New Cars vs. Used Cars
Even if you have bad credit, that should not get in the way of you buying the vehicle of your choice. We can work through the muddy process and get in front of the people who can help. That may mean you end up at one of the following types of Used Car Dealerships:
- Buy Here Pay Hear Dealerships (BHPH)
- Note Lot Dealerships
- Used Car Dealerships with In House Financing
- Dealers with Dealer Financing
- Tote the Note Lots
- Dealers with Special Financing
- Dealers offering Fresh Start Financing
How do you give yourself a better chance of getting your loan approved? There are a few things you can do to prepare yourself. Bring to the dealership with you:
- Proof of income
- Proof of insurance
- Proof of residence
- Driver's licence
- Several personal references
So, should you choose a New Car, Truck, SUV or Crossover or a Used Car, Truck, SUV or Crossover?
New vehicles tend to depreciate more quickly, payments are generally higher, insurance is usually more expensive, and it's generally tougher to reestablish your credit with new vehicle purchases because of the higher cost.
Used vehicles have already taken the depreciation hit, and banks like this. They are generally less expensive, and there is a used vehicle to fit almost any budget.
Used vehicles come from a variety of sources including: Auto Auctions, New Car Trade ins, Auto Trader, Individual Owners, Car.com and others. No matter where your car comes from, do your research. Always ask for a Car Fax Report, and insist on a Clear Title Search. You can also make sure you are getting a fair deal by researching your vehicle on Black Book, Kelly Blue Book and NADA Used Car searches. One last thing is to always have a trusted mechanic look over your used car purchase prior to signing. It could be the best $50 you eve spent.
