How do you deal with buying a used car?

The purchase of a used car involves a significant outlay of money. Not as much as buying new, but also a lot of money.

How do you deal with buying a used car?

The purchase of a used car involves a significant outlay of money. Not as much as buying new, but also a lot of money. Therefore, it is necessary that we know and value all the payment possibilities that we can use. Depending on our personal situation, we will choose the one that best suits our possibilities. Let's see them.

Buying in cashThe

easiest way to buy a used car is to pay in cash. However, not everyone can make such a large payment, either because they do not have sufficient savings or because they are not interested in spending it all at once.

In any case, it is also the cheapest way to acquire the vehicle, since we will not have to pay interest.

All

car brands have a credit department that allows us to finance the vehicle in convenient instalments, even if it is a second-hand vehicle. Generally, it will give us more facilities than a traditional loan, but it is also likely to charge us a higher interest. Therefore, the following possibility may be more convenient for us.

Asking for a loanIn

this field we have a wide range of possibilities. We can ask for a loan from our usual bank. After a study and in case they approve it, they will tell us the monthly payment that we will have to pay, the interest rate that they apply and the duration of the loan. However, we can also resort to cheap loans online.

Currently, there are a large number of financial institutions that grant them even through their website. In this case, they will ask us for a series of data to carry out a previous study. And, once this filter has been passed, if the results are affirmative, they will ask us for the necessary documentation to constitute the credit. Normally, the National Identity Document, a bank account number and the last three payslips or other proof of income are sufficient. A third option is to ask a friend or relative for money. This form of financing has the advantage that we do not have to pay interest either.

However, not all of us are in a position to do this. Everyone has their own expenses, and even if they want to lend us the money, they may not be able to.

Finally

, another option is to use other more modern forms of payment such as leasing or renting. They are similar in terms of how they work. They are contracts for a specific period of time during which we can have the car in exchange for a monthly fee which includes all the expenses of the car such as servicing, insurance or breakdowns. At the end of the stipulated period, we can return the car or keep it in exchange for a residual fee. However, these formulas are still not very common for used cars.