"The Secrets to Successfully Shopping for a Used Car Revealed: Follow These 6 Easy Steps!"

Are you in the market for a used car? Recently, searching for a “new car” is no clear sailing the average cost nearly hitting $30,000. It can be easy to feel overwhelmed. Read on to discover how you can be in control of the car-buying process and come out on top. Even better, you may even be able to take advantage of an interest rate on a car loan that’s lower than the current average of 7% depending on your credit score. Buckle up, clutch your oh-shit handle, and let’s find a superb car.

1. Advantages of the buyer’s market.

With the current shortage of used cars, now is the time to take advantage of your leverage as a buyer. Car dealerships everywhere are in a low inventory situation, making it the ideal time to trade in your existing car and negotiate a great deal on a new one.

2. Open-minded.

You might end up with a vehicle you hadn’t initially considered, such as another gray car or one that’s missing a feature or two. By saving money, you can use the money you save on car customization and personalizing your used car. Not only will this give the car your personal touch, but it can help make up for features the car might be missing. You’ll be driving off in a reliable car with extra spending money for food too. 

3. Secure your financial freedom.

Banks and credit unions often have promotional offers and better loan options than car dealerships, so it pays to do your research. People with an average credit score can get a used car loan rate of less than 4%. But if you have a "subprime" credit score, ranging between 600 and 660, you may be looking at a much higher loan rate - close to 10%. It is still in your best interest to try to negotiate a larger down payment in order to get a better loan rate.

4. Consider a credit union.

Are you in the market for a car loan but aren't sure if a 48/36 month loan is the right choice? The 48/36 month loan term is a popular choice for car loans, especially for credit unions. It gives borrowers the advantage of having the ability to make larger payments or, in the case of a 48/36 month loan, make larger payments in a shorter amount of time. This allows you to potentially pay off your loan much sooner, allowing you to free up more of your money early. If you follow regular maintenance, you are still going to have added money for car customization and personalization. 

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5. Explore used cars.

Traveling to a different location in search of the perfect vehicle at the best price can be a challenge, but it can be well worth it if it means saving a lot of money. The reality is that getting a one-way flight and then driving the car back can sometimes be a real pain, but when it comes down to it, if it's going to save you $5,000, then it's a win-win. It's important to remember that used car prices vary depending on the region and on-demand, so take that into account when making your purchase.

6. Used electric vehicles.

If you’re in the market for an EV and want to take advantage of an awesome tax benefit, you should make sure to consider buying a used one that’s two years old or less and purchase it from a licensed dealer for $25,000 or less to qualify for the $4,000 federal tax credit. 

Claim the clean vehicle credit now:

Used Clean Vehicle Credit | Internal Revenue Service (irs.gov)