Tag Archives: financing

Luxury SUV

Unlocking the Benefits: Advantages of Getting an Auto Loan through a Credit Union

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When it comes to financing a new or used vehicle, borrowers have several options, ranging from dealership financing to bank loans. However, one avenue that often provides a unique set of advantages is obtaining an auto loan through a credit union. Credit unions are not-for-profit financial institutions that serve their members with a more personalized touch compared to traditional banks. 

Let’s explore the myriad benefits of securing an auto loan through a credit union, highlighting why it might be the smartest financial move for prospective car buyers.

Lower Interest Rates

One of the most compelling reasons to consider a credit union for your auto loan is the potential for lower interest rates. As member-owned institutions, credit unions typically offer more favorable rates than their for-profit counterparts. The savings on interest can significantly reduce the total cost of your loan, making your vehicle purchase more affordable over time.

More Flexible Loan Terms

Credit unions are known for their flexibility when it comes to loan terms. Unlike banks and dealerships that might have strict policies, credit unions often work with their members to find the most suitable terms, including the length of the loan and repayment schedules. This flexibility can help borrowers tailor their loans to fit their financial situations, potentially avoiding the stress of unmanageable payments.

Personalized Customer Service

Credit unions pride themselves on their member-centric approach, offering personalized customer service that’s often missing in larger financial institutions. When you apply for an auto loan through a credit union, you can expect a more individualized experience. Loan officers are more likely to take the time to understand your needs and guide you through the lending process, providing advice tailored to your financial situation.

Easier Loan Approval

For individuals with less-than-perfect credit, securing an auto loan through a credit union might be easier than through a bank. Credit unions typically have more lenient lending criteria and are more inclined to consider the whole picture — including your relationship with the institution and your overall financial history — rather than making a decision based solely on your credit score.

Additional Benefits and Discounts

Membership in a credit union often comes with a variety of additional perks and discounts. For auto loans, this might include reduced rates on insurance, waived loan processing fees or discounts on car buying services. These benefits can add significant value and reduce the overall cost of purchasing a vehicle.

Supporting Community Institutions

By choosing a credit union for your auto loan, you’re supporting a local, member-owned institution. Credit unions often play a vital role in their communities, providing financial education, supporting local projects and reinvesting profits back into the institution to improve rates and services for members.

Get a Car – and a Loan – from a Credit Union! 

Securing an auto loan through a credit union offers a range of advantages, from lower interest rates and flexible terms to personalized customer service and easier approval processes. While credit unions may not be the right choice for every borrower, they represent a viable alternative to traditional financing options. If you’re in the market for a new vehicle, consider reaching out to a credit union in your area to explore your auto loan options. 

RepoFinder has the largest bank repo list in America. With us, you’re buying real repos from credit unions and banks. You don’t have to pay commissions, you can get a great deal on a vehicle and you can get financing directly from the seller. Browse the inventory available in your area on RepoFinder.com. 

filling out financing paperwork

How to Get a Pre Approved Car Loan

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Getting a pre-approved car loan can significantly enhance your car buying experience. It simplifies the purchase process, provides you with a clear budget and gives you leverage when negotiating prices with car dealers. Let’s look through the steps to secure a pre-approved car loan, making your next car purchase smoother and more efficient.

Understand Your Credit Score

Your credit score plays a crucial role in the loan approval process, influencing not only your eligibility but also the interest rates you’ll be offered. Before applying for a pre-approved loan, check your credit score through one of the major credit bureaus. A higher score increases your chances of getting a better loan offer. If your score is lower than expected, consider delaying your car purchase and taking steps to improve it.

Determine Your Budget

Knowing how much car you can afford is essential before seeking pre-approval. Consider your monthly income and expenses to determine how much you can comfortably allocate towards car payments, insurance, maintenance and fuel. A general rule is that your car payment should not exceed 20% of your monthly take-home pay.

Gather Necessary Documentation

Lenders will require several documents to process your pre-approval application. These typically include proof of income (such as pay stubs or tax returns), proof of residence (utility bills or a lease agreement) and identification documents. Having these documents ready can speed up the pre-approval process.

Shop Around for Lenders

Don’t settle for the first lender you come across. Banks, credit unions and online lenders all offer car loans, and their terms can vary significantly. Apply to multiple lenders to compare rates and terms. Remember, applying for pre-approval from multiple lenders within a short period (typically 14 to 45 days) will only count as a single inquiry on your credit report, minimizing the impact on your credit score.

Read the Fine Print

Once you receive a pre-approved loan offer, carefully review the terms and conditions. Pay special attention to the interest rate, loan duration, monthly payments and any fees or penalties. Ensure you understand all aspects of the loan agreement before accepting.

Leverage Your Pre-Approval

With a pre-approved loan in hand, you’re essentially a cash buyer. This status gives you the upper hand in negotiations, allowing you to focus on getting the best price for the car rather than worrying about financing. However, don’t disclose the details of your pre-approval to the dealer until you’ve agreed on a price.

Finalize the Loan

After negotiating the car price, provide the dealer or seller with the details of your pre-approved loan. They will coordinate with the lender to finalize the sale. In some cases, the lender may require additional documentation or perform a final credit check before releasing the funds.

Review and Sign the Paperwork

Once everything is approved, review all the sales and loan documents carefully before signing. Ensure that the terms match those of your pre-approval and that there are no additional fees or charges.

By following these steps, you can secure a pre-approved car loan that fits your budget and meets your needs, making the car buying process more manageable and enjoyable. Remember, preparation and research are key to getting the best deal on both your new car and your car loan.

RepoFinder is the largest bank repo list in America. You can find great deals through lenders and banks in your area. They are highly motivated sellers who are often willing to negotiate, and you may even be able to secure financing with them. Find your perfect car today. 

driving a vehicle

Why Bad Credit Won’t Stop You from Getting a Car

Having bad credit can sometimes feel like an insurmountable obstacle, especially when it comes to major purchases like buying a car. However, the good news is that bad credit won’t necessarily prevent you from getting the vehicle you need. It could make things harder, and you may have to be open to other options, but it can definitely be done.

Let’s look at the options and strategies available to individuals with less-than-perfect credit scores, empowering you to navigate the car-buying process with confidence and optimism.

Specialized Dealerships

There are dealerships and financial institutions that specialize in working with individuals with bad credit. These entities understand that credit scores don’t define a person’s ability to make timely payments. They often offer financing options tailored to those with less-than-ideal credit histories, making it possible for you to drive away with a reliable car.

Cosigner Assistance

Having a cosigner with a good credit history can significantly increase your chances of securing a car loan. A cosigner essentially vouches for your ability to make payments, providing lenders with the assurance they need. This added security often results in better loan terms and lower interest rates, making the car more affordable in the long run.

Repossessed Vehicles 

When borrowers can’t make the payments on their vehicles, lenders take them away and sell them to recoup their losses. You can score a great deal on a car this way, reducing your monthly payments. Furthermore, since you’re buying the car directly from a bank or credit union, you can negotiate the best financing. 

Consider Used Cars

Opting for a reliable used car instead of a brand-new vehicle can often make financing more accessible. Used cars typically have a lower price tag, meaning smaller loan amounts, which can be more manageable for individuals with bad credit. Plus, many used cars still offer excellent reliability and performance.

Focus on Subprime Lenders

Subprime lenders specialize in providing loans to people with poor or limited credit histories. They assess loan applications based on various factors, not just credit scores. Demonstrating stable employment, a consistent income and a reasonable down payment can significantly improve your chances of approval with a subprime lender.

Work on Rebuilding Credit

While you may secure financing with bad credit, it’s essential to view this opportunity as a stepping stone toward rebuilding your credit. Making timely payments on your car loan can positively impact your credit score over time. As your credit improves, you’ll have access to better loan terms in the future.

Get Financing and a Cheap Car 

Having bad credit might present challenges, but it should never stand in the way of your ability to own a reliable car. To browse a great selection of repossessed vehicles, visit RepoFinder.com today. Our inventory is always changing, so check back often to find the perfect car for you! 

white vehicle

Why Do Used Cars Have Higher Interest Rates?

When shopping for a car loan, you might have noticed that interest rates for used cars are often higher than those for new vehicles. This disparity in interest rates can be confusing, especially if you’re considering buying a used car to save money. But don’t worry – even with higher interest rates, used cars still come out costing less. 

Let’s explore the reasons why used cars typically come with higher interest rates and provide insights into how you can navigate this aspect of the car-buying process.

Depreciation and Risk

One of the primary factors contributing to higher interest rates on used cars is depreciation. New cars lose value rapidly in their first few years, but used cars have already experienced a significant portion of this depreciation. 

Lenders view used cars as riskier collateral because they may not retain their value as well as new cars. If you default on your loan, the lender might not recoup the full value of the car when repossessed. To offset this risk, lenders often charge higher interest rates on used car loans.

Age and Mileage

The age and mileage of a used car also impact interest rates. Older vehicles with high mileage are more prone to mechanical issues, and repairs can be expensive. Lenders consider this increased risk when setting interest rates for older used cars. 

Newer used cars with lower mileage may still have higher interest rates compared to new cars but typically come with lower rates than older, high-mileage vehicles.

Loan Term

The length of the loan term can influence the interest rate you’re offered, especially for used cars. Shorter loan terms, such as 36 or 48 months, often come with lower interest rates because the lender’s risk exposure is minimized. Longer loan terms, on the other hand, may have higher interest rates due to the increased likelihood of the car’s value depreciating significantly during the loan period.

Credit Score

Your credit score plays a crucial role in the interest rate you’re offered on any car loan, whether it’s for a new or used vehicle. If your credit score is less than stellar, you’re likely to receive higher interest rate quotes. 

Lenders use your credit score to assess your creditworthiness and determine the level of risk associated with the loan. To secure a lower interest rate on a used car loan, work on improving your credit score before applying.

Lender Policies

Different lenders have varying policies and risk appetites, which can lead to differences in interest rates. Some lenders specialize in offering competitive rates for used car loans, while others may prioritize new car financing. It’s essential to shop around and compare offers from multiple lenders to find the best deal for your specific circumstances.

Get Affordable Cars and Low Interest Rates

While it’s true that used cars often come with higher interest rates compared to new vehicles, this doesn’t necessarily mean you should avoid buying a used car altogether. By understanding the factors contributing to these rates, you can minimize the impact of higher interest rates. To browse affordable repossessed cars and trucks and acquire financing, visit RepoFinder.com today.

financing

Car Buying in 2023: Why Short-Term Financing is Ideal

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When it comes to financing a car purchase, the options can be overwhelming. From traditional long-term loans to leasing arrangements, finding the right fit for your financial situation is important. 

One often overlooked but highly advantageous option is the short-term car loan. While most buyers tend to gravitate towards longer loan terms due to lower monthly payments, short-term car loans offer numerous benefits that could make them the ideal choice for many borrowers. 

Let’s look at the top reasons why you should consider opting for short-term financing.

Lower Interest Costs

One of the most compelling reasons to choose a short-term car loan is the significant savings on interest. Short-term loans generally have lower interest rates compared to long-term loans. Over the life of a loan, even a slight difference in interest rates can add up to substantial savings. By opting for a shorter loan term, you can pay off the principal amount more quickly, resulting in less time for interest to accrue.

Faster Debt Repayment

Short-term car loans typically have a repayment period ranging from 12 to 36 months, while traditional long-term loans can extend up to 72 or even 84 months. By choosing a short-term loan, you commit to paying off your debt in a fraction of the time, allowing you to become debt-free sooner. This can free up your financial resources and provide you with more flexibility for future purchases.

Build Equity Faster

With shorter financing terms, you build equity in your car more rapidly. Equity is the difference between the value of your car and the remaining balance on your loan. As you pay off your loan faster, you accumulate more equity, providing you with greater financial security and options in the future. Higher equity can also be beneficial if you decide to trade in or sell your car before the loan term ends.

Lower Risk of Depreciation

Cars are assets that depreciate in value over time. Choosing a shorter loan term helps mitigate the risk of being “upside down” on your loan. Being upside down means owing more on your car than it’s worth. With a short-term loan, you can repay the loan faster than the car’s depreciation rate, ensuring that the car’s value stays ahead of your loan balance.

Improved Credit Rating

Timely repayment of your short-term car loan can boost your credit score significantly. Short-term loans have a positive impact on your credit utilization ratio, which is a crucial factor in determining your creditworthiness. By reducing your outstanding debt quickly, you demonstrate responsible financial behavior to lenders and credit agencies.

Conclusion

The advantages of short-term financing typically outweigh the initial convenience. With lower interest costs, faster debt repayment, increased equity and more, short-term car loans provide a multitude of benefits for savvy borrowers. 

RepoFinder.com has a database of credit unions and banks that are selling their repo inventory, including repo cars, trucks and SUVs. Browse our website, and if you see something you like, you can place a bid. Many of the sellers can even assist with financing! 

buying a used car

4 Reasons to Choose a Short Term Car Loan

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When you don’t have the money to pay for a vehicle upfront, you’ll need to borrow money from someone, whether it be a family member, bank or credit union. Most people choose to finance their car purchase with an auto loan, as it’s fast, easy and offers consistent monthly payments. 

The most common auto loan length is 72 months (or six years) for both new and used vehicles. This length has increased over the years because of the rising cost of vehicles. The monthly payments are more affordable when spread over a period of six years compared to four years, though you will end up paying more in interest. 

If you are looking for the most economical option for your car purchase, you may benefit from a short-term loan. Even though the monthly payments are higher, the interest rates are lower, and you’ll be done with the loan much faster. 

Let’s look at why a short-term auto loan may make sense for you. 

1. Lower Interest Rates 

One of the best advantages of a short-term car loan is the lower interest rates. Since the loan term is shorter, lenders take less risk, which means they can charge less interest. The benefit to you is that you pay less interest over the life of the loan, saving significant money. 

2. Save Money in the Long Run 

To expand on the point above, you’ll save money on a short-term loan due to lower interest rates and a faster loan. Plus, you’ll own the car sooner. If you do run into problems with your car, you’ll have the money to fix it, or you can trade it in for something new. Things are more complicated when you still have a loan to pay off. 

3. Build Equity Faster 

A short-term car loan also allows you to build equity in your car faster. Equity is the difference between what you owe on your car and what it’s worth. With a shorter loan, you’ll pay more toward the principal balance each month, allowing you to build equity faster. This is a great option if you plan to only keep the car for a few years, and you can avoid being upside down on your loan. 

4. Flexibility

Short-term car loans also offer more flexibility than long-term car loans. With a shorter loan term, you have the option to pay off your loan faster, which can save you substantial money in interest. Additionally, a shorter term loan may give you extra options for refinancing your loan in the future, and you can save on insurance costs once you own the car outright. 

Shop for Repo Cars and Save Money 

If you want to save money on interest, build equity faster and have more flexibility in your payment options, a short-term loan may be right for you. When you look for repo vehicles on Repofinder.com, you have the option to secure financing in advance or work with one of our sellers – they are banks and credit unions themselves! It’s the best way to save money while still getting a great vehicle! 

tax deductions for personal car

Tax Deductions for Personal Vehicles

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Looking to buy a new vehicle? Wondering if your purchase qualifies for tax deductions? 

Buying a car for personal or business use may have tax-deductible benefits. The IRS allows taxpayers to deduct either local and state sales taxes or local and state income taxes, but not both. You can also deduct some of your vehicle’s operating costs if you use the car for business, charity or medical purposes.

Since it’s tax season and everyone has taxes on their brain, let’s cover what you need to know about tax deductions for personal vehicles. 

Car Sales Tax 

You may be able to deduct the car sales tax you paid when you purchased a new or used vehicle from a private seller or dealership. On your purchase order, it will state the amount owed in car sales tax. 

Both local states and local governments can charge sales tax. There are only five states that don’t pay any sales tax when purchasing a car: Alaska, Delaware, Montana, New Hampshire and Oregon. 

Property Taxes 

Some states also charge personal property taxes in addition to the sales tax. Property taxes are typically based on the car’s value. The higher the value of the car, the more you’ll pay in property taxes. 

Since the IRS only allows you to deduct up to $10,000 total in sales, income and property taxes, you’ll want to compare the two numbers – property tax and sales tax – and deduct the one that is larger. 

To determine this, you may have to play around with the numbers using tax software. You can itemize your deductions, or take a standard deduction. If you live in a state that doesn’t charge sales tax, then you’ll obviously just deduct the property taxes. 

What if I Use My Vehicle for Business, Too? 

If you use your car exclusively for business, you can write off most, if not all, of your car expenses, including car depreciation and car mileage. If you use your car for both business and personal purposes, as many people do, you’ll need to divide your expenses based on the mileage you’re using for each. 

You may also qualify for deductions if you own an electric vehicle. There is a $7,500 federal income tax credit for electric or plug-in hybrid vehicles, in addition to local or state incentives. You can learn more about driving down your taxes in this article from TurboTax. 

If you’re thinking about buying a car, you may be able to write some of it off on next year’s taxes, especially if you plan to use the vehicle for business purposes as well. To browse affordable repo cars directly from banks, lenders and credit unions, visit RepoFinder.com today! 

buy car with tax refund

Put Your Tax Refund Toward a Used Car

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Not everyone gets a tax refund at the end of the year, but if you’re one of the lucky ones who does, you might be wondering what you should do with it! While there are many fun things you can spend your money on, a lot of people like to put their tax refund to good use, such as paying down debt or making improvements around the home. Another smart idea is to put your tax refund toward the new vehicle you’ve been saving up for. 

According to the IRS, the average refund amount in 2023 is $3,079. Having a few extra thousand dollars to put toward a car can be extremely helpful, especially when you’re looking to buy a used vehicle! Here are the different ways you can put your tax refund toward a used car.

Apply Toward the Purchase Price 

RepoFinder provides a directory of banks and credit unions that are selling their repo inventory. They are highly motivated and eager to sell, which is why the vehicles already include a steep discount. You can find plenty of cars for under $10K and $15K. 

Having a few thousand dollars to put down can reduce the purchase price significantly. You can then finance the rest of the amount, and your payments will be lower. You can also put yourself in a better position to negotiate when you come with a pre-approval for a car loan.

Cover Maintenance and Repairs 

Another way you can use your tax refund is to pay for the maintenance and repairs your vehicle might need. For instance, when you purchase a repo car, it does not come with a warranty, unless the original manufacturer warranty is still intact. In this case, the warranty would transfer for you.

However, most repos do not have a warranty, which is why you buy them in as-is condition. You get a nice discount in return, but you’re also responsible for whatever problems come up. It might make more sense to save your tax refund and use it to cover the cost of maintenance and repairs, such as new tires or a professional detailing. 

Pay Leasing Fees Upfront 

RepoFinder does not offer cars to lease – only to buy. But leasing is still an option you may want to consider if you want a nice car without all the maintenance. A decent sized tax refund should be enough to cover a lease’s upfront costs. After this, you’ll be responsible for making your monthly payments. 

Do keep in mind that leasing has some pitfalls. You can face bills for extra mileage and wear and tear when you turn the car in. You’ll also be responsible for paying these fees every time you trade in the car, otherwise they are rolled into your loan. 

Use Your Tax Refund on a Repo Car! 

These are some of the ways you can put your tax refund toward a used car. When you buy a car on RepoFinder, you’ll have access to many banks and credit unions in your area. We include photos and contact information so that you can negotiate directly with the seller. If you have been in need of a car and received a tax refund, this could be the way to get what you need quickly and inexpensively! 

great car deal

The Anatomy of a Great Used Car Deal

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Car shopping isn’t always the most enjoyable experience. It can be stressful, disappointing and even confusing. For example, how do you know when you’re getting a great deal on a car? Unlike brand new vehicles that cost a premium, used vehicles include a discount. How much of a discount they get depends on various factors such as their age, model and condition. 

Most people who purchase used cars are doing so to save money. If we’re being honest, most of us would love to drive off the lot with a brand new car. So it only makes sense that when shopping for a new or repo car, you want to make sure you’re getting the best deal possible. Below are the elements that go into a great used car deal. 

Good Purchase Price 

It’s fairly easy to tell if the car is marked right by looking up its value in Kelley Blue Book or Edmunds’ True Market Value. Keep in mind that you’ll get an average price for the vehicle based on what people in your area have paid. It will not be exact. Some people will have paid more, and others less. But at least you’ll have an idea of what the car is worth. 

Possible Incentives 

It’s possible that a used vehicle might include some incentives, such as low-interest financing, to make it look more attractive. If the car you’re interested in is eligible for incentives, make sure they are applied correctly. Many people prefer the ease of shopping for a repo car because they can place a bid they feel is fair – there are no incentives, rebates or other offers to mess with. 

Low-Interest Financing 

Ideally, you’ll want to shop around for the best auto loan rates. Dealerships do offer financing, but the interest rates are often higher, which means you’ll pay more over the life of your loan. Shop ahead and use this to negotiate at the dealership if need be. If you plan to buy a repo car, you can obtain financing from the seller, as most are credit unions and banks who are open to negotiating. 

Minimal Fees and Taxes 

You should always know what you’re paying for your vehicle – including taxes and fees. Often, people ignore these hidden fees because everything is lumped into one payment. But it pays to ask questions and be informed. In a good car deal, you should only have to pay three fees: state and local sales tax, motor vehicle registration fees and a reasonable documentation fee. In some states, state law controls the fees. What you want to watch out for is dealers creating their own fees. 

No Additional Add-Ons 

As mentioned above, people appreciate the simplicity of buying a repo car because they don’t have to worry about overpriced add-ons. Everything is straightforward. Find a car you like, place a bid, and if your offer is accepted, move forward with an inspection and paperwork. If you purchased a used car from a dealer, watch out for unnecessary add-ons like paint protection packages and extended warranties. 

Find the Whole Package at RepoFinder.com 

RepoFinder.com has a list of banks, lenders and credit unions in every state that are selling repo inventory, including cars, trucks, SUVs, recreation equipment and more. They are highly motivated sellers that are looking to clear out their inventory and recoup their losses. You can also negotiate good deals with them, sometimes with zero-interest financing. Browse our vehicles today and see if you find something you like! 

buying a used car

Top 4 Mistakes to Avoid When Buying a Used Car

This entry was posted in Used Cars and tagged , on by .

A used car might be the perfect addition to your household! You can save money while getting a great vehicle with much of the latest technology such as back-up cameras, heated seats and Bluetooth. And with a lower car price, you can also enjoy lower monthly payments and lower auto insurance rates. It’s a win-win! 

To ensure that you get the best bang for your buck, here are four mistakes to avoid when buying a used vehicle. 

1. Not Lining Up Financing 

Any time you plan to purchase a new or used vehicle, it’s best to secure financing in advance. While it’s more convenient to do so at the dealership, you’ll also pay a higher interest rate. Dealers add a markup to the interest rate offered and are incentivized to send you to certain lenders, even if you can get a better APR somewhere else. 

By getting quotes and comparing rates beforehand, you’ll be in good shape when you go to buy a used car. And if you want to get dealer financing because of its convenience, you’ll at least have some negotiating power. Fortunately, you can compare quotes online from the comfort of home. 

2. Only Looking at Monthly Payments 

If you can buy a used car outright, you can save a lot of money over the long run. If you can’t afford this, then you’ll have to create a budget and determine how much you can afford. But, keep in mind that while a lower monthly payment may be good for your budget, you could be paying back more money in the long run due to compounding interest. 

If you can swing a slightly higher monthly car payment in exchange for a shorter loan term, it’s probably worth it. You can also consider leasing a used car, though not all dealerships offer them, and there are certain conditions to meet. 

3. Passing on a Test Drive

Another mistake you want to avoid is not doing a test drive. There are certain instances where you might not be able to do a test drive, such as when buying a repossessed vehicle from a bank or buying a car out of state. But in most cases, you can test drive a car and make sure that it’s running properly. 

Even if you can’t do a test drive for some reason, you should still ask to do an inspection. You can always hire a mechanic for an out-of-state car, or you can bring along a mechanic or knowledgeable friend when buying a repo car. Doing your due diligence is the best way to avoid buyer’s remorse. 

4. Not Running a Vehicle History Report

A vehicle history report should also be run for any used car, along with the test drive and mechanic checkup. This report will check for any previous accidents, problems with the car and the number of previous owners. Dealers will typically pay for this report, but if you’re buying from a private seller, you might have to pay for it on your own. 

Fortunately, vehicle history reports are inexpensive and usually cost around $10 to $40. You can get this report from a number of third parties such as Carfax, AutoCheck and instaVIN. No matter where you get the report from, you will be able to see the title history and other important details about the car. 

Used cars are an investment, just as new cars are. By avoiding the mistakes above, you’re more likely to invest in a quality vehicle that you can enjoy for years to come.