Things To Consider When Buying A Used Car
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Things To Consider When Buying A Used Car
This is arguably one of the most important steps to take when buying a used car. In addition to doing your own preliminary check, a professional pre-purchase inspection ensures that the used car you are considering is exactly what it claims to be. s that the used car you are considering is exactly what it claims to be.
Buying a used car can be a good option when you're looking for a quality vehicle without the higher price tag. While a used car can be a sensible option, buyers still need to make smart choices. There's a lot to look for when buying a used vehicle, but here are some ways to help you choose the right car for you.
You can usually only tell if a used car is right for you by test-driving it. Getting behind the wheel and focusing on the feel of the vehicle on the road is vital. Here are a few key things to pay attention to during your test drive:
An oft-overlooked factor you should consider when shopping for a used car is the cost of auto insurance. Prices can vary substantially based on the model you choose. Our guide to car insurance is the place to find the cheapest insurance with the right coverage for your new-to-you vehicle.
With our used car rankings, shoppers can compare pre-owned vehicles by their overall scores and individual factors car buyers tell us are critical to their buying decisions. These factors include predicted reliability, safety, performance, and interior comfort and features.
Shopping and applying for used car financing is similar to getting a new car loan, but there are some important differences. Because lenders consider used car loans somewhat more risky than new car loans, you should expect to pay a higher interest rate. Lenders typically consider used car loans riskier for several reasons, including the fact that their values are less predictable. It's the car's value that acts as collateral on the loan. Used car buyers also may face higher repair costs, which can compete with making timely car payments.
Community banks offer many of the same auto-lending services as large banks, but they do so with a smaller geographic footprint, fewer branches, and often a more personal touch. Like credit unions, community banks are great places for borrowers who need a bit more help to finance their used car purchase successfully. With their roots in the communities they serve, many will be able to offer tips about other businesses in the area that can help you through the car-buying process.
Just as smart buyers should talk to multiple car dealerships and other sellers before buying a used car, you should apply at multiple lenders to find the best financing deal. It's critical to do so during a short span of time, so the credit reporting agencies don't think you're taking out multiple loans and ding your credit score over and over. Do your shopping over a week or so, and they'll just see it as one transaction. That's important, because each transaction that pulls a credit report lowers your credit score by a few points.
When it comes to used car dealerships, national or regional used car superstores are the new kids on the block. They offer many of the same advantages of franchised new car dealerships, such as expertise in handling paperwork, step-by-step buying processes, and access to an array of lenders. Many sell their own line of add-on products, such as extended warranties valid at any of their locations.
The report should note if a car has been stolen and recovered. If it has, you'll want to see when it was stolen and when it was recovered. If a long time has passed between the two dates, you'll want to take the car off your consideration. It's a red flag that indicates the vehicle was abandoned and later found.
Sales Information: The sales information section of a vehicle history report will show when the vehicle first entered service and how many times its ownership has been transferred. Watch for vehicles that have been moved repeatedly from