PURCHASING A USED CAR: CAR LOAN FINANCING TIPS AND ADVICES
Purchasing a second hand car will always come at a risk. You should be in the know on what to look for so as to avoid buying a junk. Before buying the car, consider; 1. The kind of car. There are many car models. Always choose the one that has a stable reputation when it comes to reliability but does not lose its value fast. The gas mileage as well as the safety ratings should be put into consideration. It is good to avoid luxury cars as they are most certainly difficult to maintain. 2. Mileage. It is not advisable for you to acquire a car with a higher mileage. A mileage that is more than 160,000 miles is too high. The lower mileage a car has the better. 3. Age. The car should not be too old as this will require many new parts and a lot of maintenance costs. It is better to acquire a car that is less than 10 years old. 4. The car value and cost. Cheap is expensive and it is more expensive if it is a used car. Your aim should be finding a less pricey car that is well maintained and in a good condition. If you have the option between a cheaper vehicle with doubtful qualities and an expensive one that is well maintained, go for the latter.
Car financing and advice
This section is meant to give you insights on what to look out for when financing a car. It is better to have a car loan with lower interest rates. You have to know the existing market for the rates as well as your own credit levels. It is imperative that you consider; 1. The lender. Money will most certainly be acquired from a bank, a credit institution or from the car dealers financing arm. Choose the lender with the lowest interest rates so that your loan will not accrue high interest rates incase the repayment period is extended. Loans through car dealers offer a way of getting low interest rates from the car manufacturers.
2. The car to buy. Cars that are new have lower rates than it is for older cars. New cars are bound to have a zero percentage refinancing even though some manufactures sell pre-owned stock with zero percentage offers.
3. The length of the repayment period. Loans that take a long time to repay always have higher interests. This may leave you having more interest values than your car is actually worth. Find a loan whose repayment period is the shortest possible. Knowing your financial status as well as the rates that you are eligible for from a lender will make it hard for a car dealer to sign you on a higher interest rate.
4. Lastly, be cautious when trading in a vehicle that you still owe money on. Trading the car for a new one will always result in auto dealers paying you less for the trade. In case the bank contacts you, you are legally liable as the old car loan is still under your signature. Trading a new car loan with a used car will demand the dealer to certify that they will finish off the car loan in utmost 10 days.
================================================================================
Trust only Quality One Auto Sales for your car financing.To get more tips and advices on buying second hand cars click here .
