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Where You Can Purchase Your Next Used Car: Several Places You Can Find Worthwhile Used Cars

When you’re in the market for a new car, you shouldn’t have a problem finding a used car you like. Before you go looking for any kind of vehicle, you should look at a car value book like Kelly Blue Book to give you an idea of what car values are. The biggest thing you need to begin with is a car make and model, as it’ll lessen the amount of looking and researching you need. If you don’t have any specific car in mind, you can go with a price range.

How People Look For Used Cars – Classifieds, Dealerships, Word Of Mouth and More

Most people turn to their classified ads to find themselves a used car. After all, their local paper and the area shopping directories tend to have a list of used cars for sale. While some dealerships won’t list all the cars they have in the ads, they tend to list a great deal of many cars in online directories. Of course, the ones listed are generally the best ones they’ve got. There is one big advantage to looking it your local classified ads… it’s local!

Thanks to the Internet, vehicle selling sites are making it easy to locate used vehicles from any place in the world. You can do the search right in your own home and find used vehicles that are available within the distance you specify. If you reside in a rural region, your zip code may not have anything show up in search results. Thus, you’ll need to supply the zip code of the biggest town or city near you to get you any search results. Many dealerships have listed both their used and new cars on the web so it makes it that much easier to find the used car perfect for you.

Visiting your local car dealerships is another way you can find your next used car. You can find them through your phone book’s yellow pages or the Internet. The majority of dealerships must adhere to specific regulations that ensure you that you will get a worthwhile, quality used car at the time of your purchase. The price of these certified used cars tends to be more than vehicles sold “as is” but well worth it if you want a dependable used car.

There are several more options to finding your next used car including hearing about one through word of mouth or seeing a “For Sale” sign. You can also speak with friends and relatives. People you know often don’t want to sell you a vehicle in non-worthwhile condition and they generally don’t want to charge you much for one.

That’s not saying that buying from a total stranger isn’t a good thing but you still need to be wary of their intentions. After all, if you buy from them, you can’t do anything about it should something happen to the vehicle. Privately sold used cars are sold “as is” so be sure to have it checked thoroughly by a mechanic.

Take Advantage of Vehicle Loan Process and Know the Terms

Most people are not able to afford a new car outright but that doesn’t mean they can afford a used car outright either. With that in mind, any person who wants to purchase a vehicle will need to take out a car loan that will finance the vehicle. There are several lenders a person can go through such as a bank, finance companies and credit unions; many of these places will specialize in vehicle loans. It’s not uncommon for dealerships to finance the loan as well.

Buying A Car: How The Vehicle Loan Process Works, How It Affects You

Before you sign anything, you should have an understanding of how the loan process works. Bear in mind that used car loans are a bit more complicated than new car loans, and it’s not uncommon to pay a higher interest rate for your vehicle. Why is that? The lender’s rationale boils down to two things:

1 – Your vehicle will break down before your loan is paid off.
2 – You, the borrower, will default on that loan.

For that reason, you should speak with several lenders to see what interest rates are the best. Never go with the first lender to be your vehicle car loan holder.

A lender will determine the used car’s value, basing it on one of several guides. To ensure that the value amount the lender has is right, it’s best to check it out for yourself. You need to look into whether or not there are prepayment penalties or term modifications. You also need to look into the issue of what happens if you default. A car loan can be very confusing and you don’t want to have any surprises creep up on you in your signed contract.

The majority of dealerships have some kind of institutional financing they depend on. If you choose to purchase a vehicle from a private seller, they may be willing to hold the loan themselves. In most private car seller cases, they tend to want the entire price of vehicle upfront. However, some sellers may be agreeable to a used car loan. It’s important that you and the seller are careful with how things are handled including payment schedule, interest rates and what happens if a default should occur (this should be written out).

The terms of your used car loans will also be based on your credit rating and history. If you have bad credit or not so good credit, the loan terms are going to be stricter. You will be subjected to a higher interest rate compared to someone who’s got impeccable or good credit. Not only do you have to worry with a high interest rate when you have bad credit but you have to deal with the possibility of a down payment or a large monthly payment.

When the economy goes south (bad), it can be extremely difficult to maintain your used car loan payments. If this happens, you might be able to refinance your vehicle. It would be in your best interest to send off a hardship letter to your lender, asking them for the refinance and why. Since a used vehicle is difficult to sell, the lender may decide that refinancing your vehicle is better than you going into default. Always send the letter before you realize you can’t make a payment.