When You See The “Used BMW For Sale” Sign And Think You Have Found THE Car
When you are looking for a used car to buy, do not be taken in by the first sign that says “Used BMW for sale”. Just because a car may sound like a great buy, does not mean it will be. It is true that buying a used can is often the best financial decision. However, you should always do your research first to help ensure you get both a good deal and a reliable car. Before you make a decision about buying a used car, check out the tips below.
Research The Value
Do some research and determine the value of the car you plan to buy. There are several websites which will provide you an estimated value of any used car, refined by location and condition. If you are close to several metropolitan areas, check the prices in each of these because quite often prices will differ among areas. Having an estimated value of the car you are considering will help if you need to apply for financing. The lending institution will compare the value of he car against the price and what you need to borrow when they are making heir lending decision.
Plan A Down Payment
Unless you have a trade-in, chances are you will need to make a down payment on the vehicle. This is also a good idea because it will make your loan more attractive to a finance institution and will help lower what you owe.
Estimate Your Payments
If you do need to finance, estimate your potential payments to ensure you can afford this car. There are several sites online which can help calculate your estimated monthly payment. You may also get advice and help from your bank or financial institution. Also, be sure you can borrow what you need. Review your credit report to ensure it is accurate because your credit score will be a major factor in whether or not you are approved for the hte car loan. Also, be aware that banks or lending institutions may not lend the full amount on a used vehicle, so you may have to come up with money out-of-pocket.
Check Out The Condition Of The Vehicle
Some major manufacturers offer a “certified” used car program where they assure you that a particular care meets certain standards. These can be a good choice, particularly if they come with a good warranty and you do not know much about car maintenance. Never be hesitant to ask questions if you do not understand something you are told. Even if you are considering a “certified” vehicle, take the vehicle to a trusted mechanic and have them look it over. You can also check the car’s history to ensure there were no accidents or major body work on the vehicle. Most dealers will be happy to provide you this information and if they are not, you might consider buying your car somewhere else. Just be aware that these reports only track repairs or accidents which were reported to an insurance company.
Even if you start with a “Second Hand BMW for Sale” sign, be sure and do your research. Once you are comfortable with the vehicle’s price and condition, you can begin negotiations. Keep all this information at hand in case you need to refer to it during discussions with the salesperson.