Sunday, November 29, 2009

Topic Three: Used Vehicle or New Car or Truck Purchase Preparation

So you've landed on your three most favored car or trucks. 

You've collected all the cash you have from friends, family and savings.  You've decided how much you have versus how much the vehicle costs which means you will either pay cash or finance the purchase.

Cash deals can be very fast.  At 9995 Motors I have been able to deliver a vehicle in under an hour for cash deals.  Finance deals take longer but we are able to do that in under two hours if you come with all the proper documentation for a credit application.  Short version of that is drivers license, current address and information about rent versus own, years at that location, references with phone numbers, employment data, including name of company, address, years there, occupation, monthly income from all sources, a utility bill for proof of residency, phone numbers, etc.

You've also test driven each one, you've seen what you should pay for them by checking comparable cars and trucks on or or Craigslist or new car information site.  If a used car or truck you're either willing to buy AS IS, have done your own mechanical assessment, have taken it for a diagnosis at a Firestone or NTB or other mechanic, and know what you'll need to do to it for repairs.

So now just tell the dealer which vehicle you want, whether you will pay cash or want to finance, and how much down if a finance deal.  You also want to consider the monthly payment you can really afford.  At 9995 Motors, I ask consumers how much money they have allocated for transporation montly.  Deduct insurance and gas costs, set aside $50 a month for maintenance and repair (maintenance meaning oil changes, air filters, system flushes, repairs meaning things like new radiators, tires) and what you have left from the fund is what you can afford montly.  As a guide, used car dealers who finance you themselves look for 1/2 of the purchase price down and $300 a month as a guideline.

If you cannot hit those parameters you may want to consider not buying until you get your situation in order.

Look for the actual transaction step in my next blog!

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