Simple, Fair, Affordable Personal Loans

It’s that time where you are in need of a new or newer vehicle. You current mode of transportation has been good to you in the past, but it’s just costing too much in repairs or just isn’t as reliable as it used to be.  This situation happens thousands of times across the country every day. The problem is that you don’t have the money to buy a newer car. Let’s take a look at obtaining a personal loan or going to a buy here pay here car dealership.

Buy here pay here dealerships can be a good choice for many people that need to get into something fairly quickly. It can be a good alternative to taking out a loan in some cases. Usually people that do not have good credit can benefit from this situation. Most buy here pay here car dealers will not even run a credit score on their customers and require a small amount of money down on the purchased vehicle. One problem is that their inventory tends to be a bit on the older side. You usually do not have access to later models and you could end up swapping out your older paid off car for a car that you now owe money on and still has some problems.

Another instance with these types of dealerships is the amount of money you are actually paying for the vehicle. They will charge you quite a bit more money than the car or truck is actually worth. They know that you may be in a desperate situation and they have the upper hand. You could be paying 20%-25% more than the vehicle is valued at just to able to use their easy, no credit check method of getting you into a car.

Another problem is that they take “low” weekly payments. This sounds enticing at first. When you are trying to figure out your payments and they present a low weekly payment of $75.00 this sounds like you should have no problem making that payment. Who can’t afford $75.00 a week? Well, a lot of people can’t afford that payment. That’s a $300.00 per month payment. You can buy a brand new Mercedes for that amount of money. Add on your car insurance and you end up with a hefty car bill each month.

Taking out a personal loan gives you many advantages when it comes to buying a used car. The dealership will haggle the price down quite a bit because you are essentially paying them cash at the deals end. You will also gain a positive credit score when the loan is paid off. At the buy here pay here places, you can only achieve a negative score if default on your payments, they usually don’t report to the credit agencies.

Just be weary of a deal that sounds too good to be true. If you can obtain a personal loan for your newer car, then take it. It’s easier to afford and will actually save you money in the whole scheme of things.

It’s time for a new car. This can be a very exciting time and also a very stressful time in someone’s life. Buying a new car is a milestone in most everyone’s life and the first new car a person buys is a huge step in one’s life. However, it can be a mistake.

Buying brand new is one of the biggest financial losses that a person can make. The second you drive that brand new vehicle off the lot it loses twenty to thirty percent of its original value. If you spend twenty thousand dollars on a brand new car you are losing four thousand dollars the second you start it up to take it home.

Everybody wants to have a brand new car, but by buying a slightly used model you can save thousands of dollars. There is no doubt the feeling that you get from being the first owner of the car of your dreams, but is it worth that money that you are losing through depreciation? That new car smell and the idea of being the first owner is a very intoxicating feeling, but none the less, a mistake in the long run.

Now, if nobody bought new cars then there wouldn’t be new cars to buy. The smart buyer is the one who buys a used late model car and gets the same vehicle for a fraction of the price than that of the new car buyer.

Is this day of age the car market is more competitive than ever. The quality of the cars on the market is at the best that it has ever been. The slightly used car is going to be just as reliable as the brand new purchase of the same model. You actually can get a much better automobile for the same price that someone is paying for a new car. Instead of spending twenty five thousand dollars on a brand new Toyota, your twenty five thousand dollars will get you into a four or five year old Lexus. Your dollar goes a lot further. The manufacture’s warrantee follows the car, plus you can usually purchase additional protection from the dealer for your vehicle.

Taking a personal loan for the purpose of buying a used car give you much more negotiating power when it comes to dealing with the dealership. By having the cash on hand, the dealership haggles with you on the price, rather than having to wait for approval from a bank for a loan on the car.

One cannot argue that buying a brand new car is a great feeling, but so is saving thousands of dollars. Just make sure you get a CarFax report and have a mechanic check out your used car before you buy it. Make sure that all of the maintenance records are available and that the vehicle is in very good shape.