Car financeing question. Used car?

[dasf s]

i just started doing my research on what to know when buying a car, used. just to make sure i understand this.

When you finance a car that means you make monthly payments on it everymonth to OWN the car. also you have to have good credit, 3 reference(can live anywhere), work 6 months straight OR if you dont have any of above you can have someone to co-sign????

note:buying used car.
wow that seems like alot. let me see if i understand that... those website you provided will help me buy letting me make monthly payments to them instead of the dealership??? meaning my montly payments can be low if i pay them instead of the dealership.

[rhsaunders]

The requirements you noted are common, but will vary among various financial institutions. Start by talking to your favorite bank, and also to a credit union if there is one handy. Car dealers have their own stable of lenders, and one of these may offer a better deal than one that you find. My last car purchase wound up being financed by a credit union with which I had not previously dealt; the deal wound up being far better than I could do with my bank. But it was helped immeasurably by my good credit rating.

[xx_satanic_mechanic_xx]

Yes, when you finance a used car you are purchasing it. If you are looking for financing, the dealer can help you arrange that. However, since you are a first-time buyer, that may not be your best course of action. Go to an online broker - I recommend lendingtree.com, eloan.com, and capitalone.com as brokers. Get them to pre-approve you for a loan. that way, you will know what amount you can finance, and what your best interest rate is. Tell the dealer you have your own financing, so you can concentrate on the car itself, and the purchase price. Too may people fixate on the monthly payment, and wind up getting the wrong car, or paying more than they realize for the car.

Every bank's requirements are different. I would line up at least 4 references to be on the safe side. Get addresses and phone numbers. Length of time on job is a variable in determining credit worthiness as well.

But again, I encourage you to get an online approval. That will take a lot of the stress and confusion out of the buying experience