Cheap Cars

Not knowing where to get the money for your used car can be quite a hassle, especially if you have a bad credit score. Luckily, you can use a payday loan to help finance the purchase of a new car, and this along with savings can get you in a vehicle quickly. For the lucky few with a good credit score, there are dealer financing options and the use of credit cards that can help you get into that new used car.

Establish a Budget

Check out car loan calculators online to find out how much money you need to budget first for the payment of your new car. Some will just use the selling price and interest rate and term to determine monthly payments. Others that are more sophisticated can take the make, model, type, and year of the car (along with mileage) and use these factors to find out how much the used car is currently worth in the secondary market.

Look for Lenders

Banks and dealers are the obvious lenders. However, they will require a good credit score and sometimes a down payment. They offer a fixed rate loan, which is different than using a credit card to finance the purchase of a car which is done on a variable interest rate. Don’t count out other lenders if you are denied due to a bad credit history. You can still get a short-term payday loan or seek out financing from a peer-to- peer lending site.

Use Credit for Down Payment

Do not pay in cash for a deposit, it is highly unlikely you will see that money again if you change your mind on the deal. If you pay with credit or debit, you can always challenge the dealer with the money transaction history and get your money back that way because most cards offer some consumer protections on the purchase.