Buying Tips

10 Steps to Buying a Used Car

You have three ways to pay for your used car:

Cash. Need we say more? Money talks — you-know-what walks.

Financing through a bank, on-line lender or credit union. We highly recommend this route because it will usually save money and give the consumer the most control over the transaction.

Financing through the dealer. This can work for some people depending on their credit scores and the current interest rates offered. Also, by prearranging financing through an independent source, the dealer may sometimes offer to beat the rate with a low-interest loan.

Financing through an independent source (on-line lender, bank or credit union) offers several advantages:

• Keeps negotiations simple in the dealership
• Allows you to shop competitive interest rates ahead of time
• Removes dependency on dealership financing
• Encourages you to stick to your budgeted amount
• Low interest loans can be arranged online through E-LOAN