There are many places available to buy cars from. Public car auctions offer some advantages while used car dealers offer different advantages. We will examine both in an attempt to explain the main differences.
Public Car Auctions
Many people do not even know about public car auctions because they are a relatively new thing. There are many car auctions that are limited to wholesalers and dealers but a few are available to the average customers. These limited public auctions often open two days a week only with limited hours.
They owners of the auctions get their cars from a variety of ways; some from rental companies dumping their older fleet, some from the government seizing vehicles from people for their back taxes, some from insurance companies with cars deemed as totaled, while others get their cars from used car dealers going out of business. Some even get their vehicles from car owners wanting to sell their cars fast. Since the cars come from different ways, their condition also varies greatly.
However, the public auction does not let people test drive the vehicles. They can see that the vehicles are driven by workers bringing them to the auction spot but can not drive them on their own. They have some time to look at the cars inside and out and often inspect under the hood but that is it. They do this because the auctions do not have time to sell the number of vehicles available at their lots.
After paying entrance fees, when the customers like vehicles, they bid on them. And like any auction, if someone bids against them, then the cost can be high but if no one is present to compete, then the vehicles' prices are kept low. Many cars are bought surprisingly cheap this way. However, if the customers are inexperienced, they can end up paying a lot for beat-up vehicles.
Remember that the auctions are expecting that the customers pay for the cars in cash or find their own way to borrow money to pay for whatever cars they win. If the customers do not have the cash ready, they are often required to pay a percentage of the cars' price as a refundable holding fee till the remainder of the cash is ready. Otherwise, if the remainder of the price is not received, they keep the holding fees and let the cars in the auction again.
Used Car Dealerships
With used car dealerships, customers are given more time with the vehicles. Yes, sometimes the dealers might get their cars from auctions but they spend time on fixing them and making them appealing to drivers. Customers test drive the cars they like and are often allowed to bring their personal mechanic to inspect the vehicles. Many dealers also offer bank financing to their customers with good credit. Other dealers offer in-house financing to customers with low credit scores, after providing proofs that they have decent incomes to cover the cost of the car payments.
How Do I Apply for A Loan?
The fastest way to apply is to fill out the online application. To start, just click to apply, and let the Buy Here Pay Here MD car lots call you with pre-approvals. With an online application, you can have the Buy Here Pay Here MD save your time knowing that you will be pre-approved before you head to the dealership. With nationwide dealers, you are sure to be pre-approved with dealers in your area.
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