Buying a used car is undoubtedly going to save you more money than buying a new one. Most people think that this is where the savings start and end. Indeed, cars depreciate quickly (especially if wrecked/damaged), so a new car is more expensive than getting a used one. There are still ways, however, to save more money when you are planning to finance a used car.
1. Consider Used Cars That You Can Buy In Cash
Some people look at used cars that may not have many miles. These are cars that are still used, but the markup price on these cars may still be fairly high because the cars do not have a lot of mileage. What this means is that there is a great chance that the car will have to be financed. What you should consider doing is looking for a used car that you can pay cash for it. This might be one of your best options for saving money with NZ used cars.
2. Visit A Credit Union
If you are unable to buy a car for cash, the next best thing that you can do is look around for the lowest financing options. If you are a credit union member, you should start there. These are typically going to be the banking institutions that have the best rates.
3. Financing With Online Banks and Dealerships
The next thing that you want to consider doing is checking with online banking institutions. These will also be financial institutions that are going to offer better rates than traditional banks. The best rate may sometimes come with the dealership. It is very rare, but there are times where there are promotional rates with car dealerships that can be advantageous to those that have bad credit.
When your credit is bad, the car dealership is typically going to be one of your more feasible routes for financing because banking institutions can reject your request for financing if your credit score is bad.
4. Wait Until Your Credit Score Improves
If you have a bad credit score, you should make every effort to get a copy of your credit report. Find the things that are causing your score to be as low as it is. There may be some errors on your credit report that you need to correct. Look for opportunities to pay off bills and decrease your debt as soon as possible.
This will help you get a better credit score that can lead to better financing options. You want to get the lowest possible financing option available, and getting a better credit score is going to be the road to doing that.
5. Dealership Comparison
There are moments of clarity that you will find when you take the time to visit more than one dealership. It is easy to assume that all of the dealers are the same. This is a faulty assumption that first-time buyers tend to make when they are unfamiliar with searching for the best deals. Some dealerships are not up for a lot of negotiating.
They provide a price that the vehicle is going to be sold for, and they are not very open to getting anything lower than the advertised price.
6. A Reasonable Salesperson
Other car dealership salespeople are looking to make the deal & are willing to do whatever it takes to get your business. This is where you want to spend the bulk of your time. Look for the salesperson that is willing to meet you halfway when it comes to negotiating. This is going to help you get a much better deal.
ore money when you are planning to finance a used car.