4 Vital Things to Check in $500 Down Used Cars

You cannot just buy any car with $500 as a down payment. Unless you have a great credit score to show, there are chances that you might fall victim to fraudulent dealers trying to sell beat-up vehicles or upside-down cars. The logic behind this simple – good dealerships cannot afford to lose money on used cars. And if they are offering you $500 down used cars, there are bound to be some compromises. So, when you are opting to pay $500, exercising caution is primary. If the deal in front of you is too good to be true, remember to look into the following parameters.

The health of the engine

Repairing the engine will cost you the most. And most cheap used cars selling at surprising prices come with unhealthy engines. Before jumping on the $500 deal, do your best to peek into the engine. Take the car for a test drive, look into the repair history, and spot leaks and out-of-place sounds while running and at standstill. Be very specific about the engine and the entire powertrain as a whole.

History of the vehicle

Deceitful dealerships offer lucrative price options to entice customers into buying flood and accident-damaged or cloned vehicles. They will generally follow it up with the absence of the vehicle’s history or appropriate papers. Take the $500 down offer from only those used car dealerships in Greenville, SC, where you get the complete history. And if they do not have it, they must never hesitate when you question it. Some buy here pay here dealerships have a policy not to buy flood damage or salvage cars, ask about their purchase policy.

Mileage on the used car

Vehicles with high mileage do not command a high price. That enables dealerships to offer low down payment options to bad credit holders. Sure, you can drive home a high mileage car but you must also be ready to incur repair costs soon. For the best results, buy high mileage Greenville used cars from dealerships who give warranties on their vehicles. This way, you can offset the looming expenditures and buy at $500 down as well.

The APR that you are paying

APR is basically the net amount you are paying for your car when you are buying with a loan. You may very well land up in dealerships where the car is perfectly fine but in return for a low down payment, the dealership is charging you outrageous interests. It goes without saying that your APR will be high when you are buying 500 down used cars, but they cannot touch the sky. Stick to dealerships where the rates are competitive for all types of buyers.

APR is basically the net amount you are paying for your car when you are buying with a loan. You may very well land up in dealerships where the car is perfectly fine but in return for a low down payment, the dealership is charging you outrageous interests. It goes without saying that your APR will be high when you are buying 500 down used cars, but they cannot touch the sky. Stick to dealerships where the rates are competitive for all types of buyers.