Buying a car is an awesome moment of your life which makes you feel like you’re on top of the world. However, you have to be careful when you make a decision regarding a car and if you want to buy a used car then the decision becomes even tougher. It can be an extremely tricky choice which can either result in a very profitable option or turn out to be your worst nightmare. You’ll be taking small cash loans to cover for your mistakes.
This means you need educate yourself while making such an important decision. You need to take a good look at the history of the car and give a thorough inspection of the interior as well as the exterior of the car. You need to take many aspects into consideration as cars are not easy to buy or sell again if you don’t buy one of lasting quality.
How to Buy a Used Car
Buying a used car is not as tough as you might think if you act wisely and follow the right directions. You need to look deep into various aspects of buying your own car which requires more responsible and cautious behavior. Here are some steps you can take to ensure a good deal:
- Look for the Best Used Cars Available
Well, this might sound obvious to you but you need to identify where you need to look when searching for a good used car. The best way to start is search online for classified ads for used cars then you can go to the newspaper and look for advertisements regarding the sale of used cars. It’s a good idea to look for cars on bigger websites that solely deal with the sale of used cars as you will have a lot of options to choose from according to your needs and budget. Going to dealers directly without doing any prior research is not the way to do it. You could easily be exploited at the hands of dealers whereas when you look at ads online for reputable websites then it helps you make the right deal because they wouldn’t support any scams.
- Investigate the Car’s Previous Information
This is definitely the most important and useful advice that you will get, from everyone around whether it’s a website, friends or a mechanic when buying a car. You need to have a look at the previous information of the car like the oil changes and the mileage records. This will help increase your knowledge about the condition of the car. Many people don’t bother to look at the history report of the car and then regret it in the end. If the sellers or the dealers refuse to give you the VIN, then it’s likely that they are trying to hide something so you should definitely move on and look for the next car. Many argue that you can never know about the real condition of the engine unless a mechanic opens the entire engine to know about its defects and faults. You should consider buying a used car that still falls under the manufacturer’s warranty. This is because most sellers get the exterior of their car repaired to look as good as new so you can’t be sure how well the car has been taken care of.
- Ways to Finance Used Cars
When you buy a used car the financing depends on upon whether you buy it from a dealer or a private owner. However, most banks do not finance a car that is older than four to five years or even if they do then you have to pay an APR at least 2% higher than you pay for new cars. On the other hand, if you opt for an online lender to buy a car, then you are more likely to get a good financing deal where you would be able to pay a lower APR. For such deals, you need to be careful to have a credit score greater than 680 because then it becomes really easy to finance your used car. If you don’t have a good credit score it is advisable to improve it before you decide to buy a car or you’ll be looking up payday loan requirements. This will make the burden less and you can easily afford the repair costs and maintenance of your car which will ensure a greater lifespan for the engine and durability.
- Good Negotiating Skills
In order to seal a good deal, you need to have great communication skills and have good negotiating tactics. It’s the most dauntless characteristic while buying a used car, as you have to use all the information at hand skillfully to lower the price as much as you can. This means you need to invest enough time and research in order to know the most about the car so you can negotiate in a suitable manner. You don’t need to beg for a lower price but act intelligent enough to bring the deal in your favor.
- Making the Payment
When it’s finally time to make the payment, then you should be careful enough not to pay by cash because if something goes wrong you will face trouble and secondly because carrying too much cash can actually be dangerous. Hence, the payment should be made through credit card or a check either personal or official because this will involve some kind of paper records.
Buying an old car may not be a piece of cake but it’s not as tough as most of us imagine it to be. Do you have any suggestions for buying a used car? Any used car nightmares?
Joseph Priebe is a graphic designer and photographer unleashed as a content marketer. When he’s not writing about loans or saving money, he’s scraping his pennies together for a 68 Camaro.