Buying Used Cars

Q.I have a few questions about buying used cars from private seller. I live in Georgia, so if I buy from private seller, I think I don't have to pay sales tax. I'm planning on buying an used rsx and I'm wondering how I would go about doing so since I would have to fiance it. I think the credit union could give me a pretty good rates. I'm going to put about $5,000 down for 5 years and the car probably cost about $21,000 used. Do I have to get a loan first then look for a car? I will I have trouble getting a loan since this is my first time fiancing a car? I am a college student with a monthly income of about $1,500 and a credit score of about 760

A.Why are you purchasing used? I'm pretty certain you can get a new one. I was in a similar situation as yours, except I had no credit experience at the time (except for credit cards). But I managed to get a loan for a new Acura Integra from Honda. I put down $4K and financed for 5 years. Generally, rates for new cars are lower than used cars. So the initial savings will be gone by the time you pay it off. If your credit union gives you a hard time, just finance with Honda, they're pretty liberal when it comes to financing approval. Manufactuers rarely deny you when you have a large downpayment, fair or better credit and a steady job. As far as your question, you can always get pre-approval before shopping for a car. But it seems like you already got a car in mind, so just go to your credit union and apply. I'm 99.99% sure you'll be approved.

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