Tips For Financing and Buying Your First Used Car

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A lot of people think that buying a car is an investment. Wrong, you are buying a depreciating asset. It loses more than 20% of it’s value in the first years.

Consider these tips on your next auto purchase and make it a long lasting, happy experience.

  1. Assess your budget.  Review your budget and calculate how much you can afford. Do not deviate from this when you are at the dealership. That will put you in a lot of debt.
  2. Check your credit report.  If you have bad credit clear it up before buying a car. Also, make sure there are no discrepancies or identity theft. You want the best rating possible before going to the dealer.
  3. Get an auto loan pre-approval.  Before stepping on the lot make sure you can get financed. If this is your first car ever you may not be able to get financing at a good rate. Make sure you know how much you can borrow and what the payments actually will be. Sometimes it may cheaper to pay in cash. Also, if it is possible get a cosigner if you can’t afford cash and have no credit rating.
  4. Determine your car requirements.  What do you need and want? Know which car is right for you.
  5. Shop for the best deal.  Most dealerships have a way for you to get a quote from the comfort of your own home. Don’t be afraid to use this resource. That way you know exactly what you want and how much it is going to cost before you even step on the lot.

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Thinking About Buying A Used Car? Tips to Make It Easier

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Buying a car can be a confusing experience for some. I really don’t know a lot about cars and always have to take someone with me. Here are some tips that I learned that will make that purchase go smoothly.

 

Test Drive:

It is absolutely imperative to test drive a car before buying. You would think that would be a no-brainer but you would be surprised at how many people buy a car based off of how it looks. You should be testing how it handles, if the brakes are good, and listening for odd noises. Also, always check the air conditioning and heat. My Dad purchased a used truck only to find out when he brought it home that the air conditioner was broken. That was an added cost he couldn’t afford at the time. So check everything while testing it out. Another thing, don’t take it down the block and back. Test it out for a good 30 minutes.

 

Get The Vehicle’s History Up Front:

Has it ever been in an accident? Has it been maintained a lot in the last two years? Also, check to make sure that it has never been stolen and that the loan is definitely clear.

 

Check The Vehicle For Maintenance Issues:

Make sure there are now spots of rust, oil leaks, the condition of the tires, seat belts, etc. If you don’t trust your judgement bring along someone that has a great deal of knowledge about cars or your own mechanic.

 

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Things to Think About When Buying A Used Car

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Buying a used car is almost like a rite of passage. A lot of times, especially with the cost of living so high, a used car is the only option. I have a teen looking into buying a car right now and let me tell you, it has been really stressful. So I listed some advice I was given through research and it has helped tremendously. So I want to pass them onto you.

Look into Pre-financing Options:

Don’t just immediately go through the dealership. The best place to start is through your own financial institution, such as your credit union or bank. There are a lot of websites on the internet that can can provide up to date information when you need to research car loans.

Factor in Insurance Costs

When I bought my first used car I didn’t think about all of the other fees I would have to pay each month. I bought the car based on my budget and at the end of the month I had $50.00 left. Try buying tags and insurance with that. Needless to say it was a complete nightmare and I ended up almost working myself to death to pay for it. Always factor in your cost of insurance, tags, and any other fees. If you are not sure about what the insurance is going to cost, get a quote online or call your existing insurance company. They will guide you through the process.

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The Top Purchased Used Cars

Looking for a used car? Don’t know which car to purchase? Well we are here to help! After much research we have found the top used cars that have been purchased. Whether you are looking for a truck or small 4 door, we have you covered.

 

Ford 150:

  • Pro’s:
    • Reliability
    • Sporty Look
    • A lot of power ( V6)
    • Sits up to 6 people.
  • Cons
    • Higher Hood can diminish visibilty

Ford Fusion:

  • Pro’s:
    • Amazing styling
    • Very roomy with a lot of leg room
    • Awesome fuel economy
  • Cons:
    • Navigation could use improvement
    • Not good for large families

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How To Buy A Used Car Like A Boss

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It is time buy a used car. It can be a confusing and stressful time in anyone’s life. How do you know you are getting the best deal? How do you know that you aren’t getting ripped off? Below we will show you how to buy a used car like a boss. With this checklist you will wow your dealer and they will be amazed when you drive off into the sunset.

 

  • Talk Money- What can you afford? Are you paying cash or financing? If you are financing calculate how much you can afford each month, including the insurance and tags. Also, to keep monthly payments low it is a good practice to save money so you will have some to pay down on it. It can lower your monthly payments and make them more managable.
  • Find The Right Car- Whether you want something for looks or stability, you need to find the perfect one. Make a checklist of everything you want in a vehicle and then find one that has the most. Chances are you won’t find one with everything you want, but most of what you want and need. Trust me, AC is important in the summer time.

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