Finding the Funds for Used Car Buying in Orlando

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When used car buying in Orlando, having the proper funds in place before committing to a transaction will help it go faster and smoother. If a buyer isn’t walking onto a lot with cash in hand, one option for getting funding is from the dealership itself. However, for buyers with little or poor credit, this may not be a viable option, depending on the financial institution the dealership is using.

How Lenders Assess Good Credit for a Car Loan

According to Carfax.com, the FICO credit score is the one used by the majority of US lenders, and it is based on information gathered from Equifax, TransUnion, and Experian credit reporting agencies. FICO scores fall somewhere between 300 and 850, and every consumer has a FICO score.

Different lenders have different criteria on which they base their decisions to grant credit. Experian says that a credit score above 700 reflects good credit management on the part of the borrower. There is, unfortunately, no minimum credit score for being able to get a loan to purchase a used car. Different lenders have score requirements varying from 640 on up for used car loans.

When Borrowers Do Not Have Good Credit or Have Little Credit

There are lenders who will offer funds to people with less than wonderful credit. These loans are referred to as subprime loans and they are not available from every lender. Those in the process of used car buying in Orlando may even be able to get a subprime loan directly from the dealership.

Subprime loans are available to people who have credit scores from 501 to 600, and borrowers in this category get charged higher interest rates, often 3 to 5 times higher than borrowers with good credit. This can mean the difference between a 2 percent loan for borrowers with good credit and a loan rate of from 6 to 10 percent for borrowers with marginal credit.

The specific interest rate that is tacked onto a subprime loan varies from lender to lender, and even within the same lender, based on the lender’s perceived risk with a particular borrower. The standards lenders use to determine risk categories take into account the loan size, how the loan repayment plan is structured, and who the originator of the loan is.

What to Expect from Lenders When Used Car Buying in Orlando

There are many elements of a borrower’s life that lenders assess when determining whether a loan will be repaid and whether a borrower is a good loan risk:

  1. Whether credit card balances are low is one assessment factor. A borrower’s credit score is based in part on his or her ratio of outstanding balance to available credit. The amount of credit cards carrying a balance is another factor that affects a credit score and how much of a risk an applicant poses to a lender.
  1. Whether the borrower pays bills on time is also used to evaluate whether a borrower rates a prime loan or has to settle for a subprime loan. Even fines from overdue library books that go unpaid for a long time can be reported to a credit reporting agency and taken into account by a lender.
  1. Missing payments, charging more than usual, or paying less than usual are also big red flags to credit bureaus and lenders.

A quality car dealership in Orlando will evaluate credit bureau information and determine what type of loan a borrower can get.

 

 

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Considerations Used Truck Buyers Need to Make Before Starting Their Search

Drivers who want to start their search for used trucks in Orlando are likely to find plenty of excellent options at any time, but it is always a good idea to sit down and plot out a plan to find a high-quality used truck within their budget. Strategizing will help truck buyers save time and energy by preparing for the shopping experience. The first consideration truck buyers need to make regards how much of the process they can handle online or with telephone calls. Anytime truck shoppers can avoid making an extra trip, they save all kinds of time and potential frustration if the truck doesn’t meet their specifications.

What Are Some Additional Considerations Used Truck Buyers Need to Make Before Starting Their Search?

Drivers who choose to buy trucks often do so for specific reasons. Whether the buyer needs a truck for their farming, hunting, hauling, daily commuting or other needs, it is important to find the right type of vehicle. Truck buyers will find it easier to complete their search quickly when they sit down and create a plan of action.

  • Assess the True Use of the Truck. Truck buyers who plan to use their vehicle for daily errands, commuting to work, and picking up kids after sports practice don’t need a heavy-duty truck. Drivers can still pack plenty of gear on the bed of a smaller pickup truck for camping, bicycling and other times they need extra cargo space over passenger space. These drivers will get the advantage of better pricing and fuel economy. Drivers who need their truck for business purposes, which might include hauling larger items will need to find a truck that features a larger load capacity. These vehicles will feature a higher price tag, and drivers will pay more at the pump. There are all sorts of alternative choices that fall in between, such as extended cab trucks or SUVs. Once truck buyers narrow down their choice, they can search for an online truck search tool at an Orlando automobile dealership.
  • Figure Out the Budget and Stick To It. Truck buyers who sit down and honestly decide what they can spend before going to their auto dealership can make the wisest financial choice. Many car dealerships offer online calculators, as well as on-site financial offices to help truck buyers find the best truck to fit their budget and find out about their loan approval right away.

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Orlando Car Dealerships Do Their Best to Make Car Buying Easier for Customers

While many car shoppers know precisely what they want when they start their search for used cars in Orlando, many others struggle to find that perfect automobile. Car dealerships committed to providing excellent customer service prepare to help relieve these customers from worry, offering a broad range of high-quality used cars, as well as offering tools to help them figure out the best car, or cars, best suited to their needs. Additionally, these car dealerships often offer services, such as online inventory search tools and in-house financing, to further facilitate the easiest and most pleasant process for car buyers.

What Are Some Ways to Help Streamline and Speed Up the Car Buying Process for Busy Car Shoppers On a Budget? 

While Orlando offers public transportation, it is simply not the most practical or reasonable answer for all citizens. Residents of the city sometimes work third-shift, have children or a job that requires solid and reliable transportation at a moment’s notice. These same residents might need to adhere to a strict budget, as well, so it is important to find the right car and at the right price. These people also need to work within a certain time frame to make sure they do not risk their job, or that they can easily pick up their children from school or after-school programs, so it comes down to finding a dealership that understands these concerns and provides services to ease their customers worries and get them a reliable used car as quickly as possible. Below are some services that will help car shoppers quickly and easily find a high-quality used car.

  • Online Auto Search Tools. Many car dealerships now keep their current inventory of used cars listed on their website, allowing prospective car buyers to search for cars they want before stepping out their front door. Car buyers can input their desired make, model, desired price and miles per gallon to get instant feedback on availability.
  • On-Site Financing Specialists. Car buyers most likely feel relieved when they find local car dealerships that have financial offices on-site to help them speed up their buying process. These dealerships usually have well-established banking contacts that can quickly approve loan applications and help with other financial matters. The fewer trips that car buyer needs to make, the easier it is to finish the process and leave with an attractive and reliable used car.

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The Many Benefits of Buying a Used Car From a Reputable Dealership

For those in the market for a used car, it’s important to make sure one is getting a good deal on a reliable vehicle. One of the best ways to do this is to shop at a reputable used car dealership as opposed to buying from a private seller. All too often, private sellers are the source of “lemon” cars, or vehicles that run into a multitude of mechanical problems after purchase. On the other hand, when used car buying from an Orlando dealership, buyers can enjoy a number of benefits.

Fewer Depreciation Concerns

One of the best things about buying a used car is simply not having to worry about depreciation in value of the car as much as one would with a brand new car. This gives buyers additional peace of mind in their purchase, especially if they plan on trading the car in or selling it down the road.

Possible Warranty Included

When shopping at a reputable used car dealership, there’s also a good chance that a warranty will be offered with the purchase of the car, which is something that typically cannot be said of a car from a private seller. This can give further peace of mind to buyers, as many potential mechanical problems can be covered by the dealership as opposed to the owner having to pay out-of-pocket.

Basic Repairs Already Done

When purchasing a used car from a dealership, buyers can pretty much expect that the car is going to be in good running condition. More than likely, small repairs will have already been made that can save the buyer hundreds or thousands in the short-term. For example, bald tires may have been replaced or worn or new brake pads may have been installed. When buying from a private seller, most of the time, it will not have been reconditioned in any way.

Ability to Finance In-House

Lastly, for those who don’t plan on paying for their used car out-of-pocket, many used car dealerships offer in-house financing. This means that buyers can get approved to make monthly payments on their vehicle purchase rather than being expected to pay for it in full. Most of the time, this isn’t something that will be offered by a private seller.

These are just a few of the benefits of buying a car through a reliable dealership. Buyers should keep these in mind when shopping for a used car.

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People in the City Buying More Trucks

Trucks are considered a must have in the country, after all they can haul livestock, trailers, large loads of supplies, and of course get through those dirt roads. But why is the number of trucks being sold to city dwellers growing? The reasons vary but are all very compelling and indicate that within the next few years a truck will not be seen as a country or city vehicle either way.

Trucks are Increasing in the City Because:

  • The newer models from the last five or so years are great on gas, stylish and often compact. When a buyer is looking for a new vehicle many of these pick-ups do not have the rural look about them they look like they will fit right in with rush hour traffic. Because they do.
  • The usefulness of the cargo area in the back is not negated in the city. There are many professions and domestic uses for a pick up even in the city. After all, every item is not designed to fit in the trunk of an SUV or car.
  • They are often better on gas than many SUVs. For people not wanting to drive a compact car, but looking for better gas mileage and a smaller carbon footprint the pick-up is the perfect in-between.
  • Even city-dwellers like to get away and cut loose. From off-roading to camping, a pick-up is useful for weekend adventurers who get out of the urban areas as often as possible. Then it fits right back in the city setting after a weekend of fun.
  • When the family outgrows the size of the compact car, the pickup often offers one more seat and much more storage. It is a viable option instead of a mini van or suv for families who have just barely outgrown a car.

There are many new and used trucks for Orlando residents who want to enjoy the city and also the beautiful Florida backwoods. Not matter the reason for wanting a pick-up truck, many of the newer models are rated high for both safety and fuel economy.

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4 Red Flags to Watch for When Shopping for a Used Car

Many buyers these days opt for purchasing used cars as opposed to brand new vehicles, and for good reason. Used cars are much more affordable and don’t depreciate in value in the same way a new car would. At the same time, however, shopping for used cars in Orlando does come with its inherent risks, such as being sold an unreliable “lemon.” Fortunately, there are some red flags all used car shoppers can be on the lookout for to avoid getting ripped off.

Suspicious Add-Ons

When obtaining used car financing through a dealership itself, it’s important for buyers to carefully review their finance agreements before signing any contracts. Specifically, buyers should be on the lookout for suspicious charges, such as add-ons for “paint sealers” or other unnecessary additions. A dealership that would try to add charges without disclosing or discussing them is not going to be a trustworthy place.

Lack of Maintenance Records

When buying a used car, it’s important to have at least some idea of how the car has been maintained by its previous owners. Specifically, records should be available of past oil changes, tire rotations, brake service, and any other maintenance. If no records are available, this is a sign that the car may not have been taken care of very well in the past, which means it could be more prone to problems down the road.

A Salvaged Title

Before buying a used car, it’s always a good idea to run a history check on the vehicle identification number (VIN). Doing so will reveal any previous accidents the car may have been in, along with the status of the car’s title. If the title is revealed to be salvaged, it’s probably best to walk away from that particular vehicle, as a salvaged title means that the car has either been in an accident or had serious damage done to it in the past.

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Financing a Used Car: Advantages for Buyers

When shopping for used cars in the Orlando area, many buyers assume that their only option is to pay cash for the car they want. However, many used car dealerships these days actually offer financing; it’s not just for brand new cars. In fact, there are a number of advantages buyers can enjoy by seeking financing for their next used car as opposed to paying cash for it up-front.

A Lower Up-Front Payment

When taking out financing to pay for a used car, buyers can enjoy a lower up-front cost of acquisition. Rather than having to pay for the car in full, they’re able to simply place a comfortable down payment on the car. This leaves them more money to pay for related expenses without pinching the budget, such as insurance and license plates.

Wider Selection to Choose From

When securing financing for a used car, buyers also have a larger selection of vehicles to choose from. That’s because, in most cases, used car dealerships allow applicants to get pre-approved for a loan of a certain amount. From there, they can shop the entire used car lot and check out several vehicles that fall within their price range.

Higher Quality Vehicle

Generally, getting financed for a used car allows buyers to afford a better car since they can make their payments in comfortable monthly installments, rather than paying for the entire vehicle at once. The end result is a more reliable vehicle that has fewer maintenance issues and costs less down the road. This also gives the buyer added peace of mind, especially considering some used cars these days even come with a warranty.

Currently Low Interest Rates

Interest rates on car loans these days are quite low, especially for those who have decent credit scores. Therefore, there has never been a better time to get approved for a used car loan, as the amount paid back in interest can be quite low. Still, buyers are encouraged to shop around with various lenders to find the best used car interest rate and loan terms for them. From there, they can make a well informed decision.

Overall, buying a used car is a great way to save money. However, just because one is buying used rather than new doesn’t mean they can’t get a little help with financing along the way.

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Buying a Used Vehicle Can Help Build Credit

There are many people who have credit challenges. These people may have lost a job or they may have had an illness that prevented them from making their monthly payments. As a result, many people have low credit scores, and they don’t know what to do to fix them. Buying a used truck in Orlando may help many people improve their credit scores.

Easy Financing When Purchasing a Used Vehicle

Another component of financing that makes purchasing a used vehicle attractive is the fact that getting financing is easier. When people purchase a new car, many dealerships have to process their credit many different times. Each time this happens, the person’s credit score drops. Fortunately, by choosing to finance a used car, getting the best financing is easier, and the dealership won’t have to keep submitting the applicant’s credit report to lenders.

Used Trucks Means Lower Interest Rates and Lower Payments

When people purchase used vehicles, they don’t have to worry about losing a lot of value in the car once they drive off the lot. It is widely known that new vehicles depreciate tremendously once driven off the lot, but people who purchase a used vehicle don’t have to worry about that. By sustaining more value, lenders don’t see purchasing a used vehicle as risky as purchasing a new vehicle; therefore people can make their payments easier. With the ability to pay easier, many people will find their credit scores improving in a matter of months, simply because they purchased a more affordable used truck.

Many Used Vehicles No Longer Have Expensive Mechanical Issues

Owning a vehicle will require a person to maintain their vehicle. With new vehicles, many cars experience problems that the manufacturer didn’t quite work out before placing their car on the market. By purchasing a used vehicle, most people won’t have to worry about major mechanical failures for years, which places more money in their pockets so that they pay down their balance on their truck.

Although it’s not obvious, buying a used vehicle is a great option or individuals who are interested in improving their credit. Since used vehicles cost less than new vehicles, people will have more money to put towards paying down their debt, which will help them improve their overall credit score.

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4 Must-Ask Questions Before Buying a Used Truck From a Private Seller

Many people own trucks these days, but for those who are looking to buy one, sticker shock is common. It is not unheard of for a basic pickup truck to cost in excess of $40,000 brand new, which is why buying used trucks in the Orlando area is recommended for first-time truck buyers. Before buying a used truck from a private seller, however, there are a few important questions that all prospective buyers should be sure to ask.

Has the Towing Capacity Been Followed?

All trucks have a maximum towing capacity, which is the amount of weight the truck is designed to tow at once. It is important to ask sellers what the heaviest thing the truck ever towed was; this will help to give an idea of how well the truck has been cared for. For example, if the truck was regularly towing beyond its capacity, this is a pretty good sign that the truck hasn’t been well maintained and may have problems down the road.

Are the Miles Mostly City or Highway?

The amount of miles on a truck can say a lot about its condition and value. However, a truck with higher mileage shouldn’t automatically ruled out for that fact alone. Ask the seller how the truck was often used; it the majority of the miles were highway miles for commuting to and from work, there’s going to be a lot less wear and tear on the truck than if those same miles were from city driving.

What’s the Typical MPG Rating?

Trucks aren’t known for being very fuel efficient, which is why it’s a good idea to ask the seller what kind of fuel economy is typical for the truck. Prospective buyers shouldn’t base their decision off the advertised fuel economy of the truck by the manufacturer, as the reality of this can be quite different.

Do Towing Accessories Come With It?

Finally, buyers should make sure they know exactly what is going to come with the used truck. For example, the buyer may have a towing hitch on it now, but will that be removed before the sale or will it come with the truck? Sometimes, it can be worth it to negotiate different accessories (especially towing accessories) to be included with the sale.

By asking these questions when buying a used truck, buyers can be sure to find a great deal.

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Finding the Perfect Used Truck in Orlando, Florida

Buying a new car is an exciting experience, but when a new car is out of the buyer’s price range, a used truck is an excellent option. When buying one of the used trucks in Orlando, Florida, it’s possible to afford a much nicer truck for the price when going with used instead of brand new. Used trucks provide years of regular use at a fraction of the price of new trucks.

Buying Used Trucks Has a Number of Benefits

When buying a used truck, it is possible to find the perfect truck for work and play. Whether searching for a truck with a large bed for hauling heavy items, to finding the perfect truck for an outdoor adventure, the perfect truck is out there waiting. Buying used allows buyers to buy a better truck than they could have afforded otherwise. With the choices available for used trucks in Orlando, Florida, buyers can find just what they are looking for.

When searching through used trucks, it’s possible to gather plenty of information about these vehicles. All vehicles have a history, and it’s important to check and see if the truck has been involved in any accidents. It is also important to check over the maintenance history of the truck, to see if the truck has been properly maintained over the years.

Used trucks provide buyers with as much service and style as if the trucks were purchased new, and all the kinks are worked out when the truck is previously owned. Even when a truck is used, there can still be warranties left on the vehicle. When considering a used truck, think about the mileage on the vehicle and ask to see if there are any warranties that still exist. Warranties often last a number of years, or a number of miles, whichever comes first.

Consider buying a used truck in Orlando, Florida and purchase a durable vehicle that will provide years of solid, dependable use. The benefits of buying used are many, and they far outweigh any problems that arise with buying a used vehicle.

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