Buying a used car with poor credit

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If you are considering taking out a loan to buy a used vehicle, there are a few things to consider:

Did you know that annual percentage rates usually are higher and loan periods shorter on used cars than on new ones?

While there are advantages to getting a new car with bad credit (link to internal article Getting a New Car with bad credit) getting a new car loan, even with bad credit recent changes have shifted the landscape of used car sales. So many news cars and trucks have been sold or leased due to rebates and incentives there is a larger than usual used car inventory.

If approached wisely, this can be a great advantage to the car buyer. It gives you the ability to shop and really find the best deal out there for you; not just take the first thing that comes along because you don’t think you’ll qualify for anything else.

Because car dealers get their used cars from a variety of sources hey have more control over price. This can be an advantage to a shopper with bad credit.

The more time you spend researching a potential vehicle, the more money you can save. Find out what it costs for upkeep of this particular car. How much do oil changes cost? How much is it to insure? Tires? Other general repairs? It really can make a big difference in the long run.

Think about your driving habits. How do you plan on using the car/truck? Will it be driven a lot, or only to church on Sundays?

Finally, make sure you fully understand the dealer’s return policy and read the fine print if the contract you sign. They are NOT all the same.

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