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Consider both the monthly loan payment and additional vehicle costs that are bound to pop up. This includes fuel costs, insurance and regular maintenance.
is when a lender tentatively approves you for a certain amount while you shop for your car. It , but it does give you a better idea of what you will pay in interest and what you can afford.
A of at least 20 percent is the best option. But with the increase in car prices, you should at least try to save 10 percent of the vehicle’s sale price as a down payment.
One way to get around some of the risks of buying used is to shop for a . Typically found at dealerships and rental companies, these vehicles are specially inspected and approved by the manufacturer. In general, buying CPO means that your car will have good parts, low mileage and proper maintenance. CPO vehicles are typically properly cared for and accident-free. These vehicles can also come with an additional vehicle warranty for long-term quality assurance.
With so many Americans looking to buy vehicles right now, preparation is key to saving the most money. Used vehicles are expensive, but you’ll avoid the high prices, limited supply and huge depreciation hit of new vehicles. To get the best deal on a used car, start by shopping around for auto financing and getting preapproved. Also, consider trading in your current vehicle to lower out-of-pocket costs when purchasing your next ride and making a larger down payment to get a more affordable monthly payment. Most importantly, have the car inspected to ensure it’s both safe and reliable before signing on the dotted line to seal the deal. SHARE: Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to take control of their finances by providing clear, well-researched information that breaks down otherwise complex topics into manageable bites.