Helpful advice for financing a used car
Getting a new vehicle can be a big financial commitment. Whether you buy new or used, having a clear idea of your budgetary goals can be just as important as the car you select. Even with the help of CarLoanUnlimited.com and our in-house finance or no credit check out loans, it can always benefit you to learn some helpful tips on the best ways to prepare for such a big investment.
Set a budget
This step in the car buying process may seem like common sense, but there are some helpful rules of thumb to keep in mind to ensure you aren’t breaking the bank. It is advised to keep your monthly transportation expenses (car payment, gas, etc.) to under 20% of your monthly revenue, and it’s best to keep the car payment itself around 12%. For example, your car payment should be $360 or under with monthly revenue of $3000.
The best method of ensuring your car payments stay affordable, we recommend putting a down payment on the car to reduce the overall price of the vehicle you’d be left to pay off. At Car Loan Unlimited’s Orlando/Longwood and New Smyrna Beach locations, you are approved with or without this down payment, but our low-price down payment options from $500 down ensure even the smallest investment can lead to the biggest monthly savings for you, no matter the size of your budget!
Research your options
Once your financial projections are solidified, next comes researching your car options. It helps to get an idea of types of vehicles that you think fit your lifestyle. Safety, miles per gallon, and overall durability of mileage are all important factors to consider.
After you’ve made a small list of desired makes and models, its time check our extensive collection of vehicles available for short term loans or EZ loans. Beyond simply reviewing the car’s cursory appearance and mileage, we encourage our clients to visit our Orlando location to inspect the inside, the engine, and even take a test drive. If everything meets your satisfaction, it’s time to move on to solidify the deal.
Weight out your lending options
With a car selected that’s within your desired budget, now comes the time to weigh your financing option; finance through a 3rd party provider or directly through the dealership. Sadly, for many car purchasers, 3rd party loans are often the only option when dealing with dealerships who are not equipped to handle financing options internally. Not only does this complicate the process of you getting your new used car, but often comes with rigid restrictions and high-interest rates, especially to those with poor credit or no credit at all.
At CarLoanUnlimited.com, our buy here pay here Orlando/Longwood and New Smyrna Beach locations have the necessary banking licenses that can get you driving today. We offer EZ loans, no credit check auto loans, and many other in-house financing options for our customers. Reach out today, where all budgets and all credit types are accepted!
