Make sure you know that car's history
Before you even think about financing a used car, you need to run a AutoCheck Vehicle History Report AND have a certified mechanic inspect the car. If you don't do both of these, and you end up getting screwed, don't email me. You have been warned.
Used car loans and used car financing
If you are buying a car from a private person, use the Capital One Auto Finance person-to-person loan or HSBC Auto Finance. Capital One Auto Finance and HSBC Auto Finance also provide used car loans for buying from a car dealer as well. Apply online and get approved in an hour. They FedEx you a check so you can buy any used car without paperwork hassles. Your Capital One Auto Finance loan Annual Percentage Rate (APR) will vary based on the model year of the used car purchased. The newer the used car, the lower the APR. Capital One Auto Finance provides you with a table of model years and APRs. In some cases you will actually save money by buying the newer more expensive used car at the lower APR. I helped my friend Jerry buy his used Lexus RX300 and had him apply at Capital One Auto Finance. They approved him and he got his check the next day by FedEx
Which site should you use? First make sure your credit score is at least 680, then as a prime borrower, you can choose by who has the lowest APR. People with bad credit pay higher auto loan interest rates. Get your credit report instantly online, it's a must for The Folder. DO NOT apply for a car loan until you get your credit report WITH credit score. Get it online at Experian, Equifax or TrueCredit.
If you have bad credit, submit one FREE application to a bad credit auto loan site like AutoCreditFinders, that specializes in finding bad credit car loans for people with low credit scores. If your score is <540 don't apply for a car loan until you learn how to repair your own credit at our other site DebtWizards.com.
Never pay cash for a deposit on a car
If the deal goes south, you'll never get your cash back, but you can always dispute a credit transaction. You may need a new, clean credit card to handle deposits, and purchases, don't pay cash. If you have good credit, try either the Discover® Platinum Card
or the Discover® Student Card, both have no annual fee, 100% fraud protection and 0% APR for 12 months on balance transfers. What if you can't get credit at all and keep getting rejected? Then try this Credit Card Finder For People With Bad Credit. Don't keep applying to credit cards, get rejected, and your credit history ruined further, find out who will approve you before you apply. They find at least 2 credit cards guaranteed to issue an unsecured credit card to you. If your credit is so bad and If you're in too deep, maybe now is not the time to buy a car.
Shop Auto Insurance Costs for Your Used Car
Before you shop for a used car, get auto insurance quotes to find out how much it will cost to insure it. Auto insurance sites like Comparison Market, GEICO
and Progressive Auto Insurance give free online car insurance quotes.
Get An Extended Warranty for your used Car
Get an extended warranty for your used car. The best car warranty site we have researched so far is Warranty Direct. Read our chapter on Extended Warranty Scams & Tips, or you'll be out several hundred dollars. If you buy a 3 or 4 year old used car, that's when the manufacturer's warranty expires and all hell breaks loose. Unless you have an extended warranty, you are exposed to potentially large losses.
World Trade Center Damaged Cars
Thousands of cars were damaged in on 9/11/2001 These cars will be salvaged, rebuilt, sold at car auctions and have their titles rebuilt, most likely out of state. Even if you live in another state, run a AutoCheck Vehicle History Report on every used car before you buy. Other major vehicle disasters:
- Hurricanes Katrina, Rita and Wilma in 2005
- 4 Hurricanes, Charley, Frances, Ivan and Jeanne battered the Southeast in 2004
- Tropical Storm Allison Flooded 20,000 Houston homes and cars in 2001.
- In 1999 Hurricane Floyd flooded or totaled 15,000 cars in the Carolinas.
- In 1999 Hurricane Irene flooded hundreds of cars in South Florida.
Know your credit score. Get your online credit report.
Read our Auto Finance Help Section for tips on getting your credit report, credit score, and repairing bad marks in your credit report. You can get your credit report online from Experian, Equifax or TrueCredit. Be sure to do that first, most people don't know what's on their credit report, or have never seen it, yet the car dealers and banks have! Looking for a bad credit auto loan? If your Credit Score is < 680 and you're rejected, don't submit apps all over that keep getting you rejected. Submit one FREE application to a bad credit auto loan site like AutoCreditFinders, that specializes in finding bad credit car loansfor people with low credit scores. Then send in extra principle payments to buy down your APR and pay off your car loan faster. Depending on other factors, a high quality lender like Capital One Auto Finance can approve loans for people with scores as low as 540.
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