The decision to buy a used car can be a stressful one. There are a lot of things to consider and have checked before you spend your hard-earned money. There are some assumed risks a buyer takes on when buying a vehicle that is pre-owned. Finding and purchasing a used car that is trouble-free will
The decision to buy a used car can be a stressful one. There are a lot of things to consider and have checked before you spend your hard-earned money. There are some assumed risks a buyer takes on when buying a vehicle that is pre-owned. Finding and purchasing a used car that is trouble-free will take some time and effort. It is important to know how to determine how reliable a used vehicle is before you purchase it and have to spend your hard-earned money fixing unsuspecting mechanical headaches down the road. To make the process a little easier and less risky, below are some tips on how to properly evaluate the condition of a used vehicle before you purchase it.
Evaluating A Used Car:
•Ask For Ownership History- If available, request the ownership history for the vehicle you are considering. Also, take note of the mileage from the odometer and view any available maintenance records.
•Inspect Body- Carefully inspect the body of the vehicle for damage. Note any scratches, chipped paint, dings and any other obvious damage that may need repairing.
•Thorough Test Drive- It is crucial to take a used car for a test drive. Pay close attention to how it handles. Check how well the brakes work, if the car pulls in any specific direction or if there are any noises that are unusual.
•Have Vehicle Inspected- Before purchasing a used car, have it thoroughly inspected by a qualified mechanic of your choosing. They will be able to let you know if the car is worth what the seller is asking for it. Be wary of sellers who encourage you to use their mechanic.
•Vehicle History Report- Ask for a copy of the vehicle’s history report from an independent service. Companies to consider for this tip include AutoCheck and CARFAX. You can use the vehicle identification number to check if the vehicle was involved in any floods or had been rebuilt. These sites can also alert you to odometer fraud.
•Service History- If purchasing a used car from a private seller, ask them if they have maintenance records that you can review. Most car dealerships selling used vehicles will have service records for their customers to review.
•Read All Fine Print- Before you purchase a used car, it is important to fully understand what is covered in the warranty. Read the fine print to see how long you are covered under warranty and if there are any restrictions to be aware of. Some warranties cover specific repairs and some do not.
Safely Buying A Used Vehicle After Evaluating It
When purchasing a used car, especially from a private seller, it is important to take precautions so that you don’t get taken advantage of. Always get the sale in writing before money exchanges hands. It should include a promise of the condition of the vehicle and some evidence proving it, if possible. Any correspondence regarding the sale of a vehicle should be saved. Keeping a secure paper trail on all transactions can save you headaches in the event you were sold a lemon. Pay special attention to any used car listings that speak of new or repaired parts.
Getting Funded- Differences Between Credit Unions And Banks
If considering personal loans for buying a used car, you may be wondering if you should go with a bank or a credit union. Banks and credit unions have their differences and distinguishing between the two can be confusing. The most important difference between the two is that banks are institutions that are for-profit. Credit unions are non-profit organizations.
Other notable differences include banks having higher fees and lower interest rates while credit unions offer lower fees and higher interest rates on their loans. Additionally, it is easier to find a bank nearby than a credit union in some cities. Credit unions often boast better customer service, and banks often have rewards programs, better technology and easy mobile access.
Choosing between a bank or credit union depends on what features work best for you. Consider your priorities including customer service, services offered, banking applications and branch locations. When looking for a loan to buy a used car, you may want to shop around at both banks and credit unions to find the best interest rate offered.