Ask Bill your personal finance question

Advice on credit score and buying a certified used car

My credit score is 734. What should I settle for and what I should look for in an auto loan?

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

Read full question
Bill's Answer
3.8
/5.0
(5 Votes)

Bills.com | Find Learn Save

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 new cars, 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 "power train" 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 /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

Get Debt Help!
3.8
/5.0
(5 Votes)

People also like to Read

Mark Cappel

Debt Relief | A debt relief loan can actually reduce your debt. Discover your loan options and where you can find a loan...... Read more >>

Betsalel Cohen

Unsecured Personal Loans | Unsecured personal loans are offered by big lenders and many sites online. If you have bad credit,... Read more >>

Daniel Cohen

DTI: debt-to-income ratio | Your debt-to-income ratio affects whether you will be approved for a loan or not. Make sure that ... Read more >>

Betsalel Cohen

Low Interest Personal Loans | Personal loans are an alternative to credit cards. You will need good credit and stable income,... Read more >>

0 Comments

1500 characters remaining
loading...