Some car dealers often advertise that they'll give you black book for your trade in. Black book is actually used by car dealers at the wholesale auto auctions. It's a subscription based mini car pricing book updated every month or so with regional selling prices from wholesale auto auctions. It lists most vehicle makes, and models, and what they should sell for if the vehicle is in bad, fair or good condition. Ideally, the dealers would like to bid on a car at the auctions and pay less than the black book price for the car to be sure they can resell that used car to you for a profit. These things need to be kept in mind to maximise your used car loan value.
Try to play dealer against one another. If you feel you are paying too much for extras, then you come to a deal but when you get the final bill it is higher than you expected. Get in writing what is the total price and what is included. If the dealer will not tell you, or makes excuses for reason why not, find another that can tell you to get the correct used car loan value.
Last but not the least, you should keep in mind the fact that used cars generally cost more to maintain. Wear and tear has already taken a toll - some of which you may not be able to see - and that can mean high repair and maintenance bills. A used car generally costs less to insure - it certainly costs less than that same car when it was new. If you find a model a year or two old, the vehicle's initial owner took a massive hit in depreciation. A new car can lose as much as 20% of its value in its first year on the road.
|
Bad Credit Loan 