Used car buying basics for young families

Having a young family has its own set of financial challenges. That’s why when you need a car, buying a used vehicle may be a smart financial move. Here are some tips that young families can use to get a good deal on a used car.

Shop for safety and affordability

One of your reasons for buying a used car may be that the car you have now doesn’t have the room or safety features to best accommodate your young family. Though you may not have the budget to buy a top of the line new model, you don’t have to skimp on safety when buying a used car. Go to your library and pick up some consumer satisfaction publications and buy some automotive magazines so that you can research which used cars are the safest, most affordable and highest ranked.

Also remember that getting a good deal on a used car doesn’t just mean being able to negotiate the seller’s asking price. Getting a good deal on a used car also means that the car is in good enough shape that it doesn’t cost a great deal of money over time in repairs and maintenance. While buying a car with some minor problems may cost you less money upfront, it could end up being unsafe or costly to your young family in the long run.

Narrow your choices and shop around

Once you have done research to find out which cars best suit your family’s needs and income, you will need to do some comparison shopping to find the specific vehicle that is right for you. Comparison shopping is one of the best ways to get a good deal. Look in the classified section of your local newspaper and do internet searches for used cars for sale in your area. You might also want to stop by some gas stations and car accessory stores to pick up publications that list used car sales. Although it is good to have a price range in mind, remember that cost coincides with mileage, extra features and the general condition of the car. So, the least expensive car might not be your best buy. Weigh pros and cons, negotiate the selling price and get the car thoroughly checked out so that you can get the best deal possible.

Use the best financing option

Getting a good deal on a used car also involves how you choose to pay for the vehicle. If you don’t have enough money in savings to buy a used car in cash, you will probably need to make a down payment and get a loan for the remaining amount of money you owe. The cost of being granted credit comes in the form of interest, so it is essential that you comparison shop for the most competitive rates. Also look into closing costs, loan terms and different kinds of loan products so that you know what offer best suits your finances as you are raising a young family. If you have any questions, ask your potential lenders for some straightforward answers. And, to be sure that you are making a purchase that you can afford, visit the a​uto loan calculator on the LendingTree® website so that you can see what monthly payment will fit into your budget.



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