Purchasing an old car can be a much smarter choice comparing to a new one for a number of reasons. This can be an even more sensible decision if your credit history is less than perfect. We, at Valley Auto Loans, have spent years assisting bad credit consumers with all their auto loan related requirements. Through this blog, we try to share our knowledge to help them make better financial decisions and gain control over financial matters.
Though used car can be a better alternative for poor credit borrowers, it is important to remember that the demand for used are by no means limited within people who can’t qualify for a new car loan. More and more buyers now prefer used cars mostly because of the reasons mentioned below.
All new cars depreciate very rapidly. By choosing a car that is 2-3 years old, one can save anything between 20% and 35% in price comparing to the price of the same car in new condition. New cars come with warranties that are transferable. Therefore, the buyers can also save money spent on extended service contract by purchasing a used car that still has the new car warranty coverage. Most of the reputed car manufacturers now offer used car that are certified by the company. Though a bit more expensive, but the extensive service contracts offered with these cars provide comprehensive coverage.
In spite of these advantages, it is important for the buyers to look for certain things while purchasing used cars. Price determination is one of the most important parameters while purchasing an old car. It is possible to find out the retail book values from third party pricing websites, the CARFAX pricing guide and those values can be adjusted using shopping tools. Thorough examination and review of documents is the next most important task before deciding to purchase an old vehicle. Service records, title documents, and receipts are three of the most crucial documents to be checked. If you are satisfied with the price and documents, you must take time to check the condition of the vehicle. Recalled cars are extremely difficult to fix, and it is always better avoid these cars. Be extremely careful about digital odometer tampering because it is not easy to detect such tampering. Also, beware of flood damaged cars and check for dirt, mud, corrosion, and odors. It can be a great idea to have the car checked by a body specialist and a certified mechanic before signing the deal.
The easiest of all alternatives, however, would be to apply here and take advantage our top class auto loans service. We have built a network of poor credit lenders throughout the country just for you. Apply today and qualify for your dream car in less than a minute.