try what I did. I am making more money now than in my old business and you can too, read the amazing, true story, in the link below. When I joined I was skeptical for just ten seconds before I realized what this was. I was smiling from ear to ear and you will too.
Imagine doubling your money every week with no or little risk! To discover a verified list of Million Dollar Corporations offering you their products at 75% commission to you. Click the link below to learn HOW you will begin compounding your capital towards your first Million Dollars at the easy corporate money program.
http://www.makeamilliondollarsayear.com
Salvaging used car parts is the perfect way for the backyard mechanic to make money. The high cost of new parts has made the used car parts market on eBay blossom in the last few years.
This is a great business opportunity for anyone who knows how to dismantle a car, and has the space to do it. With the state of the economy today more people are hanging on to their cars than at any time in recent history, which puts the demand for replacement parts in high demand. For someone who loves to tear things apart and has a decent knowledge of cars, this is a chance to make a good income.
Before making a decision to start this as a way of earning some extra cash there are some things you are going to need to find out, depending on where you live. First and foremost you need to know what your local and state laws are regarding the buying and parting out of cars, many of them will require you to be a licensed auto salvage business. You will also need to have the room to work on the cars you are going to be parting out.
Once you have parts to sell, you need to look at how they are being sold on eBay, in other words how they are being listed. When you write the title for your auction, you need to be as descriptive as possible, write it as if you were looking for a particular part, for example" 1965 Ford Mustang right front fender," this is very concise, it tells the buyers exactly what you have for sale.
Once you get buyers to your listings, then describe in detail the condition your parts are in, if they are moving or electrical parts do they work, if their sheet metal is it bent or rusty, these are things buyers want to know. Take good quality pictures so they can see what you are selling and from every angle so they can be sure of what they are buying, most buyers will not look at an auction with only one picture.
Be prepared to answer email questions from prospective bidders quickly, this is one category where questions are asked very frequently. To help assure you of a good seller rating make sure that the items you sell are as clean as possible and packaged carefully for shipping. For those really big parts you are going to have to be able to ship them by freight, so be sure you have access to a company that is willing to work with you.
For the mechanically inclined person who has room to work, this can be a very good way to turn other people's junk into more than just a scrap of money.
If you need money now, like I mean in the next hour, try what I did. I am making more money now than in my old business and you can too, read the amazing, true story, in the link below. When I joined I was skeptical for just ten seconds before I realized what this was. I was smiling from ear to ear and you will too.
Imagine doubling your money every week with no or little risk! To discover a verified list of Million Dollar Corporations offering you their products at 75% commission to you. Click the link below to learn HOW you will begin compounding your capital towards your first Million Dollars at the easy corporate money program.
http://www.makeamilliondollarsayear.com
Where to Find Great Local Used Cars
By Toni Alexander
Where do you find great local used cars today? Are you still looking at the local car dealerships with their high overhead, lot fees, interest rates on their floor models, aggressive salesmen, inflated pricing (have you ever noticed their used cars are generally at the top of the market/book value?) and limited inventory are all they have going for them? Aren't you tired of that "over-sell" attitude? And seriously, are you really willing to pay more for a used car then it's worth, plus pay interest for having that privilege? Come on, let's explore where you can find a great used car in your neighborhood or town.
Once again, you have an amazing research tool available at your fingertips. You're there right now. The Internet. It's your personal assistant, your personal research manager, it's your ticket to finding a cheap used car that fits your needs and your budget.
Before you head out to buy that car, you need to decide what kind of vehicle you want, need and can afford. Keep your pricing needs in a general range and keep in mind the value of the vehicle you want in various conditions. Obviously, you want to locate a used car that is in either good to excellent condition. Some fair vehicles might work if you have access to a mechanic who can do some or all of the repair work. Where do you find great local used cars?
You can find great local used cars by first searching your area's Craigslist listings. This will give you a good idea as to the market price range for the vehicle you are interested in, the availability of models in the area (mileage, condition, options), the closeness to your neighborhood or how far you'd have to drive to see the vehicle, and even give you other ideas for vehicles that might be of interest to you.
Another place to consider when you're ready to buy a used car is an auto auction. There are numerous used car auctions held weekly throughout the country, and sure to be several in your area. The vehicles at the public car auctions can be a great buy, or they can have some mechanical issues that need to be addressed. Many auction houses will allow you to have a mechanic inspect the vehicle.
The U.S. Government and the U.S. Marshal's Service both run vehicle auctions on a regular basis. The vehicles they put up for sale are generally fleet vehicles that are being turned in for newer models. They've been well-taken care of and maintained. The U. S. Marshal's Service often offers up federally seized property for auction. These vehicles may well have been seized due to crime involvement, bankruptcy and other activities that left their owners with a debt to the government. CLICK HERE to learn more.
Where do you find great local used cars today? Are you still looking at the local car dealerships with their high overhead, lot fees, interest rates on their floor models, aggressive salesmen, inflated pricing (have you ever noticed their used cars are generally at the top of the market/book value?) and limited inventory are all they have going for them? Aren't you tired of that "over-sell" attitude? And seriously, are you really willing to pay more for a used car then it's worth, plus pay interest for having that privilege? Come on, let's explore where you can find a great used car in your neighborhood or town.
Once again, you have an amazing research tool available at your fingertips. You're there right now. The Internet. It's your personal assistant, your personal research manager, it's your ticket to finding a cheap used car that fits your needs and your budget.
Before you head out to buy that car, you need to decide what kind of vehicle you want, need and can afford. Keep your pricing needs in a general range and keep in mind the value of the vehicle you want in various conditions. Obviously, you want to locate a used car that is in either good to excellent condition. Some fair vehicles might work if you have access to a mechanic who can do some or all of the repair work. Where do you find great local used cars?
You can find great local used cars by first searching your area's Craigslist listings. This will give you a good idea as to the market price range for the vehicle you are interested in, the availability of models in the area (mileage, condition, options), the closeness to your neighborhood or how far you'd have to drive to see the vehicle, and even give you other ideas for vehicles that might be of interest to you.
Another place to consider when you're ready to buy a used car is an auto auction. There are numerous used car auctions held weekly throughout the country, and sure to be several in your area. The vehicles at the public car auctions can be a great buy, or they can have some mechanical issues that need to be addressed. Many auction houses will allow you to have a mechanic inspect the vehicle.
The U.S. Government and the U.S. Marshal's Service both run vehicle auctions on a regular basis. The vehicles they put up for sale are generally fleet vehicles that are being turned in for newer models. They've been well-taken care of and maintained. The U. S. Marshal's Service often offers up federally seized property for auction. These vehicles may well have been seized due to crime involvement, bankruptcy and other activities that left their owners with a debt to the government. CLICK HERE to learn more.
Toni likes to save money and learned how buying a used car at a car auction can get your hands on a great set of wheels for far less than you would imagine. Learn more at http://echeapusedcars.info
Uses For Used Cars and Used Trucks
By Jeremy P Stanfords
Used cars and trucks can stay on the road for decades after their original owner decides to pass them on. Sometimes, previously owned vehicles provide an affordable means of transportation for people on budget. The market in the United States has rebounded since the Clash for Clunkers program ended. A consumer looking for either type of vehicle can find them reliably.
Advantages of Used Cars
A used car can provide a good starter vehicle for a teenager when he first gets his learning permit. It can also serve as a good way to make sure families whose members have multiple activities can get to each activity without having to split the transportation time between the two activities. Whether a person wants a sedan, a coupe or a minivan depends on individual tastes and needs. A minivan provides additional cargo space and enough room for the entire family. A teenager may only need a coupe or a sedan. Buying a new car is generally not a good idea in this case. A beater car keeps the insurance premiums down, generally.
If the purchaser can have someone who is good with cars go with him during the purchase, he can avoid getting a lemon. Many dealerships now offer quality control programs on their previously owned lots, which can help consumers avoid getting a bad deal.
Advantages of Used Trucks
Used trucks are not typically bought for aesthetic reasons. A person who needs a truck may want it for work, for its hauling power, or he may want a 4-wheel-drive vehicle to get him through rough terrain and bad weather. A person who buys a used truck can save money, but if he purchases it in a private deal, he is less likely to know what he is getting. Anyone looking at the truck can generally see the condition of the body. Dealerships of used trucks usually look them over and have them serviced for basic necessities, such as hoses and fluids. Dealerships will be sure that they are in decent condition to prevent any problems later regarding the quality of the vehicles.
Why Buy Used Cars and Trucks?
The primary reason to purchase pre-owned vehicles is to save money and not have a huge bank loan. A person who buys one through a private deal may pay the money for the vehicle outright and avoid financing charges. Not having a car payment is one major benefit, especially when economic conditions are uncertain. Some mechanical problems may happen from time to time, but mechanical problems happen with new cars as well.
If you are interested in a jeep wrangler San Antonio or a San Antonio jeep liberty, be sure to visit Ancira Chrysler Jeep Dodge.
Used cars and trucks can stay on the road for decades after their original owner decides to pass them on. Sometimes, previously owned vehicles provide an affordable means of transportation for people on budget. The market in the United States has rebounded since the Clash for Clunkers program ended. A consumer looking for either type of vehicle can find them reliably.
Advantages of Used Cars
A used car can provide a good starter vehicle for a teenager when he first gets his learning permit. It can also serve as a good way to make sure families whose members have multiple activities can get to each activity without having to split the transportation time between the two activities. Whether a person wants a sedan, a coupe or a minivan depends on individual tastes and needs. A minivan provides additional cargo space and enough room for the entire family. A teenager may only need a coupe or a sedan. Buying a new car is generally not a good idea in this case. A beater car keeps the insurance premiums down, generally.
If the purchaser can have someone who is good with cars go with him during the purchase, he can avoid getting a lemon. Many dealerships now offer quality control programs on their previously owned lots, which can help consumers avoid getting a bad deal.
Advantages of Used Trucks
Used trucks are not typically bought for aesthetic reasons. A person who needs a truck may want it for work, for its hauling power, or he may want a 4-wheel-drive vehicle to get him through rough terrain and bad weather. A person who buys a used truck can save money, but if he purchases it in a private deal, he is less likely to know what he is getting. Anyone looking at the truck can generally see the condition of the body. Dealerships of used trucks usually look them over and have them serviced for basic necessities, such as hoses and fluids. Dealerships will be sure that they are in decent condition to prevent any problems later regarding the quality of the vehicles.
Why Buy Used Cars and Trucks?
The primary reason to purchase pre-owned vehicles is to save money and not have a huge bank loan. A person who buys one through a private deal may pay the money for the vehicle outright and avoid financing charges. Not having a car payment is one major benefit, especially when economic conditions are uncertain. Some mechanical problems may happen from time to time, but mechanical problems happen with new cars as well.
If you are interested in a jeep wrangler San Antonio or a San Antonio jeep liberty, be sure to visit Ancira Chrysler Jeep Dodge.
What is the best used car under $10,000?
The Best Cars You Can Buy for Under $10,000! | WheelHouse
What To Look For When Buying A Used Automobile
Used Cars
What To Look For When Buying A Used Automobile
When you are about to buy a used car, you should carefully look at the car inside and out. The first thing to look at is the oil and other liquids in the engine. Look at the color of the oil. If the oil is pretty dark or black, that is a sign that it needs to be changed. Look at the valve covers to see if there is oil residue around the edges of the covers.
If so, it is time for new valve cover gaskets to be installed. Look at the radiator fluid to see if the antifreeze is good. If it is discolored, it will need to be changed along with flushing of the cooling system. If the odometer is mechanical, look at the far left odometer wheel and see if there are any scratch marks. If scratch marks are present, it is possible that the mileage may have been tampered with.
Make sure that the same wheel is centered. If it is not lined up with the rest of the odometer wheels, that can be another sign of tampering. Fingerprints on the dial can indicate tampering. Look at the tires and see what type of wear is shown. An indication of poor alignment is when the front tire wear is more on the left or right side of the tire tread.
The way to test the alignment while driving is to drive at 30 and 60 miles per hour. If the car pulls to the right or left, the alignment can be out. This is most important on the front wheels. Look at the transmission fluid to see if it is full. This is done while engine is running.
Put the car in reverse and all the other gears. Put back in park and check the transmission dipstick. Look at the color of the fluid. If the color is a light pink/red color, it is usually good. If the color of the fluid is a dark red, it should be replaced along with the filter.
Look for any rust under the car along the frame. Look for rust on the exhaust. Look for rust inside the car under the carpets to see if the car is a flood car. Checking under the seats is also a good place to check for rust. That is a big indicator of a flood car. Last thing is to get a vehicle history report.
I am an auto technician. This is from my own expertise.
Article Source: https://EzineArticles.com/expert/Darrell_Talbert/2464269
Used Cars
4 Smart Reasons To Buy A Used Car
Whether you're a first-time car buyer or a seasoned veteran there's always the tough decision of deciding if you should go with a new or pre-owned vehicle for your next purchase. New cars have the latest style, tech features, low interest rates, and that much-loved new car smell but are they really the best choice for you and your budget? We're going to overview some used car wisdom and give you 4 great reasons to go pre-owned on your next car.
1. They're Less Expensive
Let's get the obvious out of the way - in most cases you're going to save money to buy your car used and probably quite a bit of money at that. Once you buy a brand-new car and take it around the block it's no longer new and that value drops quickly. According to Consumer Reports your car new car on average will be worth 54% of the original purchase after just 3 years - that hurts!
The average cost of a used car is predictably well below that of a new car model and that's not the only space for savings. Logically you'll pay less taxes on a lower priced car and it's often more affordable to insure them as well. However, you should take note of the vehicle's mileage because the distance driven and the remaining warranty will likely impact your maintenance expenses.
2. Financing Rates & Terms
With low manufacturer financing rates and longer terms available dealers are able to show you some very attractive monthly payments on a new car but don't forget to do the math. Even a lower rate can really add up over a 7 or 8 year financing term and the growth of certified pre-owned ( CPO ) programs has really narrowed the gap. Not only do banks offer aggressively low used car rates but certified used cars offer even lower rates still plus the added bonus of additional warranty coverage and extensive vehicle inspections. The new car advantage is really starting to fade with exceptional used car financing options available.
3. Vehicle History Reports
Maybe your hesitation about buying a used car is that you just don't know where it's been or what you're getting and that's understandable, but with transparent reporting using tools like CarProof you get a very good idea of what you're dealing with. Vehicle history reports might not catch everything but you'll usually get some essential information like
The number of previous owners
Any accident or damage history with details
Previous registration status ( Personal, Lease, Taxi, Rental etc.. )
Mileage validation and maintenance records
Any accident or damage history with details
Previous registration status ( Personal, Lease, Taxi, Rental etc.. )
Mileage validation and maintenance records
4. Reliability
If you're thinking it might be a risk to buy a used car because it won't last long then you should do some research. According to several studies the average vehicle on the road today is over 10 years old and that numbers continues to rise as car manufacturers continue to improve their line-ups. Modern cars, trucks, and SUVs simply have a longer life-span than they used to and that's great news if you're in the market for a pre-owned vehicle.
There's a lot of things to like about the prospect of buying a brand-new car nobody else has driven yet but there's no doubt that pre-owned vehicles are the better value. Now that you've read our 4 smart reasons to buy a used car what will your next purchase be?
Article Source: https://EzineArticles.com/expert/Patrick_Leonard/2453235
How to Purchase a Used Automobile: Tips From the Auto Insurance Guys
These days, purchasing a new car requires a lot of money. For those looking for another option due to the financial output, shopping for a used car may be a good bet. Of course, a previously owned car, no matter how sleek and shiny may have hidden disadvantages.
Below find tips from some finely-tuned insurance professionals on how to go about the task of shopping for a used car.
8 Ways to Get a Good Deal on a Previously-Owned Car
• Decide How Much You Can Spend on the Purchase
Prior to shopping around for a good used car, do a personal financial tally. Then focus only on buys you can afford - whether via financing or full payment method.
Prior to shopping around for a good used car, do a personal financial tally. Then focus only on buys you can afford - whether via financing or full payment method.
• Choose the Right Kind of Vehicle
Unmarried people without kids do not need a big car. On the other side of the coin, married folks with children in tow could use a larger car. Recreational drivers, long-distance drivers and city or highway drivers have different needs as well. Assess your individual requirements, then shop for the car that matches them.
Unmarried people without kids do not need a big car. On the other side of the coin, married folks with children in tow could use a larger car. Recreational drivers, long-distance drivers and city or highway drivers have different needs as well. Assess your individual requirements, then shop for the car that matches them.
• Check Out Prices and Repair Frequency
Look online to determine what you should be paying for car makes and models according to year and usage. This search will also let you know what type of vehicles requires less maintenance work and what type has less mechanical headaches.
Look online to determine what you should be paying for car makes and models according to year and usage. This search will also let you know what type of vehicles requires less maintenance work and what type has less mechanical headaches.
• Learn about the Car's Past
Research a particular car's history by putting in the Vehicle Information Numbers. This will get you to a full report about past collisions, owners and even recorded maintenance and repair jobs.
Research a particular car's history by putting in the Vehicle Information Numbers. This will get you to a full report about past collisions, owners and even recorded maintenance and repair jobs.
• Test the Car out by Taking it for a Spin
Drive your prospective car purchase over a calculated route that includes hills, bumps, curves and highway maneuvering. This way, you'll get an idea how the overall driving ability is.
Drive your prospective car purchase over a calculated route that includes hills, bumps, curves and highway maneuvering. This way, you'll get an idea how the overall driving ability is.
• Get a Professional Mechanic's Opinion
Enlist your favorite mechanic in the decision by hiring him or her to inspect the car for surface problems that a layman like you may not be able to detect.
Enlist your favorite mechanic in the decision by hiring him or her to inspect the car for surface problems that a layman like you may not be able to detect.
• Use Your Price-Negotiating Skills
Utilize the knowledge you have gained from all your research on the car to negotiate a price that fairly reflects its true value.
Utilize the knowledge you have gained from all your research on the car to negotiate a price that fairly reflects its true value.
And Last But Surely Not Least
• Don't Forget About Auto Insurance
Before completing the buying process, speak to an experienced independent insurance agent about insurance for the vehicle. After binding the policy, sign the contract, pay, and you are good to go. No worries about the possibility of no coverage on the road to home!
Before completing the buying process, speak to an experienced independent insurance agent about insurance for the vehicle. After binding the policy, sign the contract, pay, and you are good to go. No worries about the possibility of no coverage on the road to home!
Now that you have a new (used) automobile take care of it with good maintenance practices and remember to keep driving safety a priority.
Happy driving!
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Which Is Better A New Car Or A Used Car
By Victor Epand
What one is better for your situation? You may not know because cars are so expensive and those that are higher priced may be too much for you.
New Cars
There are many different cars that you can pick from. Most new cars will have some great advantages in regards to finding your auto parts. You may also notice that the new cars are easier on gas than the other used cars that you may find. Another good thing about a new car is that you will get all the newest auto parts and accessories for it and can find them very easily. New cars also give you the look of having some money and knowing how to use it. You will find that you are looked at differently than if you go with a car that is used and may have dents in it or make a loud noise when you are driving it. On the other hand, you will have to pay a lot of money for a new car and financing is not always available to everyone.
Used Cars
When you are looking into used cars, you may not know what you should be looking for. These cars can be hard to find auto parts for if you get a car that is really very old. Sometimes you can get a good used car that looks and runs like it was a new one. These are really very rare and you may have to deal with problems that you didn't see before you got it. Used cars are also not the best on gas sometimes. This is because they are not using the newest technology as well as not having the better engines. You can get a used car for a nice chunk of money instead of going into a whole bunch of debt and you can get these cars if you are someone that doesn't care about what you look like when you are in the car.
Whatever you decide to do, you should get the right car and the auto parts that go with it, for you. This may not be an obvious thing to see, but you can do it if you try. Many people will just jump in the car and not think about any of the issues that may go with it. Don't make that choice and get the one that is good for you.
What one is better for your situation? You may not know because cars are so expensive and those that are higher priced may be too much for you.
New Cars
There are many different cars that you can pick from. Most new cars will have some great advantages in regards to finding your auto parts. You may also notice that the new cars are easier on gas than the other used cars that you may find. Another good thing about a new car is that you will get all the newest auto parts and accessories for it and can find them very easily. New cars also give you the look of having some money and knowing how to use it. You will find that you are looked at differently than if you go with a car that is used and may have dents in it or make a loud noise when you are driving it. On the other hand, you will have to pay a lot of money for a new car and financing is not always available to everyone.
Used Cars
When you are looking into used cars, you may not know what you should be looking for. These cars can be hard to find auto parts for if you get a car that is really very old. Sometimes you can get a good used car that looks and runs like it was a new one. These are really very rare and you may have to deal with problems that you didn't see before you got it. Used cars are also not the best on gas sometimes. This is because they are not using the newest technology as well as not having the better engines. You can get a used car for a nice chunk of money instead of going into a whole bunch of debt and you can get these cars if you are someone that doesn't care about what you look like when you are in the car.
Whatever you decide to do, you should get the right car and the auto parts that go with it, for you. This may not be an obvious thing to see, but you can do it if you try. Many people will just jump in the car and not think about any of the issues that may go with it. Don't make that choice and get the one that is good for you.
Victor Epand is an expert consultant about motorcycle gear, used motorcycle parts, and used car parts. When shopping for motorcycle gear or used parts, we recommend only the best stores for motorcycle gear, used motorcycle parts, and used auto parts.
What to Look For In a Used Car Loan
By Michael Russell
Many young people could not afford their first car if it weren't for the availability of used car financing. They just don't have the cash to buy the car outright. Fortunately, obtaining such financing at very reasonable interest rates is not difficult. You just need to do your research and follow these simple steps.
As you're paging through the used car ads you're bound to come across what looks like absolutely fantastic car loan availability from the car dealers themselves. You'll see zero percent offers, low payment offers that seem too good to be true. Of course, they are! These ads are meant to mislead you, make you come in and apply, and end up getting a loan at 10 to 18 percent over the standard rates! Yes, interest-free offers are available, but only if you have perfect credit. Most used car buyers do not fall into this category. In general, used car loan interest rates exceed those of new cars by several percentage points on average.
One way to mitigate this cost is to get your loan through a dedicated finance company rather than through the car dealership or your normal bank. These institutions generally have more liberal lending policies. Any lender, however, will require proof of the value of the car, and a 20 percent down payment. This is normal and should not be regarded as a suspicious request. Both these regulations are designed to give the lender a safety margin, should the loan go into default. If that happens, the lender's only recourse is in the collateral, which is the car. Therefore, they naturally have a vested interest in knowing that you did not pay too much for the car, and that at least 20 percent of its value holds even if the default happens immediately. This is actually an advantage to you, as well. There is someone looking over your shoulder at the transaction, making sure it is a respectable deal and price for the vehicle in its current state and condition.
Before you apply for your financing, run a credit check on yourself. This will help you determine what you should be able to afford and should be offered. Sometimes you may realize before you really get started that a used car loan isn't affordable for you. This could be because of a low credit score, inability to meet the down payment requirements, or insurance concerns. Knowing this going in is important, because online institutions will tempt you with one-day offers. Don't fall for it! Despite their dire warnings of offer expiration, these lenders will be there tomorrow with another fantastic offer for you! Wait until you are comfortable with the amount and the terms. It is not worth the devastation a loan default can play on your credit history to take it now when you're unsure you can repay it as required.
Another caution with car loans and any other financial transactions - keep all your paperwork in good order. If you've obtained the loan online, print out a copy of everything and store it in a safe place. Never sign anything you don't understand completely. Ask questions until you understand. Talk to a third-party professional to get a different point of view. It's your responsibility to protect your own interests. Don't expect the lender to do it for you. This is the kind of thinking that led to the current mortgage crisis in the United States.
One final piece of advice: As soon as you get your used car loan, look into refinancing it, especially if you weren't able to get a zero to three percent interest rate. Refinancing sites will usually have calculators on them so you can calculate your total savings. If you can get a percentage point under your current contract, it's worth it.
Many young people could not afford their first car if it weren't for the availability of used car financing. They just don't have the cash to buy the car outright. Fortunately, obtaining such financing at very reasonable interest rates is not difficult. You just need to do your research and follow these simple steps.
As you're paging through the used car ads you're bound to come across what looks like absolutely fantastic car loan availability from the car dealers themselves. You'll see zero percent offers, low payment offers that seem too good to be true. Of course, they are! These ads are meant to mislead you, make you come in and apply, and end up getting a loan at 10 to 18 percent over the standard rates! Yes, interest-free offers are available, but only if you have perfect credit. Most used car buyers do not fall into this category. In general, used car loan interest rates exceed those of new cars by several percentage points on average.
One way to mitigate this cost is to get your loan through a dedicated finance company rather than through the car dealership or your normal bank. These institutions generally have more liberal lending policies. Any lender, however, will require proof of the value of the car, and a 20 percent down payment. This is normal and should not be regarded as a suspicious request. Both these regulations are designed to give the lender a safety margin, should the loan go into default. If that happens, the lender's only recourse is in the collateral, which is the car. Therefore, they naturally have a vested interest in knowing that you did not pay too much for the car, and that at least 20 percent of its value holds even if the default happens immediately. This is actually an advantage to you, as well. There is someone looking over your shoulder at the transaction, making sure it is a respectable deal and price for the vehicle in its current state and condition.
Before you apply for your financing, run a credit check on yourself. This will help you determine what you should be able to afford and should be offered. Sometimes you may realize before you really get started that a used car loan isn't affordable for you. This could be because of a low credit score, inability to meet the down payment requirements, or insurance concerns. Knowing this going in is important, because online institutions will tempt you with one-day offers. Don't fall for it! Despite their dire warnings of offer expiration, these lenders will be there tomorrow with another fantastic offer for you! Wait until you are comfortable with the amount and the terms. It is not worth the devastation a loan default can play on your credit history to take it now when you're unsure you can repay it as required.
Another caution with car loans and any other financial transactions - keep all your paperwork in good order. If you've obtained the loan online, print out a copy of everything and store it in a safe place. Never sign anything you don't understand completely. Ask questions until you understand. Talk to a third-party professional to get a different point of view. It's your responsibility to protect your own interests. Don't expect the lender to do it for you. This is the kind of thinking that led to the current mortgage crisis in the United States.
One final piece of advice: As soon as you get your used car loan, look into refinancing it, especially if you weren't able to get a zero to three percent interest rate. Refinancing sites will usually have calculators on them so you can calculate your total savings. If you can get a percentage point under your current contract, it's worth it.
Michael RussellYour Independent guide to Interest Rates
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