A car is a necessity that most people cannot live without. The society of today is one of mobility, commuting, and traveling more than any other point in the past. Buying a car can be a rather daunting task with the number of vehicles available and the fine print to go over. Other problems exist with the used car market that need to be carefully navigated to ensure the purchase is legitimate and protected.
Check for Used Car Liens
There are many cases where an owner gets behind on payments and needs to unload their vehicle or other assets. A consumer should be wary of dishonest individuals that will pass their vehicle off as though it is paid, but still be leaving behind an obligatory debt. The result can be the bank or entity that owns the car repossessing it and leaving the buyer with no money or car.
Checking for liens before entering in any agreement is quite simple. The first place to start is the vehicle title or registration. Check for lien holders and then compare the VIN to the physical VIN on the vehicle to ensure they belong to each other.
Take a copy of the VIN to the local Bureau of Motor Vehicles and request a car history on the vehicle. This report will provide a detailed history of the owners, circumstances, and any other factors involving the vehicle. Various online resources will also provide free reports.
Think Bigger than Monthly Payments
Many individuals do not make the connection of how much additional money they could possibly be spending on a monthly basis. A common tactic for payments is to provide a long-term repayment plan with low monthly payments. In nearly all cases, this will end up costing the consumer more than if they had agreed to a higher monthly payment and a shorter term.
Pay attention to the long-term cost of the vehicle and what future interests rates will mean to the final cost. A vehicle is not considered to be an investment. They begin to depreciate the moment they are taken off a lot. Therefore, it is not a good fiscal decision to over pay on a used vehicle that is only going to depreciate further anyways. If it is affordable, opt for a higher monthly payment for a shorter duration.
Avoid Suspicious Circumstances
Buying a used car can leave a consumer open to a number of potential pitfalls. There are some indicators that are glaring red flags with claxon horns that should cause any potential buyer to walk away. Inspect the VIN plate of the vehicle to ensure it is not loose or has been tampered with. If any of the rivets are loose, it likely has been. If it does not look as though the numbers are the factory original, it is best to walk away. A newly painted used car can be an indication of attempting to pass off a stolen vehicle as a different one. Background reports and checks should indicate that.
Lastly, remember the common adage, "If it seems too good to be true, it probably is." If someone is offering an amazing deal on a used car, there will be something wrong or improper with it. It is best to keep looking instead of getting saddled with an old debt or a flood damaged vehicle.
Check for Used Car Liens
There are many cases where an owner gets behind on payments and needs to unload their vehicle or other assets. A consumer should be wary of dishonest individuals that will pass their vehicle off as though it is paid, but still be leaving behind an obligatory debt. The result can be the bank or entity that owns the car repossessing it and leaving the buyer with no money or car.
Checking for liens before entering in any agreement is quite simple. The first place to start is the vehicle title or registration. Check for lien holders and then compare the VIN to the physical VIN on the vehicle to ensure they belong to each other.
Take a copy of the VIN to the local Bureau of Motor Vehicles and request a car history on the vehicle. This report will provide a detailed history of the owners, circumstances, and any other factors involving the vehicle. Various online resources will also provide free reports.
Think Bigger than Monthly Payments
Many individuals do not make the connection of how much additional money they could possibly be spending on a monthly basis. A common tactic for payments is to provide a long-term repayment plan with low monthly payments. In nearly all cases, this will end up costing the consumer more than if they had agreed to a higher monthly payment and a shorter term.
Pay attention to the long-term cost of the vehicle and what future interests rates will mean to the final cost. A vehicle is not considered to be an investment. They begin to depreciate the moment they are taken off a lot. Therefore, it is not a good fiscal decision to over pay on a used vehicle that is only going to depreciate further anyways. If it is affordable, opt for a higher monthly payment for a shorter duration.
Avoid Suspicious Circumstances
Buying a used car can leave a consumer open to a number of potential pitfalls. There are some indicators that are glaring red flags with claxon horns that should cause any potential buyer to walk away. Inspect the VIN plate of the vehicle to ensure it is not loose or has been tampered with. If any of the rivets are loose, it likely has been. If it does not look as though the numbers are the factory original, it is best to walk away. A newly painted used car can be an indication of attempting to pass off a stolen vehicle as a different one. Background reports and checks should indicate that.
Lastly, remember the common adage, "If it seems too good to be true, it probably is." If someone is offering an amazing deal on a used car, there will be something wrong or improper with it. It is best to keep looking instead of getting saddled with an old debt or a flood damaged vehicle.
