Anonymous
Anonymous asked in Cars & TransportationBuying & Selling · 3 months ago

Why do we need to approach the finance company when buying a used car?

Is it really needed to consider a finance company before buying a used car? Can't we analyze by ourselves to get the history of the car? 

8 Answers

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  • Anonymous
    2 months ago

    Finance company is only used when YOU do not have the money to buy the car, so you have to BORROW money to buy the car.

    .  That is why I buy cars I can afford paying cash in full.  $100 or $500 or $1600.00.  Otherwise I got to save up some more money.

  • ?
    Lv 7
    3 months ago

    Your question is confusing. What does the car's history have to do with financing ??? 

    If you plan on financing your car purchase, yes, it's smart to contact your own bank or credit union to get pre-approved for your purchase. If the dealer can't do better, then you go with the bank or credit union's deal.

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  • Anonymous
    3 months ago

    You don't need to consider them if you can pay cash. Most people can not pay in full which is why they need to consider the financing terms.  The history of the car has nothing to do with financing or paying cash.

  • 3 months ago

    You’re confusing two totally separate checks, but some finance providers bundle the history check into their finance application. When that happens it’s not a free add-on even if they claim it is; they just hide the cost within the overall cost of the loan.

    The best way is to get a soft credit check done (does not show on your credit record) to see which lenders are most likely to approve your formal application; and when you know that your financing is sorted out it’s worth buying the vehicle history check. Do it the other way and your history check may be wasted money if you subsequently find that you cannot get financing.

  • ?
    Lv 7
    3 months ago

    What does a finance company have to do with the history of a car?

  • 3 months ago

    If you pay cash you won't need a finance company.

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