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I am planning to buy a used car. Which model should I buy? Should be less than 000 and less than 50000 miles.

Please let me know what factors should be considered. Suggestion to a layman befor buying a car.

Also about getting loan and financing at lowest rates on used cars. How and which one I should go for? What all is needed to get the loan?

4 Comments »

1. 

   It should be 4-door, 4-cyls, not sporty. I would prefer Honda or Toyota… First time drivers usually have much more expensive car insurance, and it depends from car. You should compare insurance rates while choosing the car – for example here – carinsurance.yoll.net

   Comment by Jerry — December 22, 2009 @ 1:52 am

2. 

   i want to say perfer honda cars
   like honda city 2007 model
   honda acord 2006 model
   honda crv model 2003

   Comment by Indermohan — December 22, 2009 @ 1:52 am

3. 

   Look into Ford Fusion, Mazda 3, or Ford Focus. These are all good dependable cars and you should be able to find one with your requirements. Try autotrader.com or craiglist. Make sure to have the car inspected by a certified mechanic before you buy.

   Comment by euroman71 — December 22, 2009 @ 1:52 am

4. 

   If you know little about buying cars, I would find an older friend who has bought several, to help you..

   I would suggest looking at a 2005-2006, Chevy Cobalt, KIA Spectra, Hyundai Elantra, Ford Focus
   or Nissan Sentra…. try to find the newest one with the least miles…

   If your credit score is less than 750.. you will need 20% of the purchase price as a down payment, (10,000.00 car=2000.00 ) that leaves you with 8000.00 to finance.. again, if your score is less than 750, they will only allow 48 payments @ 225.00 per month..
   You may get a better deal at a credit union, or your bank…always check there first…

   You will also need to have arranged for full-coverage insurance before you can take the car off the lot…,, depending on age and driving record, this could be 100.00 or more per month…

   taxes, licence etc on 10k will be about 1000.00….

   When you decide on a car, and go to make your offer,have your DP money with you, tell the salesman that you want the car today, and be prepared to take it…
   Your first offer should be 20% lower than what you think the car is worth….

   If you find a car priced at 10K, but the loan value is 9k, the car is worth 9…
   you offer 7 ( 1400 cash, finance balance)
   they offer 9
   you go to 8 ( 1600 cash, 6400 finance ) final offer {either they accept, or you walk out the door}

   Comment by Sophie B — December 22, 2009 @ 1:52 am

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