Used auto loan plus buying and downpayment tips.

Used auto buying tips:

Most banks won't grant a used auto loan for a car older than 4 or 5 years, which makes online shopping for a used auto loan the better choice. Banks charge at least 2% higher APR on used car loans than they do for new auto loans. But online lenders are much cheaper, and used auto loan rates are closer to new car loan rates.

Used auto loans and used car financing
If you are buying a car from a private person, first see if you qualify for a used auto loan online for a competitive interest rate. Never pay cash for a deposit on an auto. If the deal falls through, you may never get your cash back, but you can always dispute a credit transaction.

How Much Used Auto Loan Can You Afford?
Before looking for a used auto, know how much you can afford.Banks will only lend you money to buy a used car up to 5 years old.This is why you are at a disadvantage when you trade in a used car over 4 years old at a dealer.The banks won't lend money to buy these older used cars, so they are harder to resell.

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Apply in minutes for a no credit or bad creditused auto loan, or maybe it's time to treat yourself to a new auto. Apply through our network auto loan lender today. Getting a used auto loan quote is fast and easy. Our used auto finance lender is ready to assist you, regardless of bad credit or no credit.

Some problems to be watchful when buying a used auto:
Prior accidents
Odometer rollback
Missing airbags
Flood damage
Mismatched VINs
Auto salvage auction sales
Stolen auto

Although a mechanic can check for obvious problems, you'll need to do a title search to learn details about the auto's history.

Tips on buying a used auto:
Search online used auto classifieds and your local newspaper. Get a 30 day unlimited Vehicle History Report from one of many online resources. Take a test drive to your mechanic, and have the auto looked over. A mechanic may only look at the engine and transmission, so you will need to inspect the trunk, upholstery and other areas. Negotiate with the seller or used car dealer. Make certain the seller has possession of the auto title, and transfers it to you immediately upon purchase, as well as providing a Bill of Sale. Most used autos are sold "As Is", but you can try to haggle for a limited warranty, such as a 30 day warranty on the engine and transmission. Don't be surprised; particularly if you're buying a used auto from an individual or an older model from a dealership, if you can't get any type of warranty. Finally, be sure the owner's name on the title is the same as the person selling the auto to you.


Avoid Used Auto Auction Scams: You've probably seen ads like this:

Seized Autos from as low as $500. No Money Down!

Don't be a victim of auto auction scams. These listings aren't always what you expect, and what you do receive is information that is readily available for free. And although it's possible to buy cars at auction through foreclosure sales, you won't find the deals they boasted on their advertisements.

The listing you'll receive contains general information about auto auctions and addresses and phone numbers, all of which are available in your phone book. You'll still need to call for details about upcoming auctions.

Despite what you heard about auction guides or seen in ads, autos at auction typically sell for their fair market value. These auctions attract a variety of buyers, including used car dealers, so bidding is competitive. At many government sales, the items are appraised before the sale and won't be sold if the bidding is too low. It's rare to find high value autos for sale, especially at bargain basement prices. Generally the cars that sell for $500 or less are damaged or junk vehicles purchased for scrap.

 

Need more information? Read our financial and credit articles related to used auto, and join our online financial newsletter.

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