Archive for the ‘cars and vehicles’ Category

Don’t Panic When You Are Purchasing a Used Car March 14th, 2010

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Are you interesting in purchasing a used car?  First, ask yourself why you want a used car. Today, you can afford a brand new car, as long as you look at some of the cheaper cars. For $13,000-$16,000 you can purchase a new Honda or Hyundai. Other foreign brands are also very cheap. If you can afford a $250-$300, try going to one of the local dealers and checking it out before you go to purchase a used car.

The thing with a used car is that you are purchasing a car that has been used and probably abused by someone else. You are taking the risk and hoping that the car has not been abused. Everyone always seems to go when the warranty goes so you want to think that the car is going to last at least a year before something goes on it. To help you with you purchase you should always get the VIN number of the car and go to a site online, car fax, to get a car history report.

You may want to ask the dealer for the report so that you don’t have to pay the five dollars for it. Car fax has saved a lot of people from purchasing a lemon. But, you never know what you are purchasing until you have already signed the papers. By getting a used car, you may end up learning some valuable lessons.

The good thing about purchasing a used car is that every state has a Lemon Law. The lemon law basically protects you for a short period from unlawful dealings. If you purchase a used car and you have a five-year payment plan, you should at least expect the car to last until the payments stop.

However, you want to make sure that your state protects you. The lemon law time period varies. You may only get three months, six months, or even a year on your lemon laws. Before you go to the dealer and sign the paper, ask your dealer about the lemon law and what they have to say. Then look it up for your area and see what the difference is. If he is shady in stating a law that he knows fully about, then you need to move on.

However, with the lemon law you have to get a lawyer and pay fees, and who has the time to litigate. You want to just purchase a car and hope that your losses aren’t that bad. You should make that you are purchasing a great car. Bring someone who knows a thing or two about cars and purchase only under their advisement. You are protected under the lemon law, but it is a hassle to enforce it. Make sure that you aren’t buying a lemon by doing your research and being careful about your selection.

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Being Smart When Trying to Get a Car Loan October 16th, 2009

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You may be exclaiming, “refinance my car” when you are ready to obtain a new car loan, and while this kind of statement does convey some relevance, it alone will not get you approved for the right kind of auto loan. These people must first realize that they need to understand a couple of things before they simply go out and start applying to lenders. The two things that are vital to comprehend if you want to get the best deal have to do with your reasoning to get such a loan, as well as the credentials that you can provide to a particular lender to get approved. First you should gain an understanding of why you want to refinance you current car loan.

When you are ready to determine this it is probably going to come down to either your desire to save more money each month, or your ability to obtain a significantly different loan term. If you can secure a loan that is at an interest rate that is lower than your current rate then you can save an abundance of cash over time by refinancing. You can also benefit a number of ways if you can get a loan that has much different terms than your past loan. If you can extend the repayment terms of your loan out by a significant margin then you can lower your monthly payment quite easily, and this should allow you to save a substantial amount of money each month.

To save the most money you are going to have to exhibit the appropriate credentials, and these usually come down to your credit, income, and expenses each month. Most car loan refinance lenders will want to see that you have at least good credit, and if you can present to them an excellent credit score they may even be able to grant you a 0% car finance offer. On the flip side if you have bad credit then you may only qualify for a poor credit car finance offer, as these are made by less established sub-prime lenders.

Lenders will then want to take a look at your income, and if you are applying without a cosigner then you are going to have to clearly display an ability to payback your loan on a monthly basis. They will also take a look at your current debt load and monthly expenses to evaluate the strain taking on more debt will put on your ability to payback such a debt. Once you have your credit and income in order then you should feel confident enough to go out and look for your refinance loan, and remember to always apply to as many lenders as possible to get the best deal.

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