Top 3 Used Car Buying Tips
Buying a used car from used car buyer is a bit trickier than buying a new car although you can follow most of the same guidelines for both.
1. Research the Used Car
There is a wealth of information online. Check the car manufacturers web site, consumer reports and the edmunds.com web site. Know the approximate value of the car before you head out to the dealer.
If you are buying from a private seller ask to see service records. Go online and order a carfax car history report. Find out if the car will be sold “as is” or already state inspected. When you are serious about a used car make sure that you have time to take the car to your mechanic for him to give the car the once over, especially if it’s being sold “as is”. You don’t need to find out after the fact that it needs many more repairs than you thought. You can’t tell just by a visual inspection.
2. Arrange for a Used Car loan
Get financing first, then car shop
Pre-approved auto loans have a number of advantages. First, you find out how much you qualify to borrow before you get stuck in a contract. You can also play around with loan terms to find a reasonable monthly payment. And sellers are eager to close a deal with used car buyers that has secured financing.
Used car loans often require a slightly higher rate, usually .6 or more, than new car loans. However, rates vary widely between lending companies, so it pays to shop around. Processing your loan before your car purchase relieves you from the pressure of signing with the first lender you find. It also saves you money in lower rates.
3. Enjoy Yourself and Buy Something that You Love
Cars are an expensive purchase and chances are you will be financing the purchase. So one of the most important tips is to purchase a car that you really love, because after seeing that car payment come due month after month it becomes a lot easier to face if you are paying for a car that you love.
