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Taking Charge of Your Auto Loan

9 July 2017 No Comment

In today’s society, we see a trend in more of the population choosing to use public transportation or ride share options, especially in major cities. While being eco-friendly is great, statistics prove that owning a car is still greater with 91% of US households owning at least one. Telling your date that the Uber car you called will be outside to pick her up around 7 just doesn’t have the same ring to it as, “I’ll pick you up around 7 in my Lexus.”

Any gentleman needs his own set of wheels, that much is obvious, but purchasing a new car can be expensive enough before factoring in insurance and an auto loan. That leaves the cheaper used car option, leaving many on an almost endless hunt for a gem amongst a sea of lemons.

All too many of us have been burned before, but there are steps you can take to secure the car of your dreams even if it has some previous mileage on the odometer. According to auto.loan/used online guide, “…a car is the second most complex purchase most people will make, next only to a house”, so choose wisely.

Where to Look

You really only have two options to choose from: head to the dealership and hope to find a reasonable price, or find a private seller and hope you won’t regret your purchase in a month. However, if you know what to look for in either situation then you can walk away with the deal of a lifetime. Each has their pros and cons, so be sure to weigh your options well.

While you can easily haggle for the best price with a private seller, a dealership is more likely to have documentation of any previous damages. Used cars from a dealer are more likely to be up to date on inspection and maintenance, but a private seller may accept different forms of payment like a fair trade or PayPal. You will have no idea who the seller actually is, potentially making meeting up with them unsafe, but you can always count on the reputation of a dealer.

It all depends on the experience you want, and on who has the type of car you are looking for.

What to Look For

A savvy used car buyer is going to ask about the vehicle’s history upfront. Accidents leave the potential for underlying issues to surface down the road, and multiple owners often indicate a series of problems with the car. If the private seller or dealer cannot provide proper documentation for these two important factors, then it’s best to end your business with them right there.

After viewing the history, give the car a good once over to determine its condition. If the interior was well maintained, chances are the maintenance on the car has been kept up with. Look closely for scratches, dents, chips, and rust all around the body of the car, then make sure the engines and belts are in good condition with the belts aligned properly.

The Test Drive

Easily the funnest part of looking for a car, this is your chance to make sure everything is in working order. Make a mental checklist of the:

  • speed of acceleration
  • condition of the brakes
  • any irregular noises or unusual smells
  • turning radius
  • how responsive the steering is
  • whether all its bells and whistles work as they should

If everything is in tip top shape, then you may have just found your next new car!

Help When You Need It

Buying a used car isn’t as scary of an experience as many make it seem. Choosing to purchase a used car can provide you with an amazing vehicle while helping you save money at the same time, so use all the resources available to get the best deal without being taken advantage of.

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