Make sure you know that car's history
Before you even think about financing a used car, you need to run a AutoCheck Vehicle History ReportAND have a certified mechanic inspect the car. If you don't do both of these, and you end up getting screwed, don't
email me. You have been warned.
Used car loans & used car financing
Financial Crisis - I have been getting a lot of questions about financing a used car in this financial crisis. You can still get a loan to buy a used car
especially from online companies that specialize in car financing like myAutoloan.com and
Up2Drive. For people who don't have good credit
Auto Credit Express is an option.
If you plan to purchase a used car from a dealer -
Up2Drive (a division of BMW Bank of North America) provide
used car loans for buying from a car dealer. Apply online and get approved today.
Up2Drive will send you a
"Drive CheckTM". The Drive CheckTM works similar to a personal check.
If you plan to purchase a used car from a private party - myAutoloan.com
provides used car loans for buying from a private party.
CarBuyingTips.com FACT: Most banks will NOT lend you money for a used car that is older than 4 or 5 years old. Banks charge at least 2% higher APR on used
car loans, than they do for new car loans. But online lenders are much cheaper, and used car loan rates are closer to new car loan rates.
Which site should you use? First make sure your credit score is at least 680, then as a prime borrower, you can choose by who has the lowest APR. People with
bad credit pay higher auto loan interest rates. Get your credit report instantly online, it's a must for The Folder.
DO NOT apply for a car loan until you get your credit report WITH credit score. Get it online at Experian,
TrueCredit or
Equifax.
Best New Car Loan, Used Car Loan Sites Where to check online auto loan rates
Up2Drive (a division of BMW Bank of North America) offers highly competitive rates and superior customer service.
Up2Drive financing is not available to first time car buyers.
Once approved, Up2Drive will send you a "Drive CheckTM".
The Drive CheckTM works similar to a personal check and can be used for Refinance or Dealer New/Used car purchases.
You can negotiate the sale price of a vehicle as if you have cash on hand.
Auto Credit Express is designed for people with poor credit. Auto Credit Express requires you to have a monthly income of $1,500.00 or more and be able to obtain auto
insurance.
Auto financing for people with lesser credit: If your Credit Score is below 650 and you're rejected, don't submit apps that keep getting you rejected.
Submit one free application to a bad credit auto loan site like Auto Credit Express, that finds bad credit car loans.
They can find you car financing from high risk underwriters. Even if you have a discharged bankruptcy, tax liens or bad credit. You may pay higher APR.
If your credit score is 550 or above, your chances are good, also you should full time employment.
If you have good credit but get rejected elsewhere for no car loan history.
If you have bad credit, submit one FREE application to a bad credit auto loan site like
Auto Credit Express, they have a wide array of lenders for people with various credit backgrounds. If your
score is < 540 don't apply for a car loan until you learn how to repair your own credit at our other site DebtWizards.com.
Never pay cash for a deposit on a car
If the deal goes south, you'll never get your cash back, but you can always dispute a credit transaction. You may need a new, clean credit card to handle
deposits, and purchases, don't pay cash. What if you can't get credit at all and keep getting rejected? Don't keep applying to credit cards, get rejected, and
your credit history ruined further, find out who will approve you before you apply. If your credit is so bad and If you're in too deep, maybe now is not the time to buy a car.
Shop Auto Insurance Costs for Your Used Car
Before you shop for a used car, get auto insurance quotes to find out how much it will cost to insure it. Auto insurance sites like BestCarInsuranceSite, Allstate,
GEICO and LowerMyBills.com
give free online car insurance quotes.
Get An Extended Warranty for your used Car
Get an extended warranty for your used car. The best car warranty sites we have researched so far are CARCHEX and WarrantyDirect.
Click on the following link to read our complete guide on buying an Extended Warranty, or you'll be out several hundred dollars. If you buy a 3 or 4
year old used car, that's when the manufacturer's warranty expires and all hell breaks loose. Unless you have an extended warranty, you are exposed to potentially
large losses.
World Trade Center Damaged Cars
Thousands of cars were damaged in on 9/11/2001 These cars will be salvaged, rebuilt, sold at car auctions and have their titles rebuilt, most likely out of state.
Even if you live in another state, run a AutoCheck Vehicle History Report on every used car before you buy. Other major vehicle disasters:
Midwest Flooding - Spring 2011
Hurricanes Katrina, Rita and Wilma in 2005
4 Hurricanes, Charley, Frances, Ivan and Jeanne battered the Southeast in 2004
Tropical Storm Allison Flooded 20,000 Houston homes and cars in 2001.
Know your credit score. Get your online credit report.
Read our Auto Finance Help Section for tips on getting your credit report, credit score, and
repairing bad marks in your credit report. You can get your credit report online from Experian,
TrueCredit or
Equifax.
Be sure to do that first, most people don't know what's on their credit report, or have never seen it, yet the car dealers and banks have! Looking for a
Bad Credit auto loan? If your Credit Score
is < 600 and you're rejected, don't submit apps all over that keep getting you rejected. Submit one FREE application to a bad credit auto loan site like Auto Credit Express,
they have a wide array of lenders for people with various credit backgrounds. Then send in extra principle payments to buy down your APR and pay off your car loan faster.
