The limitations will vary by lender. In this case, your next move might be to apply for a personal loan. Just be aware that those interest rates are typically higher than for auto loans. There are a number of places to purchase a used auto. Here's a quick rundown: CarMax offers no-haggle pricing and cars that are in good condition, but its prices are a bit higher than you'll find elsewhere. Private-party sellers have lower prices and can be negotiated with more easily, but the burden is on the buyer to get the car inspected. Major dealerships sell certified pre-owned cars that are in excellent condition and backed by factory warranties.
This option will appeal to buyers who want to minimize the risks of buying used and are willing to pay extra for it. Independent used-car lots are another alternative but can vary wildly on price and the condition level of their cars. On Edmunds, it is easy to check your area for local vehicle listings. At the top of this page, simply type in your ZIP code and hit "Go. Once you've narrowed the field down to a couple of candidates, it's very important to thoroughly check out their condition and take them for a test drive.
A thorough vehicle inspection can shed light on potential problems or tell you whether the car has been in an accident.
Buying a Used Car
Don't hesitate to bring your mechanic to see the car or to request a mobile inspection. Take the car for a spin to listen for any unusual noises and to see if you like the way it drives. If you are an audiophile, now is also the time to test-drive the audio system. A vehicle history report from services such as AutoCheck, Carfax or the National Motor Vehicle Title Information System is worth the money and could help tip the scales in favor of one car over another.
Don't stress out over a little bit of haggling. If you've done your homework on the car, you will have the information you need to negotiate. Make sure you input the correct miles and choose the applicable options. Edmunds' TMV tool will show you what you can expect to pay for the vehicle, depending on whether the seller is a private party or a dealership.
You'll also get the car's estimated trade-in value. Consider printing a copy of the TMV and bringing it with you to help wrap up the deal. Keep in mind that TMV is an average. You may end up above or below the price. But as long as you get reasonably close, you've paid a fair price. Most private sellers aren't as experienced in negotiating as dealers, nor do they want to negotiate as car dealerships do.
Use this to your advantage and make a fair but aggressive offer. If the seller turns it down, be persistent and counter with a slightly higher amount. Remember, it might be OK to spend a little more than you'd hoped if you found the perfect used car. When the time comes to close the used-car sale, there are a few important items to take care of. Have the seller get a smog test for the car if your state requires one.
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Check the registration to ensure it is current. Make sure the seller gives you the title also called a "pink slip". If the owner still owes money on the vehicle, you may have to contact his or her bank or credit union to complete the transfer of ownership. Some states require the seller and buyer to complete a bill of sale. This document is good to have in case you are pulled over and haven't yet registered the vehicle. To prevent any hassles like that in the first place, go to the Department of Motor Vehicles as soon as possible to register the vehicle in your name and pay any appropriate taxes.
To find a dealership that knows how to treat shoppers right, please visit Edmunds Dealer Ratings and Reviews. Popular searches. My Account. Home Used Cars. Any Make. Any Model. Loan Payment.
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Negotiating Car Prices Tips on how you can potentially save thousands of dollars from the sticker price when you buy your next new or used car. Car Buying Documents That Matter Here are six documents to read carefully when you're purchasing a new or used car. Highly-rated used cars.
Buying a used car If you've come here looking for a great deal on a used or certified pre-owned CPO car, truck, SUV for sale, then you're in the right place. Quick guide to buying a used car All you need to know in 5 easy steps Buying a used car is one of the smartest financial decisions you can make.
What To Look For When Buying a Used Car - Germain Cars
Research your prospective car. Get your financing in order. Figure out where to shop for your car. Test-drive and inspect the vehicle.
Carbuying can be tiring: Here are the best used car websites to make it easier
Negotiate and close the deal. This will depend on your comfort level and your perspective on when a vehicle has been driven too much. Some people are scared off by seeing , miles on the odometer even though it's an outdated milestone. And while , may be a closer indicator of excessive miles on a vehicle, it still doesn't mean the vehicle won't go past it.
It greatly depends on how well the vehicle has been maintained.
What To Look For When Buying a Used Car
Learn more. This answer is subjective since many people have varying opinions on what makes a great used-car website. If you have enough funds to buy your used car outright, you can save a lot of money over the long term and eliminate the mistake of buying a used car based on monthly payments. On the other hand, first-time buyers of new cars test drive as many as seven new cars, on average, before making a purchase. This disparity in statistics might be why there are many third- and fourth-owner used cars on the streets. When you don't test the asset that you're purchasing, you run the risk of experiencing a bout of buyer's remorse.
In the case of used cars, it's imperative to test drive a few before making a purchase decision. This protects against buyer's remorse and also ensures that the car is running properly. While many people test drive cars before purchasing, few have used cars checked out by mechanics before finalizing the deal. Even if you have to pay for the inspection yourself, it could save you a lot of money in the long run.
However, it's possible to have the seller pay for the inspection. If the seller is a car dealer, chances are it's already an offer, but make sure it is.
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