How to Buy a Used Car in 8 Simple Steps
4. Find the Best Car Loan
Unless you have a giant pile of cash, you will need a loan. Getting your loan approved before you go shopping is a brilliant move. This simple step can save you tons of money in the long run.
If you buy from a private person, you have to find your own loan. Because this is riskier, your rates might be higher. But you still have great options! Look into local credit unions, community banks, online lenders, and dealership loans. Credit unions usually give the cheapest rates, while online banks are super fast and easy.
When you pick a lender, give them your true financial details. Apply to a few places at the exact same time so it does not hurt your credit score. Try to put some cash down up front, and keep your loan term as short as possible to save big on interest!
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