>> Apr 9, 2016
Damaged cars are commonly known as salvaged or refurbished vehicles. These cars have been announced invalid by the insurance companies. There are listed off from the book of accounts, as complete loss. Salvaged cars are damaged either by natural calamities or they are repossessed by the financing companies.
What if you are a new buyer?
Most of the citizens of the US buy salvaged vehicles. This is because it goes easy on the pocket. Moreover, if you repair as per the right procedure, your car will be no less than a luxury car. However, if you are buying your first car, it is advised to consult with a professional mechanic. If possible take the person with you during selection.
What’s in store for you?
Buying a salvaged car has its own benefits. You can find a great bargain on a vehicle that requires minimum repair and restoration. If you are deciding to buy the car, make sure you test the damaged parts.
Do some homework and jot down the cost of repairing parts or what are the other things that needs to be replaced. Then compare it with few new car models, if it cost more than the new models then, think twice before buying it.
What should you look out for?
It is advised that you must be cautious while purchasing a salvaged car. If you are buying it to use some particular parts, then you don’t have to worry too much. You just have to examine the necessary parts and make sure they are reusable.
Cars get damaged for a huge number of reasons. The reasons can be flood, natural disasters, and highway accidents or repossession by the companies. However, some salvaged cars can be stolen and you can land up in great trouble, if you buy those models. Therefore, it is suggested to go through the history of the car.
Each and every car has a unique serial number called Vehicle Index Number (VIN). Ask for this number from the seller and take out the history of the car, from state regulatory
Make sure that you check whether the car is damaged or rebuilt. Most of the car insurance companies will not insure any automobiles that are named as restored. However, if you are novice at the car auction, then make sure you bring someone along with you who can help you assess the car.
You can also buy damaged cars from http://idealautousa.com/. This company sells legal salvaged cars, without much damage. You can have a hassle-free experience if you buy from them.
How much should you pay?
Used and damaged cars are usually sold by insurance companies, under the conditions that the cars are having minor damages. Price should be 25 to 50 percent less than the actual price of the new vehicle. The price range is directly dependant on the required repairs.
As long as you are well informed about all the possibilities of restoration, purchasing a salvaged car can be a great way to save up money.
What are the financing options?
Since it is a damaged car, the financing options are limited. Lets us check how you can get a loan
You need to have a great relation with your agent. Additionally, your credit ratings have to be good. The bank will check your financial stability and then take a decision. Mostly, banks or any other financial institutions do not grant any loan on damaged cars, as these automobiles are rendered as scrap materials. However, don’t be disheartened there are other ways to solve your problem.
Through the dealer
Usually, the dealer has its own financing options. Therefore, you can easily take it from them. You need to convince them that you will repay the loan. Show them your bank statements, financial condition and identity proof. In simple terms, they need to believe you before sanctioning the money.
Most of these cars are repaired and then sold off to the highest bidder at car auctions. Purchasing of salvaged cars completely depends on the knowledge about cars.
Author Bio: Dexter Hawk is a famous financial car advisor. He works with http://idealautousa.com/ and gives buying advice to the buyers.