What You Need to Know when Buying a Used Car: Autos and Automotive Automobile Reviews

What You Need to Know when Buying a Used Car

As a loan officer, dealing with car salesmen and finance officers was part of my job.That experience was unbelievably helpful when I went car shopping for myself. I knew in advance what kind of tricks would be pulled.1.) Read the contract carefully.One of my customers was shocked, then depressed, to find out how huge his truck loan was. The dealership had faxed over the signed agreement that showed my customer had over $5,000 worth of add-ons he hadn’t wanted. What happened? The customer had put down $5,000 towards the final
purchase price in order to finance a smaller amount.The salesman jotted down the 5k, then added a list of options that (surprise!) added up to an additional 5 grand. My customer hadn’t paid down anything. Instead, the loan was increased by $5,000. He had signed it, so he was obligated to pay the full amount. I felt sick funding that loan. My customer had been scammed.2.) Ask to see the invoiceWhen buying a vehicle, your salesman might tell you the wholesale purchase price was such-and such. Did you know there can be two identical vehicles on the lot and each may have a different wholesale purchase price? That means the dealership is making more profit on the sale of one vehicle than on the other one.Ask to review the invoice for THAT PARTICULAR VEHICLE. Check the VIN on the invoice to make sure you are being shown the correct ticket. If you see the invoice price was less than you were told, negotiate to have the remainder subtracted from your purchase price.3.) Take control over who will finance the loanMany dealerships have agreements with several financial institutions. I suggest applying for a loan at a credit union (which generally offers lower loan rates than a bank). Have the loan officer give you a pre-approval letter, meaning you are guaranteed a loan with the CU at a specific APR (annual percentage rate), providing your purchase falls within a price range your loan officer has determined is appropriate for you.When signing the finance agreement, produce the pre-approval letter, tell the dealership you will be financed by only this company, then cross out anything to the contrary on the contract.

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What You Need to Know when Buying a Used Car

Category Automotive Automobile Reviews

Automotive Automobile Reviews

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