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Buying a second hand car using finance

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ORIGINAL POST
Posted by Becki1975 16 yrs ago
Please can you advise me how to go about obtaining finance to buy a second hand car?


Do you approach the banks or can it be arranged through the second hand car dealership?


Thank you

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COMMENTS
evildeeds 16 yrs ago
Car dealerships are able to offer financing on second hand cars and will usually lower the price due to the commission they receive from the finance company.

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macgarraidh 16 yrs ago
Becki,

Finance is hard to get in the current climate. If you can get finance on a used car the amount you will be offered will be much lower percentage of the price of the car than you would have got only a few weeks ago.

Beware of getting finance through a dealer. Evildeeds is correct that the dealer will offer a discount against his commission. However finance in Hong Kong is done on a flat rate basis not on a reducing balance as in many other places. Also it is in the dealer's interest to have you pay a high interest rate as the higher that is the higher is his commission...!

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Becki1975 16 yrs ago
Thank you for the advice macgarraidh

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DaHKGKid 16 yrs ago
Avoid financing a car by purchasing something reasonable outright. There are many very good under $100K cars posted on Asiaxpat every week. These cars are usually owned by expats who likely have purchased them second hand and taken good care of them. Right now, there are very good deals to be had as many are leaving. Dont waste your time with the dealers unless you are doing your homework and budgeting.

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Ed 16 yrs ago
http://hongkong.asiaxpat.com/classifieds/automobiles-(owners)/

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