How to Buy a Used Car, Truck or Van

Used Vehicle Buying Information

A person is interested in buying a used vehicle like a car, truck or van and they begin to wonder what should I do first and what should I know before I go shopping? There are several things that you should know before you go shopping for a good used vehicle that will save you both time and money. We are going to explore together your alternatives and ways to find a good used vehicle.

Methods of Shopping

Now it is time to start looking for a vehicle that is used in relatively good condition and is not too costly. There are several methods that you can use to find a good used car, truck or van and they are as follows:

1.       Check the local classified newspaper to see what is listed and what the costs are on vehicles that perk your interest.

2.       Check local dealerships out to find out what is on the lot and what they are asking price wise for any vehicle that you may want to invest towards.

3.       Check the internet you might be surprised to find vehicles in your own community that interest you on websites posted by dealerships and/or private owners.

4.       If you plan on paying cash or borrowing from your local credit union/bank go to public auctions.

5.       If you are not interested into going to public auctions there are websites that are called “bid websites” and you can check out what is available and make a bid on the website to secure a vehicle of your choice.

Preparation for yourself before you decide to purchase any vehicle

When you plan on a certain vehicle or perhaps dealing with a certain dealership there are some things that you should do to be prepared. Especially when you are going to be dealing with a dealership you need to be fully armed with information to help you make a good deal and not spend out too much money. One of the first things that are necessary is your credit report and score as these things will cost you money if your score is too low. You want to make sure that it is right and if it is not check to find out what errors maybe happening and get them fixed before you go to apply for a car loan.

Next it is very important that after selecting the vehicle of your choice that you get the history of the vehicle. You can get the car history by going to carfax.com. The history report will let you know if the vehicle has been involved in any serious accident or major catastrophe. The history report will also let you know if the vehicle has changed hands a number of times. These things are important to let you know the condition of the vehicle before you consider buying the vehicle. Next you should find out the fair market value of the vehicle so you know if you are being over charged by the dealership. You get this information by going online to kb.com which is the Kelly Blue Book guide to fair market values of vehicles. This will help keep the cost of the vehicle to a fair amount.

Steps to take when financing the vehicle

The final steps of course are financing the vehicle that you are about to purchase. You are going to be meeting with a financial officer in the dealership who will try to help you with the financial agreement. Do Not Sign anything until you have what you want in writing the way you want it. When they tell you that they will redo the agreement and you can return later to sign the papers and they will fill it in make sure that you do not sign! Many people have been taken advantage of by doing this and later the agreement is not what you expected. When ask about a trade-in reply that you are not sure at the present time. You should get an exact price on the vehicle that you are buying before you mention your trade-in. Next you should also check the Kelly Blue Book to make sure what the fair market price is on the vehicle that you are about to trade-in. Remember at this point that you are not going to get the full value after all the dealership needs to make some money as well. You are saving yourself the time to sell the vehicle and the hassle behind finding a buyer etc. just look at it as a means to make a little money off your own vehicle and save time.

The dealerships like to sell you warranties that may not even be applicable to what you are buying or the vehicle may already be covered under the manufacturer warranty. Find out if you have to come back to the dealership every time you need something fixed or if you can do it yourself or take it to a garage. You do not want to pay out more money by taking back to a dealership that only covers parts and you pay labor. Also if you are traveling and the vehicle breaks down you might be unable to bring the car into the dealership. The next thing that dealerships like to sell people is called gap insurance. Gap insurance is basically for new vehicles and will pay off the balance of the loan if the vehicle happens to be in an accident and totaled. If the vehicle you are buying is older than two years than Gap Insurance will not work for you. Finally, there are those extra fees for processing the contract etc. This is highly unnecessary and make sure that you are not getting stuck with a lot of extra fees.

You need to make sure that the financial agency that you are doing business with is not over charging you in interest. You know your credit score and if it is a good score then tell the dealership that you want another financial institution to do your loan if the interest rate is too high. Some dealerships get a commission from financial agencies that let them run loans their way. You do not want to be paying a higher rate of interest to help pad someone else’s pocket. When you have done all these things and checked the vehicle over physically then you are ready to get a good written agreement that you can sign and drive away in your new car, truck or van with a smile.