May
26

Financing and Buying Used Cars

Author // NPR Car Talk
Posted in // Apply for used car financing, Car financing bad credit no money down, Used car buying tips

Pre owned trucks

In 2015, approximately 54% of used cars were around three years old or newer, according to reports from Edmunds.com. In 2014, the total of cars on the road in the United States reached a whopping number of nearly 253 million.

Lifespan of Used Cars
Nearly 40 million used cars are sold by dealerships and private sellers each year. A car will typically have an average of three owners during its lifetime. According to an IHS Automotive study, cars in the United States are just over 11 years old on average.

What About Leasing?
About 43% of people finance their car. Borrowers who financed their used car in the third quarter of 2016 had a credit score around 655. It’s easy to apply for used car financing, even more than before, which is why so many people are opting for financing. Putting some money down when you finance used cars can get you an even lower monthly payment.

Buying Used Cars
Financing isn’t the only option. A recent survey revealed that 42% of car buyers went straight for the car buying process. Most people can afford a used car over newer cars. Buying used cars isn’t an overwhelming process either. In fact, there are several used cars and trucks for sale in Tacoma Wa to choose from. Viewing the used car inventory can allow you to narrow down your search to the make and model you’re looking for.

Putting Money Down
Whether you choose to finance or buy your next used car or truck, it’s best to try and scrounge up some money to put down. By putting money down, you will be able to get a lower monthly payment. A huge benefit with this is not just saving money each month, but you will be able to pay more each month when you can to pay it off faster. A higher monthly payment may deter you from ever paying more on your payment. Additionally, you may be able to negotiate a bit better as you will have cash to put down. Depending on your credit score and cash you put down on the used car, you may be eligible for a decent interest rate.

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