What is the best way to finance/buy a used car?
I recently relocated to Charlotte, NC and I need a car in this city. A decent used car usually costs about 5-10,000 right...so is it better to get financed at the dealership or a private lender. I can only afford to pay about 300 dollars per month and prefer the car to be no older than 8 ( a car made in 2000). I will have about 1500 at the time of purchase.
Public Comments
- Dealerships specialize in auto lending, so they will probably get you a better deal than your local bank. I would suggest that you consider a new car under the factory warranty. If you can afford 300 a month, look for a 03 or newer for $15k or less.... ($15k financed for 60 months @ 8%= $304/mo.) Put your $1,500 down and buy a used 07 Grand Prix with around 20k miles, buy the wrap coverage, credit life and GAP on a 72 month payment of around $315......
- 1. Find the car that you want. 2. Don't focus on the monthly payments. 3. Focus on the total price and the length of the loan. 4. Find out what kind of interest rates the dealer is offering. 5. Find out what kind of interest rates a bank like USAA is offering. 6. Go with whoever offers lower rates.
