Advice and Negotiation Tips for Shopping Used Cars

Buying a vehicle is never easy, but buying a used vehicle is downright difficult. You will get your hopes up numerous times by an ad that seems too good to be true, only to be let down when, in fact, it was too good to be true. Someone might advertise their car as “Like new! Mild wear and tear! Runs great!” when in actuality, it is very much old, has extensive wear and tear and doesn’t run at all. Yes, it happens. That is why, when shopping for used cars, you should know where to turn and how to negotiate. Don’t fall for a scam and bring home a lemon, and use the following advice to help ease the pain of your search:

Go to a Dealer

Sure, you know someone who found a great deal on Kijiji, or are even friends with that lucky person who bought a car on Ebay ten years ago and it’s still running great today. However, those people are the exceptions to the rule that states that you should never, ever shop for used cars online. Not only is it impossible to tell the true condition of a vehicle without actually seeing it, but also, you’re risking spending thousands of dollars a car that may take a dump on you ten minutes after purchasing it. Then, because there is no warranty, you’re stuck with an old car that doesn’t run and no money to fix it.

Find the Car You Want

Before you head to the dealership, know what you’re looking for. If you head to the dealership without a clue, you may end up purchasing a vehicle that is over your budget and all wrong for your needs. Identify the traits you need in a new used car: good gas mileage, three rows, ample storage space, etc. Once you do this, set a budget and head to the dealer.

Negotiate Like a Pro

Negotiating for a fair price might be the most daunting part of the car buying process, but it’s necessary. Dealerships expect you to negotiate and price their cars accordingly. Use all the knowledge you have regarding the vehicle to bring the price down.

Use the tips above when shopping for used cars to get the best your money can buy.

Who You Should Bring Along When Shopping for Used Cars

Shopping for used cars can be a daunting experience. With so many makes and models to choose from and with so many ways to finance your vehicle, going it alone can make you feel less confident than you normally might. To make your experience more pleasant, we have some tips about who you might bring along as you shop and take test drives, as this may help you make a more confident purchasing decision.

Your Spouse

Having your spouse along with you as you shop for a used car might make you feel comfortable in terms of helping you decide what kind of car best suits your needs as a couple or a family. You can also bring them to help you keep track of your paperwork and for moral support as well, especially if this is your first time buying a used car on your own.

Your Mechanic

If you have a good friend who is a mechanic, they can be an invaluable individual to have along when you’re browsing used cars. You can ask them questions about which models have the best track record when it comes to safety and reliability. Taking them on test drives might also help you understand and identify any unfamiliar noises you might hear.

Your Adult Children

Having your adult children accompany you on your used car shopping trips can be extremely helpful, especially if you have not purchased a vehicle in some time and are now a senior. They can help you make decisions about which finance option is best for your budget and assist with filling out paperwork if you find yourself running low on energy. If you are not familiar with today’s technology, your kids can help a dealer explain features such as GPS, Bluetooth capability and more.

Shopping for used cars can sometimes feel overwhelming if you go it alone. Bringing along a spouse or a loved one can help you feel more confident that you are getting the most for your money.

There’s a Car Loan Waiting For You

Perhaps you’ve met people who have totally sworn off the idea of financing a far. There are those who think car loans are a bad idea and instead insist on purchasing vehicle outright. But the truth is, a car loan may be your best option. Luckily, you don’t have to worry about placing yourself in a bad position, because car loans are available to suit your unique situation.

Flexible

Your credit history and spending habits will have a lot to say about your next car loan. When you secure your financing, rates and terms will largely be dependent on these two factors, along with your purchase price and how much you are able to put down. Fortunately, if you have strong credit and have demonstrated the ability to pay installment loans on time, you will be able to secure a low interest rate at a term you can be happy with. You loan can be catered to meet your needs.

Dealers Will Work With You

Dealerships can take care of the loan steps, saving your time and hassle. Even if your credit is poor, you don’t have to disqualify yourself from getting your car. This is because here at Bryden Financing & Auto Sales we will do everything possible to get a loan that works for you. Don’t mope and worry that it’ll be impossible for you to get a loan.

Overpay if You Want

Another great thing about a loan, including a car loan, is that there’s nothing wrong with exceeding the monthly payment. If you find yourself with a little cash one month and want to pay down your loan, you’re perfectly able to do so. This will help you get closer to outright ownership of your car without having to pay everything up front.

Car loans are an excellent option for you when it’s time for a car. Follow these guidelines when debating whether this purchase method is right for you.

Suggestions For Getting a Car Loan With Bad Credit

If you have bad credit, it often feels like a pit that you can’t climb out of. You don’t have good credit, and this gets in the way of getting the tool that you need to improve your credit. However, it is not impossible to get bad credit car loans, and there are some ways to make it easier to get accepted, and get a little bit of needed money lent to you.

Large Upfront

What bad credit car loans and the companies that offer them are worried about is getting their money back. This means that if you show up with a large chunk of money to start with, they are going to be a lot more willing to give you a loan because the loan amount will be smaller, and the lenders see that you have financial capabilities. If you don’t need the car for another week or month, it could help waiting for the next paycheck, so you can add a little bit more to the upfront you can offer as a down payment.

Proof of Finances

If you have a steady income, bringing tax information or pay stubs to prove that you have and will have enough money to make the payments will go a long way in convincing people to give you bad credit car loans. It is easy to understand that even with past bad credit, your financial situation has improved, and you are ready to improve your credit score. Showing lenders you have the money will let them believe they will get their money back.

Present Well

People are often judged on how they look. This human behavior may be unavoidable, but you can prepare for it. If you dress nicely and appear professional, lenders may be more inclined to give you a loan, because you look like the kind of person who will pay it off. What you wear doesn’t really say anything about who you are, but the instinctual first impression is impossible to avoid, so take advantage of it instead.

 

Why Buying from a Dealer Makes Sense

When you go looking for used cars, you have the option of going to a dealer or a private seller. There are arguments to be made for either, depending upon your situation, but we believe for most people going to a reputable, established dealership is the top choice. Here are the main reasons why buying from a dealer may be in your best interest.

 

A Broad Selection of Quality Cars

 

Every day on our lots we offer a fine choice of sedans, hatchbacks, SUVs, crossovers, trucks, minivans, coupes and other vehicles. There is no need for you to drive all over town looking at one car at a time. We have everything in one place. All of our cars have been inspected by our mechanics and are in excellent condition when we put them out on the lot. You know when you select a vehicle from us that it is in great shape, which is not always the case when buying from an individual.

 

Financing Options

 

We offer financing for our cars, something that could be difficult to obtain from a private seller, especially if the car is over five years old, or if you have credit issues. Our office staff will work with you to come up with the best deal for you in terms of interest rates, low down payment and a manageable monthly payment. Out staff will also help you with all of the paperwork associated with buying a used car.

 

Maintenance Support

 

We service all of the used cars we sell so there is no need for you to look for a reputable mechanic. We provide routine maintenance in the form of oil changes, as well as tires and wheels, brakes and steering and engine work. Our maintenance staff is experienced in keeping your vehicle running and we offer convenient hours to fit into your busy schedule.

Getting a Car Loan: Why Financing Through the Dealership is a Viable Option

Many people shop for car loans at banks or credit unions, but dealerships often offer financing options of their own. Though you may be able to secure a perfectly favorable loan from a bank, there are several reasons why financing your new car through the dealership itself may be worth considering.

Simplicity

When you’re getting a loan through the dealership, the process suddenly becomes simpler. You are saved the homework of getting preapproved by a bank or other financial institution, and you have less pressure to haggle with the dealership over money. Instead, you’re working with them to find the best financing option for you in conjunction with the particular vehicle that you’re interested in purchasing.

Speed

Many dealerships are able to process and approve your loan far more quickly than any bank. In a number of cases, people can get their loan from a dealer and bring their new car home that same day, which is a very convenient option for everyone involved.

Availability

When applying for car loans through a dealership, you will likely find out that they examine your credit score and history less critically than banks do. Therefore, your chances of getting approved without a perfect credit score are generally higher. This can be beneficial if you’re dealing with some tough financial times, but still need to get a good car.

Flexibility

Another benefit of financing through the dealership itself is that their rates are often less rigid than a bank. More so than banks can, dealerships are usually able to work out a deal with you that benefits both parties.

While many people shop for car loans at different credit unions, banks, and other financial institutions, it may be worth researching loan options provided by the car dealership. The above factors are some strong reasons why getting a loan through the dealership may work well as you shop for the vehicle that’s right for you and your family.

Quick Ways to Boost Your Credit Score Before Getting a Car

If you have bad credit, you might be understandably nervous if you need dealer financing to buy a new car. While there are bad credit car loans that can help you out, you can help yourself by doing everything you can to boost your credit score before applying for financing. Try a few good tips in the months leading up to your purchase.

 

Look At Your Credit Report

 

If you haven’t already, order your free credit report and take a look at it to see if there’s any out-of-date or incorrect information that needs to be cleared up before lenders run your credit. Should there be any inaccurate information on your report, getting it cleared up could boost your credit score a few points. Make sure you request a free report from both Equifax Canada and TransUnion Canada.

 

Take Care of As Much of Your Debt As Possible

 

Do everything you can to pay down your smaller debts before you apply for financing. In addition to smaller amounts owed, focusing on those that have higher interest rates is also a good idea. A sizeable percentage of your credit score is determined by how much of your credit limit you’re currently using, so getting that number as low as you can is sure to go a long way in polishing that credit score.

 

Increase Your Credit Limit

 

Going back to your credit limit, there’s a chance you might qualify for a higher credit limit with your current credit card companies. You’ll have a better chance of being approved for a limit increase if you’ve paid your credit card bill on time, have been a customer for a while and don’t use too much of your credit. If you’re approved for a limit increase, pretend as if your limit hasn’t changed to keep your credit limit use low on your credit report and your credit score high.

 

If you can only boost your score by a few points, that’s better than nothing. Lenders like to see you making an effort, and that effort could help you receive approval for your loan.

Benefits of Bad Credit Car Loans

When you have bad credit, it can sometimes seem like you will never get out from under the score, this is where we can help. Not only can we get you into a quality new or used vehicle, we can also help you get bad credit car loans. These loans can do more than just get you a new ride, however, they can also help rebuild your credit.

 

Get a New-To-You Ride

 

The most obvious benefit of bad credit car loans is that you can get a new ride for yourself and your family. This means that you can more effectively get to work and run errands. You can upgrade to a bigger vehicle, get one more fit for work and much more. We will help you find the right automobile for your needs and help you get the loan to afford it. You can find a variety of vehicles to meet your needs for seating and storage in new or used makes and models.

 

Rebuild Your Credit

 

The fastest way to rebuild your credit is to have a loan in good standing or a successfully completed loan on your credit report. By getting a car loan, you can also get a reliable ride to and from work or around town. This can give you the opportunity to restart or rebuild your credit because every on-time payment will add to your score and a completed loan will bump it up faster. This can help you get better terms on future loans and for bigger purchases.

 

You may think that the only benefit of bad credit car loans is getting you a new or used vehicle to get around in; however, the right loan can help you rebuild your credit. By coming down to the dealership, you can sit down with a loan officer and go over your financing options before you go shopping for a new ride.

The Benefits of Securing a Car Loan at the Dealership

In order to make any large purchase, you must decide how you are going to pay for it. Unless you have the full price of the car saved when you are ready to buy, you will likely need to finance the vehicle into reasonable monthly payments. Sailing through the sea of car loans can be a hassle, though. To help you navigate those waters, the dealership can offer both financing and deals that you cannot get anywhere else.

 

Customized Lending

 

Financing your next vehicle through the dealership is a great way to find the loan that is perfect for your life and your budget. We are highly motivated to help you find the loan that makes buying a car off our lot possible. The dealership fosters relationships with lenders and is therefore better able to assist you with finding the right lender and the right loan for you. If you need to extend the term of your loan or need a loan that caters to mediocre credit, the dealership’s experience can come in handy. We want to see you driving off in your next car as soon as possible, and we will work to get you the financing to make that happen.

 

Special Deals

 

If you have great credit, getting a loan through the dealership can come with even more perks. Periodically, car manufacturers will offer limited time deals through their franchises. For example, some dealerships are able to finance an introductory interest rate of 0% on a newly purchased vehicle. At other times, discounts might be given off the total price of the car. Only by establishing car loans through the dealership are you are able to take advantage of these deals when they are offered.

 

There may be many ways to pay for your next vehicle, but only one way lets you take advantage of the experience and special deals offered by the dealership. Securing your car loan where you buy it has its benefits.

Five Steps to Getting a Loan With Poor Credit

Reversing poor credit requires hard work, and that hard work is even more challenging when you don’t have a car. Fortunately, there are some steps you can take to get transportation to and from your job.

 

One: Have an Open Mind

 

With a poor credit history, you probably won’t be able to secure a traditional loan, but you may have more success with bad credit car loans. These typically have higher interest rates, so be prepared to pay a little more.

 

Two: Stay Away From Additional Credit

 

One of the most common mistakes people make when using credit to make a major purchase is to open up a new credit card or account. You may want to take a look at your credit history, checking for errors and correcting inconsistencies.

 

Three: Be Realistic Concerning What You Can Afford

 

There are two important parts to this. The first is your monthly payment. Consider your most difficult months and determine how much of a payment you’d be able to make at those times. Your car payment probably shouldn’t be much more than that. The second thing to consider is the overall cost of the vehicle. Consider how much you’ll have to pay as a down payment, how much maintenance the vehicle will require, and how much gas and insurance will cost.

 

Four: Try to Find a Co-Signer

 

If you have a friend or family member with good credit, you can improve your chances for getting a loan. The terms of that loan will also be easier to live with. That co-signer (or co-borrower for even more benefits) will give the lender assurance that the loan will be paid, even if you struggle to make payments.

 

Five: Don’t Settle

 

While being realistic about your options, you can still discuss better terms, such as the length of the loan, the interest rate, prepayment penalties, and annual percentage rate. Factors such  as the prepayment penalty may be much easier to get rid of, whereas the interest rate may be harder to negotiate.

 

Poor credit will make obtaining a loan more difficult, but it shouldn’t prevent you from getting a car. Use these tips to improve your chances.