Are you in the market for a new car? Are you having troubles deciding what kind of car to buy or what dealer to buy it from? Having worked in the auto sales industry for many years, I have a ton of information on my blog that can assist you in making all of these important and stressful decisions. Visit my blog to learn how to determine what car is the perfect car for you, how to decide what dealership to purchase it through, and even a few tips on getting the best possible financing rates and options for the car that you choose.
A shed is a valuable asset for any property, offering extra storage space, a dedicated workspace, and eve
If you own a utility terrain vehicle or UTV, you likely enjoy getting out of the office or house to go of
When you think of the bed of a pickup truck, you probably picture a part of the truck that is made of ste
If you live near the water, then you might find yourself a bit jealous when you watch all the boats on th
An auto dealer who features a fleet of used passenger buses can help you select a vehicle that is suitabl
Buying a used car is often a better deal than a new car. It is certainly cheaper, and a used car will not depreciate; however, it can be tricky getting financing, especially if your credit is less than average. The following are three tips to help you get that used car you want.
Make your down payment as large as possible
Naturally, the larger your down payment is, the less money you will be financing. But when you have a large down payment, you will likely have a car that is worth more than you owe, and lenders like the idea of a used car having a net worth. This is true, because if the borrower were to default on the loan, the lender has a better chance of getting back their money after the car is repossessed and sold.
Use your credit union
If you are a member of a credit union, this should be your first stop when shopping for financing. There interest rates are generally lower than you will find at a commercial bank. Credit unions are not driven by the desire to make profit for their shareholders. They are owned by their depositors. If you are fortunate enough to be a member, then you should apply for a loan to see how much you can finance, then go shopping for your car.
Buy a used car from a dealership
Whether the auto dealer sells used cars or a combination of new and used cars, when you purchase from a dealer, a lender is more likely to approve your loan. Certain lenders do a lot of their business with certain car dealerships, so they see less risk in granting loans to customers who buy from these dealers. Getting financing for a private car purchase may be more difficult. The process is not as routine as it is with a dealership. In addition, some of the larger dealerships carry their own financing. This can be helpful for those with less than stellar credit. A dealer can approve a loan that a bank may be hesitant to approve.
In general, you want to have your financing in place before you make a commitment to buy anything. Know what you can afford first. This includes both your down payment and the total amount you can borrow for the balance of the car. Naturally, the interest rate and finance period will determine your monthly payments, but you need to be careful that you can afford the payments and not just the total amount of money a lender is willing to loan you for the used car purchase. For more information, contact companies like College View Auto Sales.
Share