Financing a used car

Financing a used car

Financing a used car

Knowing your credit is the first step in used car finance as well as what is listed on your credit report. You can get this information by requesting a free report (you are allowed one from each bureau per year) or by paying for a copy of all three. For an additional fee you can also request your credit score along with your credit report. If you have bad credit it is possible to get car finance with no co signer; you will just end up paying a higher interest rate than if you had a co signer with great credit.

Once you've received your credit report, verify its accuracy. If there are any omissions or mistakes, each bureau (TransUnion, Experian and Equifax) has a procedure that will allow you to make corrections to your credit history.

With your credit report in hand, you'll have to determine a budget for yourself if you want to finance a car with bad credit. To help you with this, most of the top ranked web sites offer different calculators to help you determine how much you can truly afford. You can estimate potential payments, compare buy and lease options as well as decide whether it might make sense to use a home equity loan or equity line of credit to finance your next vehicle.

Once you've worked out your budget, the next step is to begin researching your next car. There are numerous web sites that can provide you with basic used car information. Other sites detail the topic more in depth, with information on dealer cost, invoice pricing, rebate information and special finance offers from various captive finance companies. Some online sites, such as those from the various enthusiast magazines, offer their own perspectives on performance, quality and durability. Finally, for true unbiased ratings, you can purchase a subscription for the Consumer Reports web site which offers testing and long-term durability as well as true dealer cost information on all models sold in the U.S.

After all your comparisons and research, you need to narrow your decision to three or four different models. Visit each dealer and take each one out for a test drive. Make sure you look into how much insurance would be for each of vehicles; you may find that the insurance combined with your monthly payment, is way beyond what you are willing to spend.

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