4 Tips to Buying your First Used Car

1. Learn How to Finance Your Car:

If you are like a lot of people, then you can’t just go out and pay cash for the new or used car you want to buy. Learning how and where to finance your car from can make your life a lot easier and save you a good deal of money in the process. If you are buying from a used car dealer, then you can conveniently finance through the car dealership. Be aware however that lending from a car dealership is typically one of the more expensive options in terms of interest rates. If you are willing to do a little more work, then it may be wise to compare offers from different banks and or credit unions to see what type of car financing options they can provide to you. One big advantage of lending from a bank or credit union is that you have your monthly payments and spending limit determined before you start looking for a car.

2. Narrow Down Your Choices and Research Them:
Walking into a car dealership without knowing what you are looking for can be a compromising situation, and if you are unsure of what you want then you can be tempted to spend too much on an impulse purchase. If you narrow your decision down to a few makes and car models then you should be able research your choices and learn how to recognize a good deal.

3. Be a Strong Negotiator:
Bartering with a salesperson can be very uncomfortable if you are a first time buyer, but in order to get a good deal it’s important to let them know that you understand the process and you won’t be taken advantage of. Make sure you know the value of the new or used car you are thinking of buying. The Kelley Blue Book is a great resource to help determine a vehicle’s residual value.  Start off with a low offer at or near the actual value of the new or used car, and increase your offer by small increments. If a salesperson makes you feel uncomfortable ask to speak to a different one, or simply walk away. Also make sure that anything promised to you verbally is confirmed in writing later on.  

4. Test Dive and Examine the Car:
Listen to the engine for peculiar noises. Make sure the brakes, steering and transmission are functioning normally. Open the hood and check the fluids to look for signs of burnt oil, and look under the used car for rust on the frame. Look for any signs of tampering with the odometer to change the mileage. Make sure to look for scratches and rust on the body in plain daylight. It’s never a bad idea to take the used car in question to a trusted used car mechanic.

Buying a used car with Imperial Select can be a very financially rewarding experience. If you follow these tips then you should have a much easier time finding your first used car.