Dealership hours of operation
Mon - Fri 9:00 AM - 8:00 PM
Sat 9:00 AM - 6:00 PM
Sun 11:00 AM - 5:00 PM
1235-1237 Finch Ave. W, Toronto, ON, M3J 2G4
My Garage

How to Prepare Yourself When Buying a Used Car

How to Prepare Yourself When Buying a Used Car

Prepare Yourself When Buying a Used Car

Buying a car is a huge milestone in a person's life, whether it is a new or pre-owned vehicle. However, whenever you make a major purchase, you need to be prepared before you start the purchase process. Nexcar Auto Sales & Leasing has some tips that can help you properly prepare yourself for purchasing your next used car.

Check Your Credit

A person's credit score, as well as their credit history, plays a large role in the terms of car financing they will be offered. The amount of your car loan will also determine the type of used car you can buy. If there are mistakes or low marks on your credit report, it may take several weeks or months to get them corrected. Checking your credit report as soon as possible is the best way to ensure that you don’t run into problems when it is time to apply for a used car loan.

Secure a Pre-Approval

Our used car dealership in Toronto offers great deals on financing right on the lot. However, if your credit is less than stellar, it is a good idea to secure a pre-approval before shopping. Getting pre-approved for a used car loan is a great way to stay within your budget and to avoid paying more in interest or other extra surcharges when you complete your purchase. It will also help give you more negotiating power down the line.

Sell or Trade In Your Current Car

Check the value of your current car. You can either trade it in to a dealer towards to cost of your next vehicle, or you can place it up for private sale. Make sure you choose the option which offers you the best return to help give you the most to place down on your new care. There are pros and cons that come with each option, so choose the one that best serves your budget and your plan.

Finalize Your Budget

The most important step before heading out to purchase a new used car is to decide how much you plan to pay and how much you can afford. In many cases, a pre-approval amount may be higher than your planned budget, which can lead to overextending yourself on the lot. Instead, set a firm budget and stick to it, regardless of the amount your car loan may be approved for.

We’re Here to Help

Buying a new car is very exciting and can also be stressful at the same time. When you take steps in advance to ensure your financial standing is on firm ground, it can reduce or even eliminate the stress involved with the purchase process. We hope our list of suggestions help you to choose the right loan and the right car to meet your needs, and remember, Nexcar Auto Sales & Leasing is always here to help. If you have any questions or want more information about our services, give us a call at (416) 633-8188 today.

Categories: Car Buying Tips