Having a used car inspected by a certified mechanic is a recommended part of the car-buying process, yet it is often ignored. Why is that?
The data from Experian’s latest report shows why buying used is the best option for many bad credit auto loan seekers. Of course, there is also a right way to buy used.
You’ve decided it’s time to get a new car. Even though you know you could probably get more for your current vehicle by selling it on your own, you’ve also decided that’s probably too much of a hassle and, since you don’t want to come up with a cash down payment, the only option that remains is to trade it in.
Those used cars most appropriate for borrowers with bad credit are more affordable than they were last year.
When we look at options that are very low cost, like older used vehicles, it can become very challenging to find a loan that allows you to get that vehicle financed. On the surface, it doesn’t make sense; the car you are looking at is extremely affordable, but you can’t get financed for it. Why?
Seeking out a new car can be very exciting, but have you considered all the angles of a new car purchase? Even if you are dealing with damaged credit, you may still have a high enough income to technically “afford” a brand new vehicle. But stop and think for a minute. Do you really want to push the envelope of your budget just for the new car smell?