Used Car Financing, Loans and Leasing
Back in the good old days when you wanted to buy a car you had pretty much 3 choices (if you were lucky).. Your local bank, cash or financing at the car dealership. Not many of us keep enough cash on hand to to just buy a car outright, and it's not always the best use of your money if you did. Unless you have a good relationship with your bank that can be difficult and often inconvenient and if you are financing at the dealership then who knows what you are paying! While most have cleaned up their act in the back door finance scams many car lots have not - especially places like a smaller used car lot.
This guide is designed to offer anyone who's looking to finance a used car the information they need to avoid the common scams and to take advantage of the countless new methods available for securing your car loan. Most of the lenders we introduce here work with good and bad credit. Even if you have less than perfect credit you can get a used car loan!
Before You Apply for Any Loan
Buying Private Party Vs. From a Dealership
Used Car Leasing
If you are looking for a car to buy and keep for 5 or more years or if you put more than 12,000 - 15,000 miles per year then leasing is probably not for you. But if you are like many of us and don't drive a ton of miles but want a NICE car for a reasonable monthly payment then leasing can be a great option. A lease is basically a rental generally with an option to buy or turn the car end at the end of the lease. Not all used cars can be leased, but many late model used cars are available for lease! Check out LeaseCompare.com to see how easy it is for good and bad credit drivers to get a used car lease.
Assuming A Lease
Thanks to the web mostly, there's services popping up that allow people to assume someone else's lease. If you are looking for a used car lease then you can very often find your best deals here. Sometimes people will pay you cash just to take over their lease! Check out SwapALease.com for some of the most amazing used car lease deals you could imagine.
The risks to assuming someone elses lease should be noted, but are not much different that buying any other used vehicle. Get a buyers inspection performed on the car! Most lease agreements state that any abnormal wear and tear on the vehicle (like a wreck) can be charged for at the end of the lease. You want to make sure that someone is not dumping some sort of end-of-lease "catch" on you.
That being said - if you are looking to assume an auto lease or prefer short term leases ranging from a few months to a few years the you really should check out SwapaLease.com. The concept really creates a great win-win for buyers and sellers.
Leasing a nice car with bad credit