Advice on credit score and buying a certified used car - The Bills.com Blog
Bills.com Blog > Loans Questions > Credit Score and Buying a Certified Used Car
Advice on credit score and buying a certified used car
Question: I am looking to but a certified used car. My current credit score is 734. Can you tell me what i should settle for and what I should look for in an auto loan? Thank you
Answer: The way to save cash on a car is with competing bids. Review auto buying sites like Cars.com, Yahoo!Autos, CarsDirect, Edmunds.com, Autoweb, Autos.com and Car.com to learn what dealers pay for newcars, trucks, SUVs and minivans, and how you can save the most money. These sites offer you free new car price quotes and new car dealer invoice prices. Competitive automobile quotes helps keep new car dealers in line.
Everyone buying a used car should get an Experian AutoCheck Vehicle History Report or a Carfax vehicle history report. A mechanic can put the car on a lift and instantly spot previous crash damage, hidden frame damage, corrosion, and fluid leaks. But your mechanic can't tell you if your car title has been branded as a flooded vehicle, salvaged, junked, rebuilt, stolen, or passed through a salvage auction. Most mechanics overlook airbags. You can only tell how many owners that car had or where it's been with a history report, not just by looking at the car. This is not the time to 2nd guess. Unfortunately there are no clear laws if you sign an "As Is" paper. Any used car can have a bad past, Mercedes, Lexus, Honda or Toyota. Some municipalities don't supply accident report
info, that's why you still need to have a mechanic look at it. If the police never made a report, it won't show up in the AutoCheck Vehicle History Report.
Expect to pay higher prices at a dealer than if you buy from an individual. Many dealers inspect their cars and provide an inspection report with each car. However, don't let this be a substitute for your own inspection. Some dealers provide limited warranties, and most sell extended warranties. Watch out for dealer warranties that are "powertrain" warranties only, and not "bumper-to-bumper" full-coverage warranties. It's best to compare warranties that are available from other sources.
Some dealers provide "certified" cars. This generally means that the cars have had a more thorough inspection and come with a limited warranty. Prices for certified cars are generally higher. Be sure to get a list of what was inspected and what is covered under the warranty.
Following are typical characteristics of a certified vehicle:
-Has
under 75,000 miles at the time of posting
-Has undergone a complete diagnostic mechanical inspection and repaired as necessary
-Is less than 7 years old (current model year plus 6)
-No salvage title history -No evidence of current or past frame damage
-No evidence of current or past flood or water damage
-No inoperative or replaced odometer
-No odometer roll backs
-Is not a Lemon Law resale vehicle
-Is emission certified as required by applicable state and federal laws
-Is in safe operating condition as defined by applicable state and federal laws
Bills.com makes it easy for you to get quotes from different lenders. Please visit https://www.bills.com/autoloan/loan/. If you enter your information there, qualified lenders will contact you and discuss your options.
I hope the information provided helps you Find. Learn. Save!.
Best,
Bill
www.bills.com
Also, make sure to get a free financial health check-up with Bills IQ!
Submit questions/comments about this post:
Bill has answered all sorts of questions and has been able to provide those in need of financial guidance with helpful and valuable advice and information on their specific financial area of interest. If you need specific guidance on any of the above mentioned financial areas, feel free to Ask Bill your financial questions and get better informed. Also, make sure to get a free financial health check-up with Bills IQ!
© 2006 - 2008Bills.com LLC. All Rights Reserved.
Your One Stop Resource for Saving Money.