4 Things no one told you about buying Used Cars

Buying a new car has its own advantages. But due to the ever increasing financial woes around the globe and depreciating value of automobile sector, buying a used car has made things simpler. Nowadays, a pre-owned car is being accepted by a large number of car buyers and its sale is not restricted to people with subprime credit. 

How to get the Best Deal while buying a used car? 

Apparently, used cars require more of your attention than new cars. It is because used car buyers have to assume the risk of ending up with a lemon. In order to land up a good deal, the following four things should be kept in mind: 

1. Paperwork

Just because you are buying a used car does not mean that the vehicle should be anything but safe. Certified pre-owned cars make your work easy and provide you with a proof of their proper functioning. The extended warranty that comes with a certified pre-owned car guarantees you of smooth driving for a certain length of time or up to a fixed number of miles. 

2. Overall Look

Focus your attention to the minute details such as dents, scratches, rust, improper alignment of panels during past repairs, paint color consistency, loose doors, shaky hinges, tires, etc. 

Apart from the exteriors, you should pay attention to the interior of the car. Operate and check the crucial parts such as the engine, heater, air-conditioner, music system, brakes, etc. A test drive will be the most suitable option in order to obtain an overall idea of the car. 

3. Price Check

Get an estimated value of the car that you have finalized. It will reveal if the dealer is overcharging you or providing you with a genuine selling price. You can use Kelley Blue Book for finding the estimated value of the car. Remember to go with a printed proof of the price check if the dealer’s price is way more than the market value. 

4. Negotiation

Be willing to use your negotiation skills before agreeing to the price quoted by the dealer. In most of the cases, the prices are set as per the approximate usage of the car and the current market value. Do not be hesitant to quote the price that you wish to spend on the car. You never know, the dealer might just agree and hand over the car to you. You have to make the dealer feel that the cash may go out of his hands if you do not buy his car. 

Before you set out to look out for used cars, keep these four valuable things in mind. It will not only save you a lot of money but also make you an attentive car buyer. Remember that taking time out for doing your homework to buy a pre-owned car will only make you satisfied at the end of the deal. 

Buying a certified pre-owned car makes things stress-free for you. And, if you obtain quick approval on used car loans, the car buying experience can become pleasant. Apply with Car Destination for pre-approved auto financing with bad credit and get ready to buy a used car immediately.

5 important sources to look for that makes you an expert car buyer

Buying a car is not as easy as buying groceries at the mall. One cannot walk in, chose a car, swipe the credit card and drive out with it. You need to analyze the details as it will be one of your most prized possessions for a long time. 

If you want to be an expert car buyer, you need to first decide upon the car model that you wish to buy. It should be in your budget. Once you are sure about the car model, you will have to choose a source for buying your car. There are various sources for buying a car. Ideally, you can look into the following five important sources for buying a car easily: 

1. The Online Market

One of the many boons of the digital era is the huge online marketplace which offers you to browse, and scan cars from the comfort of your home. Instead of going from one dealership lot to the other, you can sit back and go through every car in detail. 

If you know what you are looking for, you can type the exact keywords and refine your search. For example, you can search by brand names to view different car models of a particular brand. 

2. The Dealer

If you wish to avoid the online market, you can have a look at the dealers. 

Dealers offer more car buying options to you because they have certified pre-owned cars as well as new cars in their lot. A certified pre-owned car is a beneficial over buying a new car because you can get the feel of a new car for less amount of money. The additional warranty is another advantage that makes certified pre-owned cars a viable option. 

If you are looking for inexpensive car buying options, you can choose a dealer who provides used cars without certification. But, remember to ask a mechanic to check the car before finalizing the deal. 

3. Buy Here-Pay-Here Dealership Lot

If your credit score is low, it can be an obstacle in buying a car. In such a situation, a buy-here-pay-here dealership lot can offer you a car as well as financing solutions. If you are buying a car from a buy-here-pay-here dealership lot, you need to run a background check and make sure if the dealer is worth trusting or not. 

4. Private Party Seller

Some of the most crucial and extensive checks are required when buying a car from a private seller. The seller can be questioned for all the repairs that have been done in the past and the working condition of the car. Quick checks on your own, such as a test drive at different speeds, checking for the functioning of brakes, gears, engine noise, seat-belts, road safety certificates, etc. must be done. 

5. Miscellaneous Sources

You can also buy your car at an auction. Recently, interest in such auctions has increased due to stagnation of economy and stricter credit rules. Many a times, high-end cars are sold at auctions at a very low price. It may not be possible to get such cars for a test drive, so it is advisable to take a mechanic with you for appropriate inspection. 

Once you finalize the ideal car, you can keep in mind these five major sources for buying it. Remember that an expert car buyer is careful and investigates both the sides of a coin and look into the pros and cons of every source available. 

As an expert car buyer, you must not forget about obtaining an auto loan for your car. Once you have decided on the source of buying a car, apply with CarDestination.com and enjoy guaranteed auto loan approval. The company will find you bad credit dealership financing in no time.

4 Seller Responsibilities You Should Adhere To While Selling Your Car in Michigan

Often while selling a car, one tends to forget about the legalities involved. In order to stay on the correct side of the law, there are a handful of rules you should adhere to while selling your car. As Michigan is the tenth most populous state in America, there are many transactions that involve selling cars. However, there are some important seller responsibilities that you should undertake while selling your car in Michigan. 

Now when we talk about seller responsibilities, it points to the primary responsibility as a seller that you should undertake during the sale of your car. By adhering to the following seller responsibilities, selling your car in Michigan will become a smooth process: 

Visit the Michigan Secretary of State Office

Prior to selling your car, you and the potential buyer of your car need to make a visit to the local Michigan Secretary of State office. Primary, the visit calls for proper transfer of the title of the car from the seller to the buyer. In order to transfer the title, make sure you fill in the correct details of current car mileage, selling date and the selling price of the car. In addition to the transfer of title, you will also have to produce a bill of sale. Keep in mind that any damages that occur to the car after the date recorded on the bill of sale are to be compensated by the buyer of the car. 

Registration for Duplicate Car Title

While selling your car in Michigan, the transfer of title is your foremost seller responsibility. However, if your car title has been has been lost, destroyed or stolen, you are allowed to apply for a duplicate car title. Under the laws stated by the Michigan Secretary of State, registering for a duplicate car title can be done either online or in person. In case you register for a duplicate car title online, the details required will include the last four digits of your social security number, your driver’s license of Michigan, birth date and eye color. 

Display an Accurate Vehicle History Report

As a seller, displaying the accurate history report for your car is only ethical; if not necessary. The law requires you to carry out a history report prior to selling your car in Michigan. An accurate history report of your car can help you to validate your selling price. Therefore, if the buyer feels the price is fair when compared to the history report, it can help you to close the deal for the price that you want. 

Retain the License Plate

After selling your car in Michigan, the license plate of the car should be retained by you. The law of Michigan permits you to label the license plate of the sold car on another car that you own or purchase. Also, once you have sold your car, it is a good idea to inform your insurance company and cancel your coverage on that license plate. 

Adhering to rules while selling your car in Michigan is not only necessary, but also your responsibility as a seller. Keep these above seller responsibilities in mind as you sell your car in Michigan.

DDo not wait for applying for a Michigan bad credit car loan after your sell your old car. It is best to apply for the loan once you choose a new car model. Allow CarDestination in finding you no down payment auto loans in Detroit, Grand Rapids, Ann Arbor and every other city of Michigan.

BHPH Dealer - A Blessing for Credit-Challenged Car Buyers

Are you thinking of buying a new car? Did you study the several sources available in the market for obtaining finance for your car? When you are in the car market, you will spend most of your time making sure that you obtain the best auto loan deal. It is because we turn to auto loans in order to buy a car that we want. 

 

Are you a Credit-Challenged Person? 

When you apply for an auto loan, you may have bad credit history or no credit score. A low credit score makes you a credit-challenged person. 

A credit-challenged person is someone who has credit issues. It is possible that he may be denied auto loan approval from lenders, banks, and credit unions. 

Is there any Option for buying a Car as a Credit-Challenged Person?

If you are a credit-challenged person, it is time to consider a BHPH dealer. BHPH stands for Buy Here Pay Here. A BHPH dealer is considered to be a last resort for people with bad credit, but you should make it your priority when other lenders’ doors are closed for you.

BHPH dealers offer unique in-house financing program for people with bad credit. The car dealer acts as the auto financing company. And, the approval is guaranteed because the decisions are made by the dealer only. 

Even though there is a thin line of difference between traditional dealership and BHPH dealers, the main difference lies in the shopping experience. If you opt for a traditional dealership, you have to choose a car and then go to a bank or a bad credit automobile financing company for securing the auto loan. On the other hand, a BHPH dealer can arrange the auto loan easily.

Help yourself with these Safety Measures before you approach a BHPH dealer

• If you are a credit-challenged person, your car-shopping experience may become stressful if the banks reject your loan application. So, it better to seek a BHPH dealer in order to expedite the car buying process.

• Your credit score may be better than you think it is. So, first check your credit score and then decide on the source for obtaining a loan for your car.

• If you are credit challenged, there are chances that you will be charged more for your car. So, it is important to negotiate with the BHPH dealer in order to acquire the best auto loan deal.

• In order to avoid the situation of repossession of your car, you should remain aware of the rate of interest and the monthly payments offered by the BHPH dealer.

• Select a dealer who will report your payment history to credit bureaus. It will help you in improving your credit score.

Additional Points to be noted about BHPH Dealers

• If you have an address proof and a steady income, the approval chances for your auto loan improve phenomenally.

• A BHPH dealer is subject to federal laws. So you can expect to be in safe hands.

The first thing that comes to your mind when you think of a BHPH dealer is his reputation. So the question here is: Are all BHPH dealers bad? The truth is all BHPH dealers are businessmen, who want to make profit in the car market. Not everyone will provide you with a shady deal. But, if you want to be a smart car-buyer, follow the safety measures before signing the loan contract. 

A credit-challenged car buyer can make his car buying experience pleasurable by obtaining subprime auto financing. Apply with CarDestination to enjoy bad credit dealership financing and welcome home your favorite car.

Why is a Pre-approved Auto Loan better than a Traditional Loan?

Do you remember the pain of abandoning your dream car because you couldn't get an auto loan approval? It is hard to let go the dream of buying your favorite car. However, times have changed with the easy availability of a pre-approved auto loan.

With a pre-approved auto loan, you can get a clear picture of the approved loan amount. Also, the lender will give you assurance of paying money as and when required. It means that the loan program will make car buying process a piece of cake for you. 

Eligibility Criteria for a Pre-Approved Auto Loan

You need to submit your financial documents to the lender. He will examine your credit ratings and banking activities in detail. After inspecting your financial situation, he will provide you with an approved loan amount for buying a car. 

Why opt for a Pre-Approved Auto Loan?

The following points justify why one should opt for a pre-approved auto loan rather than applying for a traditional loan: 

1. Car Buying Process becomes Clear 

 

After the lender assesses your credit ratings and banking details, you will get a clear idea of the maximum loan amount that he is ready to lend you. It makes choosing a car simple and clear. If your credit ratings are good and the lender approves you for a higher loan amount, you can buy your dream car. 

On the other hand, if you apply for a traditional loan, you will have to choose the car first and then apply for an auto loan. And, if your credit ratings are not good, the lender may reject your loan application. 

2. It saves Time

What if the lender approves for a lower loan amount than you expected? Don’t worry! You can spend time in arranging money for the down payment amount. Applying for a pre-approved auto loan gives you adequate time for taking care of issues such as the down payment amount and the cosigner. Thus, it makes buying your dream car easy. The biggest problem with a traditional loan is that it doesn't provide you with enough time to make arrangements for the down payment amount. Also, you need to make quick decisions in choosing a cosigner. If you are unable to secure the down payment amount and the cosigner, you will have to abandon your dream of buying a car. 

3. You can enjoy Low Interest Rates

Lenders offer low interest rates to car buyers who apply for a pre-approved auto loan. The reason is that they perform strict scrutiny on financial documents and approve loan application of people with low risk. As they are not worried about their investment, they are able to offer affordable interest rates. If you apply for a traditional loan, the interest rates will be high. It is because the loan program is not designed exclusively for you. 

4. Luxury of Time

Once you get a pre-approved auto loan, you get an assurance of getting money according to your requirements. Therefore, you can wait for festive offers and enjoy additional benefits or discounts. 

On the other hand, approval on a traditional loan requires time. There are chances that you may not be able to enjoy the festive offers and discounts because of the long duration of the loan process. 

5. Negotiations becomes Easy

Getting a pre-approved auto loan is considered as having money in your hand. The dealer understands it and so, tries to sell you a car as quickly as possible.As you have an upper hand in the negotiation process, you can negotiate with the dealer and buy the car at low price. The negotiations in a traditional loan are not effective as the dealer is aware of the fact that you do not have money to finalize the deal.

6. Future Benefits

A pre-approved auto loan, if repaid punctually, also provides future benefits. Applying for loans in the future becomes easy if the lender knows you well. He will provide you with special interest rates and reduce the loan approval time as well. It is because he has reviewed your documents in the past and is well-aware of your financial situation. 

When you apply for a pre-approved auto loan, the lender conducts intense research on your banking account and financial transactions. But once the scrutiny is over, you will get a picture of your situation and it will make the car buying process crystal clear to you. So, it is better to apply for a pre-approved auto loan than to spend time on a traditional loan. 

A subprime auto financing is the best way of securing easy car financing for your dream car. Apply with CarDestination and get ready for zero down payment auto loan on your next car purchase.

Online Auto Loan Calculator: Your Smartest Move before buying a Car

Buying a car on loan requires a careful evaluation of expenses as it may lead to a budgetary imbalance. If you are not aware of factors such as monthly payments, interest rates, term of the loan, loan conditions, etc., it can cause a financial disaster. But, do not worry because an auto loan calculator is one of the most important financial tools that can help you avoid the times of distress. If you use it, it can prove to be your smartest move as a car buyer. 

Let us look into the Basics of Auto Loan Calculator- what, how and why?

What is an Auto Loan Calculator? 

An auto loan calculator is a tool which helps in calculating the amount of loan to be repaid. It also includes the interest rate, price of the car, term of the loan, the monthly payment amount and the additional car-related taxes that you have to pay to the local government. 

It is available online and can be helpful at the time of negotiating with car dealers. Basically, it helps you to do homework before you step out of your home to buy a car.

How does it work? 

You can access the online auto loan calculator by visiting the websites of a car dealer or an online auto financing company. In order the find the total payable amount and the total interest amount, you will have to fill the following required fields:

• The loan amount approved by the lender
• The interest rate
• Number of months

Once you provide the details, the total payable amount will be calculated in seconds. 

Why to Use an Auto Loan Calculator? 

The foremost advantage of using the tool is the ease of calculating monthly payment. It helps to avoid confusion by letting you calculate your monthly payments in advance so that your expenses do not interfere in making regular payments. 

It is difficult to compare two auto loan quotes on the basis of monthly payments. But, with the help of an online auto loan calculator, you will be able to compare each and every aspect of the loan quote. It will help you in choosing the best auto loan quote. 

Last but not the least; a good auto loan calculator saves you time and money. You can request the lenders to send you loan quotes. It will help you to compare them online without the need of visiting several lenders and dealers for loan quotes. 

So, before you set out to sign the loan contract, make sure that you do not forget to use the online auto loan calculator because it can be your smartest move as a car buyer. 

CarDestination, the bad credit auto financing company, provides an online auto loan calculator to help you manage your monthly payments effectively. If you want to avoid down payment, you can apply for no down payment car loan and make a quick purchase.