A lot of inducements when buying used cars do come with how good your credit is but that doesn't mean that buying a used car in good condition with good deals is not possible while having bad credit.Reading Time: 4 minutes
Methods to help you find a good used car on bad credit:
1. Check your credit rating
Different lenders will view your score differently, to some the score may be bad and to some it maybe good. Now bad score generally means that it can exempt you from many advantages or discounts such as cheaper insurance. Fair Isaac corporation checks your score and even though the exact rating is not determined by FICO, you can assume that a good/excellent score will be above 700 whereas a bad score will be below 600.
It is important for you to check credit score before hand, so that you don’t face trouble when contacting car dealers. Make sure there are no errors before beginning the financing process.
2. Look at cars you are sure you can afford
It is not smart to look into cars or deals that you can’t afford or keep up with the budget over time. Car cost doesn’t simply include the price of the car itself but rather also includes insurance, cleaning etc. as well.
A few tips that you could look into when looking at cars is
- How much you’ll have you spend monthly on fuel? The more the fuel efficiency, the more you save money.
- What will be the cost of routine maintenance?
- How much can you pay as down payment? The more you pay the lesser interest you’ll face on monthly payments.
- Whats the price of a good car insurance?
Aim Motors has a number of used cars for sale in UK from different makes. You can easily apply for finance on any car listed on the website.
Such things will help you find cars according to your budget so that you’re never stuck when it comes to paying the monthly bills for all your car needs.
3. Make sure your research is complete
When you’ve your budget sorted out and you know how much you can spend on buying a used car, Only look at vehicles that will come under the price range, don’t get distracted by other luxury cars that seem to be inexpensive in the start. Because luxury used cars might seem cheap but with time the additional extra expenses top off the price of the other cars.
You should know why you’re getting a car so that you can see that specific type of car.
4. Search online on website
Before going to the shop, search in the inventory of the dealership online so that you know the car you want is still available. It will save you from the hassle of having to go to the dealership by yourself and also save you loads of time as it won’t disturb your routine.
Look for used cars online in Edinburgh on Aim Motors website and book your appointment or video viewing with us.
5. Try getting certified pre-owned vehicles
What is a certified pre-owned car? It is car that has already gone through full inspection and any required repairs. Especially when you’ve a low credit score, its not the best choice to go for a private seller or uncertified cars because there could be many problems in the car that you’re unaware off.
Getting CPO cars from a known dealership will help you gain many advantages like warranties etc.
6. Vehicle inspection
Try to inspect the car by yourself, look at reports of vehicle repair and maintenance so that you know that the car has undergone all necessary repairs.
Also once you’ve talked to the dealer about the car being in stock, ask them to book an appointment for a test drive of the car so that you can check all necessary things yourself too before paying.
Aim Motors provides guaranteed full vehicle inspection on time of each sale, with a full service and professional valet service.
7. When to apply for loan and for how long?
Don’t apply for loan if you aren’t sure you’re about to purchase the car because multiple lines of credit can have a negative effect on your credit score. So only apply when all things are confirmed.
When you think about applying for car finance, try to opt for the shortest loan period that you can get, because although longer loan time means that you will only have to pay small amount of bill every month but it also means high interest rates. The shorter the time, the lesser the interest rates so overall cost of the price is reduced.
8. Make sure all your documents are complete
There are a few documents that you’ll need to take with you like, proof of residency, income etc.
Research on what your dealer requires and take it with you to save yourself from further hassle.