Used Car Buying Guide

There are plenty of benefits to buying a used vehicle over a new vehicle.

The obvious one that many people will think about is that a used vehicle is often less expensive than a new vehicle. However, there’s also a bigger selection, as you can find vehicles that are no longer in production. A used vehicle will also depreciate less than a new vehicle, meaning it will keep more value.

There are also certified pre-owned (CPO) vehicles. These are vehicles that must meet stringent age and mileage standards as well as have a clean title. If it meets these initial standards, it must pass a rigorous and comprehensive multi-point inspection. You’ll also be entitled to a free CARFAX® Vehicle History Report™, among other perks, like:

• 3-Month/3,000-Mile Maximum Care Warranty
• 7-Year/100,000-Mile Powertrain Limited Warranty
• Towing & Roadside Assistance

When it comes to buying a used car, there are things you can do to help yourself get the best value. First, if you have a preferred make or model, do some research on the value of that car. There are plenty of online resources that can give you an idea of a fair value for the used car you have your eye on, like:

• Kelley Blue Book
• Black Book
• Edmund’s

If you’re planning on trading your car and putting the value towards your next vehicle, you can use the same sites to get an idea of what your current vehicle is worth. Alternatively, you can use our Value Your Trade tool to get an approximate value. Also, make sure to give your car a wash and visit the mechanic just to make sure everything is performing as it should.

The next part of buying a used car is all on us. We’ll chat with you about your financial expectations and budgetary requirements. Our finance center will work to put together a payment plan that works for you and our network of banks and lenders. The factors involved in your payment will be as follows:

• Loan: This is the amount of money the financing institution is willing to give you to pay for the vehicle that you will need to pay back.
• APR: This is your annual percentage rate, which encompasses not only your interest rate but also includes other fees.
• Loan Term: This is the amount of time you’re given to repay your loan. A longer term usually leads to lower monthly payments, while a shorter term typically has a higher payment.