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Purchasing pre-owned vehicles may afford consumers numerous financial benefits

Posted on Tuesday, April 9, 2013 at 2:24:49 PM

A recent release from Consumer Reports outlined the best and worst pre-owned vehicles to buy in the coming months. While the organization's picks vary in size, purpose and price, they are all more affordable options than new automobiles.

Because used cars typically cost consumers less money, considerable savings can be realized during transactions, which can possibly be put toward the upgrade to a newer model or luxurious upgrades for pre-owned automobiles. As with any major transaction, however, a large amount of research and rationale is required in order to obtain the best deal.

"You may be able to afford the more luxurious high-end model with all the bells and whistles by purchasing a used vehicle," said Christine Dikdan, auto lending representative for Home Loan Investment Bank. "Do your homework. Research prices and reliability online. Decide on an amount you want to pay on the vehicle and start lower. Also, price shop and negotiate between dealers offering the vehicle you are looking to purchase. Don't be afraid to walk away. Most often, if you have a reasonable offer the dealership will end up contacting you to make the sale."

If consumers have an automobile they are willing to trade in toward the purchase of a different car, Dikdan recommends they first negotiate the price of the vehicle they're purchasing, then discuss trade values. HLIB, a trusted source of automotive and residential lending, offers competitive rates for auto financing on any make and model.

"We finance up to full retail value determined by a NADA or a web based comparable," Dikdan said. "Terms depending on the year of vehicle from 36 months up to 72 months. We also offer financing for motorcycles as well as refinancing of vehicles and motorcycles. Private party sales are welcome and ACH of monthly payment is also available."

All interested parties should contact HLIB to discuss financing opportunities. In addition, dealers looking for new financing options with emphasis on customer service can find information regarding HLIB's innovative Direct Referral Program.