I am sick of my 95 accord, I want something newer. Is it hard to buy a used car with no credit? I plan on putting down at least 8k, and the car I want is about 15k.
And also, when is the best time to buy a used car??
2006-09-20 15:31:34 · 15 answers · asked by m1ndless 1 in Cars & Transportation ➔ Buying & Selling
Do your homework first. I'm assuming you're buying a used car. Go to edmonds.com and get the trade in value of the car you want to buy. That will be pretty close to what the dealer paid for it. Go on the next to the last weekend of the month and test drive it. When the salesperson ask you if you are buying today tell them you might if you find the deal you want. Do not go inside the building. Write down the vin #, milage and features of the vehicle. Give the salesperson your home/work # and tell them you will be in touch sometime next week. Under no circumstances are you to buy that car on this first trip. Leave. On Tuesday call that particular salesperson if they haven't called you first. Tell him you appreciate the time he took with you and you are still trying to decide if you want his car or someone elses. Find a couple of cars just like it on cars.com that are within 50 miles. Go to a bank/credit union and get preapproved for a loan 10% more than what they are asking for the car. Friday night, call the salesperson and let him know that you want to look at that car again in the morning and find out what time he will be there. Show up at the dealer 30 minutes after you tell him you will be there. Inspect the car again and tell the sales person you would like to buy today if a deal can be reached. Armed with the price the dealer is likely to have paid for that vehicle offer him 10% more than what he paid for it buy saying "I will buy this car right now for $x,xxx.00 amount of dollars. This is when the whole deal gets fun. He will do everything possible to get you to increase this offer before he even gives you a counter offer. When he ask if you would consider buying it at XXXX amount of dollars ask him if that is a valid offer to sell it for that much. Watch him back peddle a little and go get the manager. Give the manager the same offer. Negotiate up no more than another 5% of his buying price. Once he agrees to the amount ask him about your trade in. Never let the trade in become part of the deal until after you negotiate the sell price. Know how much you car is worth before you get there and don't take a penny less than what edmunds says is a fair trade in price. Another thing you can say to help get him to lower the selling price is to ask if the car qualifies for an extended warranty. No you're not going to buy one but you don't tell him that. Also let him know you will need financing. He will take less money for the car if he thinks he can make more on extras in the finance office. Once you get the money you want for your car go to the finance office. Decline the extended warranty because you can buy it direct online cheaper. After he fills out the finance forms ask him for the interest rate. If you banks is better tell him you will finance it through the bank and ask him what you need to do to finalize it. Show him your preapproval letter. If the bank has given you a check then write it out for the amount and drive away. Be prepaired to walk away a couple of times during the negotiation, thanking them but you want what is right for you and 'you can buy this car from', then give them the dealers name where you found it online. Most of all have fun because you are beating them at their own game. Check out the link web site, it is killer information on buying a car.
2006-09-21 06:43:56 · answer #1 · answered by amercomp 2 · 2⤊ 3⤋
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>>Do you HAVE to have someone consign since the car is used? I'm assuming you are 18 years of age or older here. So, NO, but if you are buying from a dealer, and they want you to get a co-signer because your credit is so bad, then you have no choice.... You can buy a used car anywhere, if you have cash, from an individual or a dealer. If you don't, though, and your credit rating is shot or a very young first-time buyer, sorry, you have to play by the seller's rules ( or get a loan from a friend, cash loan ). >> What if you don't have anyone to cosign for you? Would a bank cosign for a car? Oh, HELL no. A bank won't co-sign, why would they want to be responsible for YOUR debt if you default?! That's why a company would want a co-signer for you, to take the debt over if you falter. A bank will NOT do that for you, they'd be responsible for the car if you couldn't pay. You obviously don't understand what co-signing is about. It's for protection of the SELLER , not YOU the buyer. >>Do you have to have credit in order to buy a car even if you have the full amount that they want?? Full amount in CASH? No, you would not need credit then. Unless they just don't want to deal with you. >>What if you have a DWI?? Is it harder to buy a car, or doesn't it really matter as long as you have insurance ready to go on the car? I think they'd sell you a car, if you had the cash. CAN you get the insurance? Why would you want to buy a car, if you can't? But I think they'd sell you one, even without insurance, that would be your problem...they just wouldn't get it registered for you. That'd be your problem. But I'm not sure, never tried to buy a car from a dealer with a DWI. >>Thanks so much for taking your time to answer my question!Peace and Love, -Bunni It was pleasure to hop to it and answer you, Bun. Later! - The Gremlin Guy -
2016-04-10 23:03:23 · answer #2 · answered by Anonymous · 0⤊ 0⤋
With 8k down, it definitely won't be hard at all. You might have to pay a little more interest, but it will be easy to get one. The best time is when the new cars are rolling out, or when they are having other big sales. Just keep an eye on the papers and maybe call around to ask what their upcoming sales will be. Also be sure to ask them about their program cars. They are usually newer with only a few thousand miles, but since cars depreciate so fast these will be a lot cheaper. You will also trust them more since they were driven by the owners themselves for advertising purposes. Just make sure you do your research, and go with a good company, a lot of companies will try to swindle you, so be careful.
2006-09-20 15:47:35 · answer #3 · answered by Laura 5 · 1⤊ 0⤋
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RE :How hard is it to buy a used car with NO credit? When is the best time to buy a used car??
I am sick of my 95 accord, I want something newer. Is it hard to buy a used car with no credit? I plan on putting down at least 8k, and the car I want is about 15k.
And also, when is the best time to buy a used car??
3 following 15 answers
2016-12-03 07:01:50 · answer #4 · answered by ? 6 · 0⤊ 0⤋
It won't be difficult, no. But you may end up paying more in either the down payment or interest. The best time to buy a New car is when next year's models start rolling out. Check around. Know your numbers. Compare. If they want the sale, they'll meet you halfway.
2006-09-20 15:37:17 · answer #5 · answered by sportyblush 2 · 0⤊ 0⤋
Try the last 3 days of the month.
Salespeople compete for top sales and you may do better bargaining if you push them to sell cheap, instead of them pushing you to buy.
Walk out and off of the lot the first day, then come back for better price. Do this as many times as it takes.
This is very important! Find that newer car on "www.cars.com" for comparison price. Know what that newer car is really worth!
Also, you got cash. They will want it.
Looks like you have 50% equity for a newer car, most loan companies will love you, no matter credit.
That old Honda should be worth a couple of grand trade-in, too!
Make them trade with you.
Remember, you have the advantage here. Cash buyer rocks!
They are cash hungry and you got lots cash! Good luck and give them hell!
2006-09-20 15:52:53 · answer #6 · answered by randyrich 5 · 1⤊ 1⤋
The best time is near the end of the month. They want to meet their quota so they will be hungry to make the sale. Don't be afraid to walk out if they won't meet your expectations, they WILL follow you into the parking lot and call you at home if you give them your phone number. Be firm, know your numbers and facts before you go in there and you'll be fine. You've also got a good amount of money to put down so that will really help you have a leg up on financing and keeping your payments down.
2006-09-20 15:42:36 · answer #7 · answered by msdifranco2003 3 · 2⤊ 0⤋
With $8000 down, and verifiable income, you should be able to get financed on a late model used (or a new) car, with little trouble.
Check with your bank or credit union about a loan, most likely they will approve it. A large down payment reduces the risk the bank takes, so that helps a lot.
2006-09-20 15:41:13 · answer #8 · answered by fire4511 7 · 0⤊ 0⤋
as long as you've had the same job you should have no problem getting into a new car as long as you have the down payment and can agree on the payments.Good luck p.s. it's easier getting a loan for a new car then a used car banks mostly trust newer cars.
2006-09-20 15:43:17 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Its not hard at all actually..alot of dealer have special programs for people with no credit..but no credit is better then bad credit..
ford has an awesome incentive going on..0% for 72Months for anyone.
i bought my first acura integra with no credit....i had a higher intrest rate..paid 218/M on a totall financed of 9K
and its best to buy middle of the month..when salesmen are pushing for their comission checks..my husbands a car sales men..he gets paid commisision the 20th of every month..so about 1week before that is good..but i dunno if every dealer is the same
2006-09-20 16:14:57 · answer #10 · answered by mommy2savannah51405 6 · 2⤊ 0⤋