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Car Financing: Tips for Purchasing a Used Car

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The following are tips to follow when buying used cars;

1. Investigate the dealer. 

Always check several car dealerships and their prices (including all applicable taxes), so that you have an idea of ​​which cars fit your budget. You can easily get all the necessary information on the internet, magazines, and newspapers.

2. Check the condition of the timing belt. 

Not everyone knows what to look for under the bonnet of a car. One item to ask about is the car’s timing belt. Pay attention to the manufacturer’s recommendations and check that the timing belt has been replaced on time and in accordance with the manufacturer’s recommendations. It is essential, because problems with the timing belt can cause significant and expensive damage to the engine. 

Check for availability of the manufacturer’s spare parts for the car model you are interested in. Spare parts that are no longer made for your make and model can be very difficult to find and will be extraordinarily expensive.

3. Ask for referrals

Ask family, friends, and neighbours, who may have the same vehicle that you are considering buying, for their opinions. Consider what you are told about fuel consumption; the number of miles to the gallon, (klms. per litre), actually being achieved and any performance concerns you may have.

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4. Comparing more than the price.

If you want to buy a used car, try not to have a car that has travelled more than 100,000 miles, and requires more care and maintenance compared to a newer car. Many car dealers offer discounted prices, making new or newer cars affordable. When buying a car, consider the relative price of the marque. You can literally afford to spend a few extra pounds to avoid some of the expensive and unavoidable repairs that you could incur with a previous model or car that has more than a few miles on the odometer. Remember, now is the best time to invest in a car.

5. Compare loan rates. 

There are many companies that offer personal loans where you can compare prices to get the best rate possible. These companies often offer support 24 hours a day, 7 days a week through a financial advisor, help you complete the application faster, and can even direct you to 2 or 3 different locations to get the best deal. Avoid asking for loans in a dozen places, as this can affect your credit rating. As with the car you are considering buying, it is best to be selective with the auto finance company you choose. We recommended PoorCreditCarFinance.co.uk for your bad credit car finance needs.

6. Negotiate with the car salesman face to face. 

There is no advantage to negotiating over the phone. Visit the dealer in person, if possible, so that you can negotiate and guarantee the warranty, service, and price of the vehicle you are buying. Negotiating face to face gives you the edge!

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7. Create a Budget 

Running your budget will help you avoid financial problems later down the line, allowing you to enjoy your new purchase without buyer’s remorse. 

Write down the features you need in your car. Do you need a seat for a child? Do you need a powerful engine? A leather interior? Do you want diesel or petrol, hybrid or all electric? Many features need to be taken into account, and once you have control over them, you can decide which features should stay and which ones can stay within your budget.

If you follow these 7 car financing tips, you will be able to buy a vehicle that meets your needs. Asking questions is key, as is listening to what others have to say. Once you have gathered all the information you need, you’ll be well on your way to owning your own, new or used car!

 

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