Financing a Used Car In Chicago

Step 1: Know your budget

Determining the amount of money you are willing to spend on a car will require you to take several factors into account. Whether you take out a loan or plan to lease the car, your monthly payment is something you'll want to set a range for before shopping around. You should plan to spend no more than 15% of your monthly income on your car payment.

The actual cost of the vehicle is not your only budgeting task. Insurance and registration are costs to remember when determining what you can afford. Insurance rates will vary depending on the make, model and year of the vehicle. Once you have your selection of cars narrowed down, calling your agent for a quote will help you make the right choice. 

There are plenty of options for used cars to fit any budget, even those looking for vehicles under $10,000. Additionally, inventory specials are always being updated with vehicles priced for the best value in the area on UsedCarsChicago.com.

Step 2: Buying vs Leasing 

Should I buy or lease? That is often a question that crosses the mind of car buyers. There are pros and cons of both. Most people who finance are willing to take on a larger monthly payment and are wanting to keep the car for the entirety of their loan term. Those that choose to lease on the other hand often have a lower monthly payment and like to drive a new car every three years or so.

Step 3: Which Car is Right for me?

It's important to keep your options open, but knowing specifically what is important to you will help you find the right car within your budget. Interior, exterior and mechanical features of a car will attract all different customers. Buying used cars doesn't even have to limit your customization.

It is most important that you narrow your search by determining whether you want or know how to operate an automatic or manual transmission. This will lead you to many more options to choose from when it comes to the style of car you want. Whether it be a sedan, SUV, or truck you'll want to consider the region and climate you will be driving in to choose among the different powered axle options.

The reliability and safety of a used car is also crucial to making a good decision. Research is key here; you do not want to purchase a car at a reasonable price and end up putting more money into the vehicle than it's worth. The Insurance Institute for Highway Safety will provide more information about safety tests and reports for specific cars you may be interested in.

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