What is the best way to finance/buy a used car?
Question by CHRIS W: What is the best way to finance/buy a used car?
I recently relocated to Charlotte, NC and I need a car in this city. A decent used car usually costs about 5-10,000 right...so is it better to get financed at the dealership or a private lender. I can only afford to pay about 300 dollars per month and prefer the car to be no older than 8 ( a car made in 2000). I will have about 1500 at the time of purchase.
Best answer:
Answer by cadillaccricket
Dealerships specialize in auto lending, so they will probably get you a better deal than your local bank. I would suggest that you consider a new car under the factory warranty. If you can afford 300 a month, look for a 03 or newer for $ 15k or less.... ($ 15k financed for 60 months @ 8%= $ 304/mo.) Put your $ 1,500 down and buy a used 07 Grand Prix with around 20k miles, buy the wrap coverage, credit life and GAP on a 72 month payment of around $ 315......
Know better? Leave your own answer in the comments!
US $38,000.00
