There are numerous aspects to consider when purchasing a used car. Two key things to educate yourself on include how depreciation works as well as how to go about taking out a car loan if needed. If taking out a loan is not necessary, paying for your car in cash can save you a lot of money over time because you can avoid depreciation.
Going With a Used Car Can Be Beneficial
You have the opportunity to obtain the car of your dreams at a reasonable price and quickly. Additionally, negotiating a price down even further than the asking price is a possibility. Also, your options for which car to choose are endless because there are a ton of used cars to choose from.
Unfortunately, cars lose value over time and the older a car gets, the less it is worth. Despite this, the biggest drop is in the initial uses of a car. Once the car has been owned for a long time, it looses less value than previously.
Taking Out a Loan
If you cannot currently afford the car of your dreams in full, taking out a loan can be a viable and advantageous option. Commonly, car loans are obtained through banks and after doing some research, you can seek out low interest rate options. Another financing option is to choose in-house financing which means a car dealer handles the financing. The main benefit of taking out a car loan is the fact that you can have a car you are not currently able to pay for in full. If you can pay for the car in cash, this can also be beneficial because you can avoid interest all together.
There are numerous benefits to purchasing used cars including the opportunity to obtain an amazing car at a reasonable price and the increased possibility in negotiating the price down to something you can afford. Additionally, even if you do not have all the money needed to instantly pay for a car, you can obtain a loan.
In today’s economy, purchasing a used car makes perfect economic sense. In fact, since so many people are holding onto their cars for longer periods of time that used cars have actually increased in value. This is due, in part, to the fact that fewer used vehicles are coming on the market. Thanks to better engineering, it is possible for almost any modern car to last for nearly 300,000 kilometres, if properly maintained. The average age of the car on the road today is slightly more than 11 years.
The most obvious advantage when purchasing a used car is the smaller down payment required. In many cases, if the buyer has budgeted wisely, he is able to buy his car outright for cash. Even if the individual is not able to eliminate his monthly payment altogether, he will have a payment that is a great deal lower by purchasing used. With job insecurity at an all-time high, lowering monthly expenses is a prudent measure that provides a safety net. In addition to the smaller down payment, you save on taxes and fees that are associated with purchasing new.
The cost of insuring a used vehicle is usually considerably less, especially if you decide to eliminate comprehensive and collision coverage. Another advantage to buying a used car is that most of that kinks or hiccups will have been worked out. The previous owner will likely have taking care of any problems that were on the scene at the factory. This makes your car more reliable. Even though you are likely to love your used car, you are less likely to be stressed about keeping it looking brand-new and scratch free. It is also likely to be less of a target for theft. When it comes time to sell or trade in your use vehicle, you may find that it hasn’t lost much in value. That is because the steepest depreciation usually comes within the first six months of a car’s life. So you are likely to find that your used car holds its value very well, if you have chosen well.
If you are looking at used cars, please pay us a visit. We have many quality used vehicles in stock and will be happy to help you select a car that fits your budget and that you will love.
Sometimes it seems like cars break down at the worst times. You might not be in a great place financially when your car becomes inoperable, and buying a new car is not always possibly. When you need a car, and you have limited funds, a good used car might be the best thing for you. There is a wide-variety of used cars on the market. With a little bit of research, you might find a used car will work well with your current lifestyle.
Know Your Budget Before You Begin
Before you start your travels to dealerships, you need to consider how much money you can afford to spend on a used car. You could save a lot of money, if you pay for the car in full. If this is not possible, consider making a large down payment. Obviously, when you finance your car, the cost is more because you are paying interest each month when you make your payment. Traditionally, when you purchase a used car, rates are higher and the financing periods are usually shorter compared to purchasing new cars. One tip most financial experts offer is to never spend more than 20 percent of your take-home pay on a car.
Estimate Future Expenses
Always do research on the car you want to purchase to see if certain parts need to be replaced more frequently. You might have a particular car in mind that you’d like to buy, but if the water pump in that model has a history of failing, than you might want to consider another car. When you purchase a used car, there’s always a chance you will have to forgo funds for maintenance and upkeep. An older car obviously has more wear and tear on it than a new car. Having savings put aside is important, since you don’t want your car to cause you unnecessary debt.
Buying a car is an exciting experience. The process of obtaining financing, on the other hand, is less joyful. We want you to consider these aspects about financing used cars so that your experience can be a good one.
Obtain Your Credit Report
Before trying to get financing you always want to obtain your credit report. Be sure to check it for errors and report them should you notice any. Your credit report can also help you identify aspects that you are able to improve, such as paying off some debt. Improving your credit score is helpful for getting a better interest rate.
Decide on the Budget
Reviewing your finances helps you figure out how much vehicle you can or want to afford. Take into account any fluctuating, fixed and unexpected expenses, such as fuel, insurance and maintenance. If you don’t care about make and model of the vehicle, you are more flexible in finding a car that fits your budget.
Know Your Financing Options
Contact your house bank for a direct loan. Often times they offer competitive rates for their customers. In addition to that reach out to local banks, credit unions and online lenders. The latter can be a good option if you have a bad credit score and credit unions are known for offering great loan terms. The car you have your eyes on must be able to meet the bank’s basic requirements. Get offers from multiple lenders to find the best rate.
You can also obtain financing through your car dealership. This is a smart choice if you are not keen on one specific vehicle. Most dealerships finance any vehicle on their lot, which opens up your options for getting a great deal. Furthermore, many dealerships offer financing for people with bad credit. It is recommended to put down some money in order to get the best interest rate. This is also important because cars depreciate in value and you don’t want to owe more on it than it’s worth.
Being smart in regard to financing a car can get you a great deal. Be sure to bear in mind these aspects about financing used cars.
Due to the unforeseen and extraordinary events surrounding the global Novel Coronavirus pandemic and for the safety and protection of our Customers, staff and community in general, we have made the difficult decision to suspend showroom operations at Nexgen Cars Canada Temporarily.
Until additional advice from our province’s health team arrives, our sales team will work online/remotely.
SALES ONLINE AND VIA PHONE
We have our sales team ready to answer emails, phone calls and online requests and questions. We can facilitate online purchases and can help you buy from home but no store visits or test drives can be arranged at this time and permitted .
Our virtual showroom is open 24 hours a day, 7 days a week at www.nexgencarscanada.ca.
For all sales and vehicle inquiries, please call at 905-877-5100 or email at
WE ARE HERE TO HELP
We’ll update further as we receive guidance from our federal, provincial and municipal government and health agencies.
We did not come to this decision lightly and we want to assure all our customers that we are always going to be here when you need us.
We would like to thank all essential workers that are continuing to keep our community running and wish they stay safe and healthy during this trying time.
The entire team here at NexGen Cars Canada can’t wait to get back to doing the work we love.
See you soon!
Nexgen Cars Canada Team
When you start shopping for used cars, it quickly becomes apparent that you have plenty of options. With makes and models from every year imaginable, it’s easy to get overwhelmed and go with the first car within your price range. Instead of caving too early and not getting the best deal, you should learn more about how to shop for a preowned vehicle that will actually work for you.
Short or Long Term
Is this a transitional car or something you hope to drive into the ground? If you need this car as a short-term replacement, sticker price and fuel efficiency are probably your biggest concerns. Think about how long you’ll actually have to use the vehicle, and then assess which features you can live without. If this is the car you’ll be driving for the foreseeable future, the amount you pay upfront should matter less than how long the car is expected to last. A little extra money at the outset is well worth it if you get another five years out of the vehicle.
Exterior or Interior Issues
Both the inside and the outside of the car are important, but you need to focus on what is actually selling you on (or turning you off of) certain used cars. If you can get a good vehicle at a good price and the only thing giving you pause is the color, is that an issue you can overcome? Remember that cars can be repainted, and perhaps you can make it a goal to save up for a color change. Similarly, is a cosmetic issue with the interior enough to make you look past a good deal?
When you really look at the used cars in your area and try to think about how you’ll feel once the novelty has worn off, it becomes easier to identify your real needs. Make sure you put in this effort when you start shopping around.
If you are in the market for a new used car, you have a couple of choices. The first choice is to buy from a private seller. This has many obvious disadvantages, including only getting to look at one car at a time. The second and we believe better choice is to buy from a dealer. The benefits to this approach for buying used cars are many and powerful.
Our lot is are filled with over a hundred great pre-owned cars for you to look for all in one place. It is like going to the candy store, with a large selection of desirable treats for you to drool over. You can consider sedans, trucks, crossovers, SUVs and other styles of vehicles, all in one convenient place. We also have a full assortment of price ranges, colors and ages. So if you are looking for a sports car that is bright yellow and priced under $10,000 we are likely to have it.
Not only do we offer over a hundred cars for sale, we can also hook you up with financing. Our finance department can set you up with a loan that makes sense for your budget. We can work with you to get monthly payments that are affordable, and we can even take care of registering the car for you.
When you buy one of our used cars, we hope to develop a lifelong relationship with you. Our goal is to take care of all of your car needs, now and into the future.
If you have your eye on a new or used car, you may have to consider financing options. The problem that a lot of people face is that they don’t have optimal credit and may not think that they qualify. While many lenders offer bad credit car loans, there are still a lot of myths that circle the choice. You shouldn’t let these turn you away from the financing that could get you your dream car. Here are the three top myths when it comes to car loans.
A Low Credit Score Guarantees Rejection
This isn’t true at all. In fact, there are dealers and lenders that specialize in car loans for people with bad credit. Poor credit will not stop you from financing a car.
You Can’t Refinance if You Had a Poor Credit Score
When you’re approved of a car loan with a low credit score, you are given the opportunity to build your credit over again. After a while, as your score builds you will be given more options. It’s common for people to refinance their loan and come up with a cheaper rate after they have built up their credit score.
Income Doesn’t Matter if You Have Bad Credit
Income absolutely matters! Income and the other debts that you owe play a big role in the size of the loan you can be awarded. While lenders do pay attention to your credit, your income also plays a large role in whether or not you’re approved. This can also affect the rates that you’re given.
Don’t allow myths to turn you away from car loans. Even with bad credit there are many options out there. While it can be a difficult choice for many people to decide whether or not they want to look into financing for a vehicle, it’s important not to be deterred by myths. Only the facts should be an influencing factor on your decision.
When the time comes to buy a used car, there are many financial factors to consider. Perhaps your budget will narrow your used car choices, or you may not be aware of the payment options available. We are ready to show you some ways you can pay for your vehicle and to show you that the make and model you desire most may well be within your reach if you plan carefully.
Consider the Time Frame
As you consider payment options, one of the first factors you might want to think about is how long you will be paying for your car. Whether you secure a loan through the bank or choose in-house financing with us and depending on your credit, your loan could be as brief as two or three years or as long as five. It is important to understand the exact terms of the length of your loan before you sign off on a vehicle.
Give Yourself Time
Even if you find yourself needing a new vehicle for your commute to work or school, you should avoid jumping into a deal right away. Take the time to consider your options, as this may help you avoid hefty payments that might be hard to handle later on. For example, ask yourself whether your current car is a valid trade in or if you can secure a down payment that may help lower the cost of a vehicle.
Review Your Budget
One mistake many people make when they shop for used cars is to miscalculate how much they can afford to pay monthly. To avoid this error, you will need to factor more than just the car payment into your auto ownership budget. The cost of insurance, gas and other taxes and fees that will need to be paid when you purchase a vehicle should all be included in your budget to ensure you do not overextend it.
Buying a used car can be a challenge, especially if you are unsure of your payment options. However, being prepared and asking the right questions can help you get the car you want at an affordable payment.
The idea of a brand new car is exhilarating, but for most people, used cars are more budget friendly and just make more sense. If you aren’t convinced that a used vehicle is the right choice for you, then you need to keep reading. We’re going to show you why buying used can be the best decision you make.
Buying used gives you a range of great options. Because prices are more affordable, you are able to look at vehicles you may never thought you could afford. This includes luxury designs and larger vehicles, like SUVs and trucks. In addition, you can get a lot of features for your dollar. You have the opportunity to buy the vehicle you really want instead of having to settle for only a couple options you can afford. This really opens things up and allows you to look at a range of vehicles you might not have even considered an option.
One of the best things about buying a used car is that they generally come with all the “kinks” worked out. This just means that any manufacturer issues have often already been caught and fixed by the time you get the car. So, you get a nice peace of mind.
More for Your Money
In the past, buying used was often a gamble because cars really had a set life time. You knew if the mileage was at a certain point that there was a certain amount of life left in the vehicle. That is not really true anymore. Cars last longer. So, buying a used one really isn’t sacrificing too much. You will likely get more than enough acceptable life out of any vehicle you buy.
Before you completely write off buying used cars, take a minute to think about the reasons you should buy one. Used vehicles aren’t at all the stereotypical broken down, worn out vehicles that may come to mind. They really are great cars that have a lot to offer.