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Archive for January, 2015

How To Get Low Loan Interest Rates

Tuesday, January 6th, 2015

Used cars offer a lot of perks for drivers, but one of the biggest is affordability. However, the bottom line can creep higher and higher if you find yourself stuck paying off an auto loan with a high interest rate. To avoid this, most people try to get the lowest rates possible – but figuring out how to accomplish this can be tough. You should keep a few tips in mind as you mull over your loan options. 

Check your credit 
The first thing you should do when considering auto financing is learn your credit score. This is going to impact many aspects of your loan – including the interest rate – so it's in your best interest to know what it says. Looking at the report ahead of time also gives you the chance to scope out any errors. 

If there are any glaring problems or red flags on your credit report, do your best to have proof of improvement on hand when you discuss options with a financing department. You can also conduct some prior research to familiarize yourself with what to expect. 

Take a look at loan length
You probably have a few ideas in mind regarding the type of loan you're looking for. Some people want shorter loans to get the debt over with as soon as possible, while others might want longer terms that allow for lower monthly payments. If your priority is low interest rates, however, you may want to give shorter loans a second look. Cars.com reported that longer loans tend to have higher interest, so choosing the shortest length you're comfortable with may be beneficial. 

Find relief in your budget
A higher interest rate than you were hoping for isn't the end of the world. If you think it'll strain your budget, look around for other areas where you can save. For instance, an auto auction gives you a chance to bid on the used car of your choice, allowing you to save on the sale price of a vehicle and potentially decrease your bottom line. 

Use a trusted company
The company you secure financing from should be one you can trust. At New Jersey State Auto Auction, we know that buying a used car is a big commitment that can get confusing. That's why we have our financing department on site, ready to help you complete the necessary paperwork and get credit approval quickly. 

5 Things To Check In A Used Car

Monday, January 5th, 2015

As you hunt high and low for the best used cars, you're going to have to keep track of a lot of tiny details. Everything from preferred car color to mileage to sticker price has to be meticulously organized and accounted for in a budget, and that takes a lot of effort. In fact, it may even distract you from focusing on some other important aspects of the used cars. 

The next time you're looking at a used car, make sure you're paying attention to these five aspects of the vehicle. Each one can have a major impact on your auto-related decisions. 

1. Recall history 
Checking out the recall history of a used car is more cautionary than anything. Some vehicles may have a clean record, but if there's any that have been involved in a recall, you need to ensure they've had the necessary repairs. A thorough vehicle history report or repair summary should have these details. 

2. Driver complaints 
As you're looking up details of certain makes and models, take the time to examine any documented driver complaints. If you know what other drivers noticed during their time behind the wheel, you'll be in a better position to evaluate performance, judge a test drive and even negotiate a price. 

3. Strange smells 
Your test drive will likely involve getting comfortable in the driver's seat and evaluating the car's road performance. However, that's not all you need to look at. Take note of any strange odors in the car itself. Consumer Reports noted that musty smells may indicate that there was a leak or water problem, while other scents could be a sign that a previous owner was a smoker. 

4. Maintenance costs 
It's relatively easy to look up the average maintenance costs for certain brands or models. Although some of these expenses might not come into play, it's best to know ahead of time what you can expect so you can factor it into your budget. 

5. Average expenses 
Maintenance or repair costs can vary based on many factors, but other expenses will stay relatively flat throughout your time as a car owner. It's best to work out these costs before you buy. Take the time to determine what your hypothetical monthly payments would be for insurance, loans and fuel. This allows you to work out a budget and figure out what you'd be willing to bid at a facility like NJ State Auto Auction. With so many quality used cars on this lot, it's easy to find a car, truck or van that meets all of your needs.