What Are the Financing Options for a Used Car?
Finding the perfect used car is made simple when you shop at the right dealership. A dealership with a wide variety of used cars to choose from can ensure you’ll find the used car of your dreams. Still, there are some things you should understand beforehand. Knowing how you plan to finance your used car can help you to make more realistic decisions about the vehicle you choose, and because many people can’t pay for a used car with cash, they opt for some kind of used car financing.
Dealerships like Ingram Park Pre-Owned Outlet offer potential buyers the option to finance through the dealership, giving buyers the opportunity to get out on the road as quickly as possible. There are also options to finance through local credit unions, banks, and other financial institutions. With a little more information on how the process works and what you need to do to get the best deal, you can secure a used car financing option that works in your best interest.
Here are a few of the used car financing options available to you and some tips on how to make the most of them.
What Options Are Available for Used Car Financing?
When it comes to used car financing, you typically have two options to choose from: dealership financing and direct lending. Each comes has its own benefits and perks, making the best option specific to the buyer and their current situation. Depending on your credit score and current finances, you could be a candidate for both options.
Dealership Financing
If you’re looking for a way to handle all of your used car needs in one place, then you’ll likely prefer to work with a dealership for financing. When this happens you and the dealer you work with will enter into a contract where you agree how much you’ll ultimately pay for your vehicle, how long you’ll take to pay it off, and what kind of interest rate you’ll have on your loan. Dealership financing can be convenient and allow you to decide on your used car, get approved for a loan, and drive your new vehicle off the lot that day.
Many established used car dealerships can offer you this option on-site. Ingram Park Pre-Owned Outlet features a finance department with knowledgeable staff to answer all your questions about used car financing. With their help, you can secure a loan that works well for you. You’ll also find useful tools such as a payment calculator and the option to apply for a used car loan online on our website.
Direct Lending
Direct lending is another option available to most people for used car financing. It’s considered direct lending when you get your used car loan from a traditional lender such as a bank or credit union. With this option, you can have some flexibility when it comes to where you shop and finding the best used car. You’ll receive a pre-approval letter from your financial institution that will explain the terms of your loan eligibility that you can show when you begin your negotiations with a dealer.
What Can I Do to Prepare Ahead of Time?
Whether you decide to use dealership financing or a direct lending option, there are a few things you can do to prepare ahead of time. One easy step you can take is to check your current credit score. Your credit score is among the biggest deciding factors in your ability to secure a used car loan and receive a competitive interest rate. You can check your credit score for free through one of the nationwide credit bureaus and use this information to your advantage. If your score isn’t where you want it to be, you can take a few months to try to make changes that can give it a boost before you apply for an auto loan.
You can also compare different sellers in the area to see what used car financing options, if any, they offer. Knowing that the dealership you want to purchase a car from can also offer you the option to secure a used car loan can save you time during the car-buying process. A good dealership will not only be able to offer you financing, but they’ll also offer benefits like value-added services and extended warranty programs.
How Can I Get the Best Deal?
When it comes down to it, many people are just trying to secure the best deal for their used car financing. Finding a good deal is easy when you’re working with professionals that care. This can be accomplished by working with reputable dealers in your area, but there are still a few things you can learn beforehand to help you better understand what a good deal really is.
First, don’t be fooled by a low monthly payment unless that is your top priority. If a low monthly payment is the only way that you can afford to purchase a used car right now, then that’s what you should look for, but if your ultimate goal is to secure a good long-term deal, think more about the future. Many used car loans will offer you long-term loans that can minimize your monthly payment, but these often come with a much higher interest rate. The longer the loan is, the more you’ll pay over the life of the loan. When searching for a used car loan, try to find one that combines a low- to medium-length repayment period with a competitive interest rate.
You should also consider discounts and special prices. Some dealerships offer special offers, such as for military or recent graduates, that you may qualify for, but you’ll never know unless you ask. Look into what offers are usually available and be prepared to ask how you can take advantage of these deals. Ready to look for your used vehicle in San Antonio? Take a look at the inventory and used car financing options at Ingram Park Pre-Owned Outlet. Schedule a test drive right from our website or stop in to speak with a vehicle expert. You’ll be driving home the perfect used car in no time.
If you’re on the hunt for a pre-owned vehicle, you’re on the right track to finding one. The Ingram Park Pre-Owned Outlet has one of the best selections of pre-owned vehicles San Antonio has to offer.
If you’ve never purchased a pre-owned vehicle before, you may be wondering what you should check out or what questions to ask. This is our area of expertise, so we’ll give you our top five tips when shopping for pre-owned vehicles in San Antonio.
1. Check Used Vehicle Rankings
You may already have an idea of what type of vehicle you want to purchase. But if you’re just starting your pre-owned vehicle search and are uncertain which make or model you want to buy, used vehicle rankings may give you a sense of which vehicle will give you the most bang for your buck.
U.S. News & World Report ranks vehicles based on a number of factors, including performance, safety, reliability, and interior comfort and quality. The rankings also take into account the total cost of ownership, as well as the opinions of top auto experts.
Combining these component scores into one overall score, U.S. News & World Report produces rankings for pre-owned vehicles in a number of categories. You can search rankings based on car size or type, such as sports cars, luxury cars, or hybrids. If you’re shopping on a budget, vehicles in each category are broken down by price as well.
So, for instance, if you’re looking for a midsize SUV to get you and your family around town, you can browse the vehicle rankings based on a budget of under $20,000, between $20,000 and $25,000, and above $25,000. So think about the type of vehicle you want and then use the rankings to quickly and easily narrow your search down.
2. Request a Vehicle History Report
A pre-owned vehicle can often be made to look good as new with some detailing work and a fresh paint job. But you should do some research to find out what’s hidden beneath the surface. For instance, has the vehicle been in a crash? Has it been well-maintained with regular service appointments?
A vehicle history report should include details about past collisions or damage to the vehicle, prior ownership, odometer readings, inspections, and title status. Check for anything that could raise a red flag. For instance, you should compare the odometer readings in the report to the actual mileage shown on the vehicle. If the odometer reading appears to have been rolled back, it’s a sign you may be dealing with a dishonest seller.
If you’re working with a dealership, you may be able to request a vehicle history report directly from the dealer. If you purchase from a private seller, on the other hand, you may need to run your own vehicle history report search.
To do that, you’ll need to get the vehicle’s VIN or license plate number and state. Once you have the VIN or plate number in hand, you can use sites like CARFAX or AutoCheck to pull up the vehicle history report.
3. Inspect the Vehicle
While the vehicle history report can provide some useful information, it’s no substitution for an actual vehicle inspection. Prior to purchasing a pre-owned vehicle, you should have it fully inspected by an independent mechanic.
But before you pay to have someone else inspect the vehicle, though, you can do your own visual inspection to see if you notice any signs the vehicle has had prior damage. For example, inspect the vehicle exterior to see whether there are dents, scratches, or areas where the paint doesn’t quite match up. If you notice any damage or mismatched paint, it’s a good indicator the vehicle has been involved in a prior collision.
If the vehicle passes your visual inspection and you’re interested in moving forward, have it inspected by a trusted mechanic before finalizing the purchase.
4. Ask What’s Included
Ask what’s included in your pre-owned vehicle purchase. Even used vehicles sometimes come with warranties or guarantees. For instance, some pre-owned vehicles are certified pre-owned, which means the vehicles meet certain specifications. If the seller tells you the vehicle is certified pre-owned, ask to review the relevant paperwork so you can see what’s included.
Wondering what’s included when you purchase a vehicle from Ingram Park Pre-Owned Outlet? We’re glad you asked! A complimentary maintenance plan is included with most pre-owned vehicle purchases for the first two years of ownership. That means you can get up to four maintenance visits, which include a variety of services, such as oil changes and oil filter replacement, tire rotation and tire pressure adjustment, inspection and adjustment of fluid levels, and more.
We’ll save you money up front with your purchase and then save you money down the line with our complimentary maintenance services.
5. Go for a Test Drive
Just like when buying a new vehicle, you should take any pre-owned vehicle you’re thinking of buying out for a test drive. Keep in mind, though, that private sellers are not required to let you test drive their vehicle.
If you are able to go on a test drive, pay attention to how the vehicle feels and maneuvers. Drive the vehicle over different terrains at variable speeds. How fast does it accelerate? How smoothly does it brake? How easily are you able to navigate a turn?
Listen for any strange noises or vibrations. The vehicle should operate smoothly and easily. If something feels off, it could be a sign that this may not be the right vehicle for you.
It’s easy to schedule a test drive at the Ingram Park Pre-Owned Outlet. In fact, if you already know what vehicle interests you, you can schedule an appointment online in just a matter of minutes.
Come for a test drive and leave with a new set of wheels! With all the pre-owned vehicles San Antonio has to choose from, we’re confident we’ll be able to find the perfect ride for you.
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