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Deciding to get a used car as your next vehicle is an exciting process. When it comes to the financing side of buying a used car, there’s a lot to keep in mind. To help drivers from Jenkintown, Abington, and Willow Grove with used car financing, the team at Sussman Auto Group-Sussman Select has put together this checklist.

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Step 1: Determine Your Budget

The first thing to do when buying a car is determine your budget. You can start by totaling up your take-home pay after taxes. Typically, your car budget—including gas, insurance, and car payments—should not be higher than 20% of your take-home pay. Other auto-related expenses to consider are regular maintenance and the down payment.

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Step 3: Check Your Credit Score

The next step to determine if you’ll get the financing you need when buying a vehicle is to check your credit score. Your credit score helps determine the interest rate you’ll be offered when financing a vehicle.

So, how do you check your credit score? Some credit card companies and financial institutions include your credit score on your monthly statement or you can view it by logging into your account. If that’s not the case, try accessing a free credit score site or request a free copy of your credit report from the three national credit bureaus: Equifax, Experian, and TransUnion.

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Step 4: Estimate Your Monthly Payments

The best thing to do next is determine your monthly payments. If you want to get a clearer idea of what your monthly payments might be, check out our online Payment Calculator. You simply input vehicle price, interest rate, loan term, and down payment to get an estimate of your monthly payments.

You can use this calculator as many times as you want to get an idea of what your payments will be with different interest rates or loan terms.

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Ready to Find Your Next Used Vehicle?

Our team at Sussman Auto Group-Sussman Select is excited to help drivers around the Jenkintown, Abington, and Willow Grove areas find their next used car. Our finance team can help you through the financial aspects of buying a used car from start to finish. Come down to see which used vehicles we have to offer today!

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