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| Tips for Obtaining a Used Vehicle |
Many drivers will be feeling the need to switch out their vehicle for a change and new drivers will finally be obtaining their first vehicle today; making the used car market a teeming industry that is full of quick sales and trades.
When you decide to search for a used vehicle, the process can be a bit more complicated than purchasing a new vehicle. Newer cars are unused and come with warranties; many used vehicles are sold as is, and can have serious mechanical issues. Meaning, the buyer should beware.
Searching For Used Cars
There is a great deal of ways to find your used vehicle, usually resulting in dealerships or private parties. If you are frequently online, you can keep an eye on many vehicle classified sites for great deals; and even other classified sites such as Craigslist.
These sites are a great way to latch onto impressive deals, especially when someone has an excellent car that they just do not use anymore. You can also frequent vehicle dealerships, as they also purchase used cars.
Generally, buying from a private party will usually render you the best deal.
History Reports and Inspections
A history report is very important when buying a used vehicle. With one, you can see details regarding mechanical work and collisions that the vehicle may have been involved in. This can greatly determine the true value of a vehicle.
Even if the vehicle is mechanically sound and the body is in good condition, a previous wreck can greatly reduce the value of the vehicle. Car check provided by sites like AutoTrader can make this process very easy for the buyer.
Once you have found a car that has struck your interest and you have checked out the history report for it, you should have it properly inspected by a mechanic. This can reveal any mechanical issues that may not openly reveal themselves, and can protect you from buying a problematic vehicle.
Inquiring About a Loan
Once you have chosen the car you would like to buy, you have to obtain a loan to purchase the vehicle. There is also the option of paying for the vehicle up front, rather than having to make loan payments afterwards. Generally, loans for used cars can be slightly tricky.
Banks do not like to make loans for vehicles that are older than 5 years, for the most part. However, there are still banks out there that will willingly make these loans.
If you have decided to save the money and pay for the vehicle up front, this can be a very wise decision; especially should severe financial problems arise in the future.
Banks will repossess vehicles when the loan goes unpaid; if paid up front, you are protected from this.
Buying- the Final Step
Once the loan process is complete, you should return to the seller and arrange payments, loan settlements, or pay the cash you have saved. You should then receive a bill of sale, and the title to the vehicle.
Sometimes, the loan lender will take charge of your title. Once all of the paperwork is signed and finalized, you can drive off in your freshly bought vehicle.
