Shopping With A Bad Credit Car Lot? Tips To Follow To Get The Best Possible Car And Price For You
Posted on: 21 November 2017
Just because you have bad credit does not mean that you do not need transportation to get to and from work, to pick your kids up or to hang out with family or friends. But many lenders must think so because it can be much harder to get a car loan if your credit is challenged. This is where bad credit car lots come in. These car lots cater to those who have bad credit. They often finance the cars onsite or in-house, giving them the ability to finance more people than traditional lenders or to take other factors aside from credit into account. However, you lots may not always have the best deals when it comes to cars. If you are getting ready to go shopping at one of these lots, here are a few tips to help you get the best possible deal.
Find Out If You Can Get Financed Elsewhere
Before you set foot on a bad credit car lot, take the time to call your bank or credit union to find out if you can get financed for a car loan. Many people assume that they cannot get financed due to poor credit. But you may be pleasantly surprised to learn that you can simply by trying. Normal lenders often charge a lower interest rate than a bad credit car lot would. If you can get financed through them, you can take the loan and use it where you like, including a bad credit car lot, which can save you on interest rates.
Know the Value of the Car
Another tip for getting the best deal when shopping with a bad credit car lot is to know the value of the car you are looking at. Kelley Blue Book is considered the standard when determining what a car is worth. It can be hard to research the value of a car before you set foot on a bad credit car lot, since their inventory changes all the time. But you can quickly look up the value online to ensure you don't overpay.
Purchase an Extended Warranty
The last tip to keep in mind is that many bad credit car lots do not inspect or repair the cars that they sell. They buy them from third parties and then put them out for sale. By law, they may be able to sell the car as-is or only offer a 30 day warranty. Before you buy one of these cars, have the cars inspected by a mechanic and then purchase an extended warranty. This can help give you peace of mind that you are buying a reliable automobile and won't have to sink money in for expensive repairs.
Bad credit car lots have a place and they serve a purpose for those who cannot get financed elsewhere. But just because you have poor credit does not mean that you should have to pay more for a car than what it is worth or get a car that won't last. If you are planning on shopping with a bad credit car lot, follow these tips to get a great deal on a vehicle that will last you. Contact a company, like AutoStart, for more help.
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