Car buying tips for below-prime buyers

Tuesday, October 1, 2013

As the automotive industry continues to see a strong year in new car sales, many potential buyers are likely wondering if they have the credit to make a purchase. CarFinance.com recently released its 2013 Top Tips for Buying a Car with Less-than-Prime Credit, helping consumers make the right choices when making a car purchase.

"While over 40 percent of all car buyers have below-prime credit,  few tools - and little advice - exist in the market specifically targeted to this growing population," said CarFinance President and CEO Jim Landy. "Our mission is to help these consumers through the vehicle purchasing process. So, our experts put together a list of insider tips to put consumers with less-than-perfect credit on the road to a quality vehicle that is affordable, with financing that is sustainable, and that should help them build strong credit."

So what should buyers consider?

CarFinance.com says its important to choose a car you can afford, taking into account the actual cost of ownership and not just the price tag on the car. Some cars get better gas mileage while others cost more to insure, and taking into account all the necessary costs will ensure the right purchase is made. CarFinance.com also encourages potential buyers to assess their current financial situations, requesting a credit report, and taking steps to improve it. In addition, vehicle buyers are reminded to take the trade-in values of a car into account, as this could mean thousands of extra dollars. As sales are likely to be strong in September and throughout the remainder of the year, car buyers will want to be sure they're in the best position possible to make a purchase.

Sales to be strong in September
J.D. Power and LMC Automotive recently released sales projections for September. According to the data, sales are expected to reach 933,400 units by the end of month, up 2 percent when compared to last year.

"Although the year-over-year sales gain in September is smaller than has been observed in recent months, it's important to recognize that September reported sales are being heavily influenced by a quirk on the industry sales calendar," said John Humphrey, senior vice president of the global automotive practice at J.D. Power.

Once a new car purchase has been made, buyers can protect the trade-in value of a vehicle by equipping it with Husky Liners® vehicle floor mats. These liners will ensure an interior stays as clean as the day the car pulled off the lot.