Buying a car is a pretty big investment. Figuring out how to fund it can be challenging. You generally have two options. You can get financing or pay it in full in cash. It’s important for your financial health to carefully consider your options before making that final decision when buying used cars.
Pay in Full
While it is a great idea to pay for the car in full and just get it over with, this is a rather large purchase. Most people simply don’t have enough money lying around to just buy a vehicle. You don’t want to stretch yourself too thin or completely deplete your savings just to pay in full for a car. If you don’t have the money as extra cash that won’t affect you if you spend it, then it is probably a better idea to consider financing.
The obvious downside about financing is it costs money to do it. You will pay interest, which drives up the overall cost. However, you also get to break up the cost over a number of months. This lets you better work it into your budget and not stretch yourself too thin.
What’s the Best Option?
For most people, the best option will actually be a combination of paying in full and financing. What we mean is that you should try to put down as much as possible on the vehicle so you only have to finance a small part. For example, let’s say you are looking at used cars that are selling for about $20,000. If you find one you like at that price and put down $10,000 as a down payment, then you only need to finance $10,000. Paying that back wouldn’t take much time at all.
Used cars are a great opportunity to get a good vehicle at an affordable cost. However, most people just can’t afford to pay in full upfront and need to seek financing. For the best possible situation, you should try to put down a large down payment so you only have to finance a small amount. This will ensure you don’t stretch your finances too thin, while also keeping long term expenses reasonable.
At first glance, it can be impossible to determine which vehicle you should buy from a large selection of used cars. We are eager to help you find a vehicle you love and are comfortable driving. Our team of professionals can help answer your questions and facilitate a test drive, as well as provide assistance setting up financing. As you prepare to pay us a visit, consider these aspects to help you determine which car is right for you.
Perhaps the most important aspect to consider is the make and model. Often, people have a preference about the kinds of vehicles they like the best and want to own. When narrowing your list, think about the purpose you want your vehicle to serve. Are you simply seeking a commuter car to get you from Point A to Point B each day? Or would you rather have something more durable so you can take adventures in the country. With a specific function in mind, you can more confidently select something that will be appropriate for your lifestyle.
The color of a vehicle is another incredibly popular filter that many buyers consider when looking at used cars. Are you someone who likes classic colors like black, white, and silver, or would you rather make a bold statement with a vehicle that is blue, green, or red.
Another important factor to consider is the standard features you wish to have. These could include things like automatic windows, a sun roof, automatic start, or a certain number of seats. Each of these determinants can help you narrow your selection to vehicles that will adequately meet your needs. When you share your list with us, we can direct you to vehicles that best fit your description.
By carefully choosing the make and model, color, and standard features of your dream vehicle, you can come better prepared to look through our inventory of used cars for one that is just right for you.
Purchasing a vehicle is a huge decision, whether looking at new or used cars. You are making a decision that has a big financial impact on you and those around you, so it’s natural to be wary about the purchase process. The problem is that with years upon years of used car purchases come the stories behind the ones that stand out. Myths about how every salesperson is trying to pull one over on every consumer are compounded by myths about how every consumer should go into a sale with the intention of being the one who pulls one over on the salesperson. While there are certainly stories that line up with these myths, transparency on both sides of the sale is always the way to go, and is typically how things transpire.
Utilize Information That’s Readily Available
One of the many reasons myths about buying used cars don’t hold much weight is that a wealth of information is widely available to consumers. You can research everything about a car and the company or person selling it before you even head to the lot, so you know exactly what you are getting into. The days of both parties trying to withhold pertinent information from one another as an attempt to gain leverage should be long gone. Simple research on both ends should lead to more honest dealings all around.
Both Parties Have the Same Goal in Mind
Another reason car buying myths seem to have gone too far in the direction of touting horror stories is that the salesperson and the consumer have the same goals in mind. Working out a deal that benefits both parties is indeed beneficial for both parties. The salesperson wants to sell you a used car, that’s the bottom line. And you, after doing all your research, know what you want and at what price you can afford it. There is always common ground to be found, and more often than not it is quite easy to reach that common ground. Find a salesperson that’s willing to work within your needs and you’ll be all set when it comes to buying a used car.
If you are in the market for a used car and need to get behind the wheel right away, our dealership can help. We understand that buying a used car with as little hassle as possible is the key to a stress-free shopping experience. From finding car loans that suit your budget and lifestyle to helping you complete the required paperwork to offering you servicing options for the future, we can streamline your search and purchase of a quality used car.
When you shop with our dealership, we can help you verify that the car you are considering has been inspected and certified as a quality vehicle. Not only will this make you feel more confident about your vehicle purchase, understanding the vehicle’s complete history and what was inspected and/or replaced can help you create a servicing plan with us in case the vehicle will need improvements or repairs in the future.
Helping Out With Paperwork
Few things are more frustrating than needing to get your newly-purchased car off the lot and into your driveway as soon as possible, only to have paperwork and red tape delay the process. However, when you decide to finance with our dealership, we can help streamline the paperwork requirements because most of it can be completed in house. As a result, you will be sitting behind the wheel sooner rather than later.
Navigating the world of car loans can be daunting, especially if you are buying a used car for the first time. However, when you finance through our dealership, we can help you understand the process and answer any questions you may have so that you feel confident enough to sign on the dotted line, and all in the time frame you require. Come visit us today to browse our selection of quality used cars and let us get you on the road in a car you love.
If you’ve started to look into car loans, you may be surprised by all of the options that are out there. It can be difficult to figure out where to start and what to avoid. When it comes to making a large purchase, you want to make sure that all of your money is going to the right place. You don’t want to have to worry about spending too much or not getting the best deal. Fortunately, there are a lot of lenders that want to work with you. If you’re about to embark on the purchase of a new car, here are a few things to keep in mind.
Get a Fixed Loan
It’s important that you stay away from adjustable rate loans. These are loans that can shift in price over time. You may wind up spending even more after a couple of years and you’re locked in. In addition to paying more per month, you could also end up paying more money on the car than it’s worth.
Avoid Subject to Approval Loans
If you aren’t sure what a subject to approval loan is, it isn’t difficult to understand. This type of loan doesn’t go through right away. You can take the car home while you wait for the terms to be accepted. Of course, this can be difficult if you take the car home and then your loan goes through. After that, they can try to give you a higher interest rate and take more money.
One Year Deals
Be careful when it comes to deals that will only last a year. It might sound nice to have zero percent interest or low monthly payments but this doesn’t mean that it will last. In fact, you could see the prices skyrocket in a few months or a year. A year doesn’t always feel like it lasts very long and suddenly you’ll be paying a lot more money.
You want to stay informed about car financing. Knowing what to look for and what to avoid can make all of the difference.