17 Sep

How to Get the Best Deal on Used Cars

Used Auto Loan

Shopping for a used car is like going on a treasure hunt. There are a lot of used cars out there and finding a good deal on a car that meets your needs and fits your budget can be quite challenging. Here’s what you need to know to get the best deal on a used car.

Set Your Budget

Deciding how much you can spend on a car and how you are going to pay for it should be the first step. There are really only two ways you can pay for a car, in cash or by taking out a loan. If you’re paying in cash, budgeting is simple. Don’t spend all your savings and remember to set aside money for registration, insurance, maintenance, and repairs!

Most people take out a car loan so they can protect their savings. It’s smart to get preapproved for a car loan. At RMLEFCU you can get an easy pre-approval to see what fits in your budget. With our easy application process and quick, local decision-making, you’ll get a pre-approval letter ASAP!

Finding Your Car

The internet is a great car shopping tool, especially for used cars. Take some time to choose the right car for you and your lifestyle. Narrow your search by making a list of must-have features and search for models with those features.

As a member of RMLEFCU, you have access to extensive car buying services available through Credit Union Direct Connect and AutoTrek to make finding your perfect car easier! As you move forward with your used car search, build a list of three target car models to research in more detail.

Negotiate the Best Price

 Negotiation doesn’t have to be stressful! Especially if you’ve done your research and have a pre-approval on a loan. Compare the seller’s asking price to the average market price, chances are, the seller is asking more than the market average.

When you bargain with a car salesperson, keep in mind you’re dealing with a pro who knows all the tricks. Don’t focus on a monthly payment. If you have a pre-approved loan, you’re a cash buyer as far as the dealer is concerned and you should negotiate on the price of the car, not the size of the monthly payment. Always be ready to walk if you’re not making progress toward a deal.

RMLEFCU has great car buying services for members. If you have any questions on our car loans and car buying services,  give us a call at 303-458-6660 or email us at lending@rmlefcu.org.

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