Buying Car from Private Seller? Know Facts Which Car Dealers Won’t Disclose

Car dealers take care not to disclose some things, when you go to buy a car. That’s because knowing those may help you save money. And enabling a buyer save money is the last thing they would want.

An Accident…

If you are shopping for used cars, dealers won’t tell you that the car’s been in an accident. It’s simply because it reduces the seller’s chance of pushing the car, as the buyers mindset is preset against such cars.

Inference: Don’t rely on the seller. The onus of reviewing the history of the car lies on you.

Don’t Go For Low Monthly Payments

Buyers are keen on the monthly payment they have to pay. It’s a mistake to overlook the overall cost of the car. This lands buyers in trouble. When you say you can afford $200 a month the dealer will get you the payment without giving you a good deal on the car. The longer your car loan you will owe more than the worth of the vehicle.

Inference: Don’t let sellers know what you can afford. Go for a good bargain on the overall cost.

Your Credit Score Is Different Than Ours

Your credit score may be quite different than the one which the dealer has. This is because dealers use the “auto score” version of the FICO formula which is slightly higher because the formula gives more weight to an auto loan payment history.

Inference: Ideally you should check your score before you go to a dealer so that you can fix mistakes on your credit reports. Next, you need to arrange your finance by talking to a financer before you approach the dealer. This will help you take the winds out of their sails.

Talk to whom it matters:

Talking directly with dealers,’ matter more than anything else. Today’s dealers know that many shoppers are well informed. So the right dealer won’t try to hoodwink you. To find a dealer who means business, you need to know more about a dealer through websites and journals which provide dealer ratings and even with people who have dealt with them previously. Discuss with professionals get a fair idea, but take a decision on your own.

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