5 Things to Look Out For When Buying a Used Car

While buying a used car has become incredibly viable due to the price of new cars, the price could come with a few surprises. Hidden damage could cost a fortune in repairs. We here at Brighton Honda have five things to look out for when buying a used car.

  1. Leaks – If a car is leaking oil, anti-freeze, or any other type of fluid, it could be a cause for worry. To check to see if the car you’re considering has any leaks, take a test drive and stop on a clean, dry part of the road. Idle for a minute or two then pull forward. If you see any liquid on the ground, it may be a good idea to pass on the car.
  2. Reviews – Checking out the model as a whole is a great idea when buying a used car. Reviewers often list common problems, defects, and overall impressions and experiences.
  3. Vehicle History Report – Any seller should have a vehicle history report available. If they don’t consider shelling out a few bucks to get one. The report will list any accidents, major repairs, ownership history, and more.
  4. Interior – Before buying, make sure you do a full inspection of the car’s interior. Look for tears in the upholstery, stains in the carpet, and use your nose. The smell of cigarette smoke isn’t something you can get rid of just by opening the windows.
  5. Exterior – Give the car’s exterior a good inspection. Rust and leaks could be signs of major problems sooner rather than later. Minor scratches and dents are common and aren’t too much cause for worry. Larger damages are something to take into account when negotiating the price though.

Choosing a Co-Signer for a Car Loan

Choosing a Co-Signer for a Car Loan pic
Choosing a Co-Signer for a Car Loan is extremely important if you need help affording a car.

Having a co-signer can significantly improve a buyer’s chances of obtaining a loan, especially when the buyer has less-than-ideal credit. The co-signer is responsible for payments in the event the buyer defaults on the loan. In the event you choose (or are required) to have a co-signer for your car loan, there are some things you should consider before having someone else sign on that dotted line. Here are some tips for choosing a co-signer for a car loan.

Creditworthiness. Because of the co-signer’s role as your backup, they need to be in good financial standing. This includes proof of ability to pay in the event you cannot, which means proof of income and/ or assets to cover the amount of the loan.

Trustworthiness. Because you are going in on a financial agreement together, you better make sure you fully trust your co-signer. Maybe more importantly, they are going to need to trust you, since they will have to pay in the event that you don’t, and any late payments will affect their credit score, too. Communication will be key, as you’ll need to feel comfortable reaching out to this person in the unlikely event that you can’t pay your car payment.

Know the details. Understand the contract that you’re signing, and decide in advance who will pay late fees (if necessary), and any other issues that might arise. It is very difficult to remove a co-signer down the road, so make sure all parties understand their responsibilities for the life of the loan. Get an attorney involved if needed.

Learn more about car loan cosigner requirements here.

Stop by Brighton Honda today to learn more about financing your next vehicle!