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Is the Cheapest Used Car Your Best Car Buying Option?
4 June

Is the Cheapest Used Car Your Best Car Buying Option?

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Car Loans Canada

Frequently, people have the wrong idea about how they should buy a used car. On occasion, buyers believe that they should buy the cheapest option available. Yet, while the allure and appeal of a very cheap car is obvious, it is usually not the best option for everyone.

Your Car is an Investment in Mobility, Safety and More

In short, you should look at your purchase of any car, used or otherwise, as an investment. It is an investment in mobility, but it is also an investment in safety and in your lifestyle. When you buy a used car, you want a car that will be durable and last you for at least a few years. Why? The simple truth is that you want to get the most out of your money. If you purchase a car that is on its "last legs" this means that you will be back at the dealership far sooner than later. This situation will quickly interfere with your lifestyle, as you have to go through the process of picking out another car. And no matter how great your car dealer may be at directing you to your best options, you will still have many decisions that you must make.

Cheap Doesn't Always Equate with the Best Deal

It is vital to remember that cheap isn't always best. Of course, there are good deals out there, and part of being a savvy consumer is finding those bargains. However, don't want to let your desire to find the best deal possible interfere with achieving optimal results.

You can certainly find exceptional deals on high quality used cars. However, there are pitfalls associated with used cars as well. Below are some of the potential drawbacks.

  • Used cars can cost more to service
  • Used cars can be less reliable than new cars
  • If you don't check the CarProof history, the car's history is unknown
  • It is possible to buy a lemon, especially if you skip using CarProof
  • You may not know if a used car was subject to a recall

Apply for Financing

Try to keep in mind that with options such as zero money down car loans, you may very well be able to get behind the wheel of a newer and better car than you were planning. The following chart demonstrates the type of credit rating you will need to get approval on a loan.

Credit score below 550 Credit score below 680 Credit score about 680
You will need a bad credit auto loan. This score puts you in the subprime category and you will be charged a higher APR. Congratulations! You are a prime borrower and should get a low interest rate.

The real trick here is to work with your car dealer and learn more about what is possible for you within your budget. Quite often, drivers walk into a dealership with a litany of preconceived notions regarding what is possible in the realm of car financing. Don't let this keep you from taking advantage of all the ways that a car dealer could potentially help you.

Get Pre-Approved Now!

Ready to apply for financing? Fill out our application form here to get started:

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