The Powertool Shed

Have you ever been frightened off buying a used car from a newspaper ad, or a man in the street, for the fear it might be registered as stolen?

With Home Office figures showing more than 300,000 cars and motorbikes were stolen in the UK, in the last recorded year, that is a very understandable fear. The consequences of discovering the dream car or motorbike you have just purchased was registered as lost or stolen can be devastating.

Because of the way UK law works, many people every year lose both the car they have bought in good faith, and their money, because they have failed to take the necessary checks before embarking on, what is for many, their largest purchase, after the roof over their head.

Help is at hand. The internet revolution has opened up a vast spectrum of free information on many different aspects of every day life. It is now possible to access, gratis, the price houses have sold for in a neighbourhood, the cheapest petrol stations in a locality, and even what newspapers people living in the same postcode area read. It is also possible, now, for motorists to find out, free of charge, if a used car is registered as stolen with the police’s, lost and stolen database by logging onto the net.

With the motto ‘buyer beware’ in mind, the UK Home Office Car and Bike Theft Indexes, also available online, gives motorists an insight into the type of cars and motorbikes which are most likely to have been stolen.

Government statistics show saloon cars are the car thief’s vehicle of choice, and were the most likely type of car to be amongst the UK’s 282, 816 stolen cars, according to latest figures. Around 12 in every 1000 saloon cars were stolen, which is twice the number of 4×4s and people carriers, which ranked at 6 stolen for every thousand that were registered.

The age of a car has a significant impact on its chances of being stolen. Cars registered more than 13 years ago were the most likely to be stolen, according to the Car Theft Index, with a theft rate of 31 per thousand registered. Vehicles registered after 1997 are much less likely to be driven away by a car criminal, with just 5 in every thousand being stolen.

Two wheelers are proportionately more at risk of theft than cars, with 37 per 1000 being stolen, compared to 10 cars per 1000. This is due in part to the ease at which a motorbike can be put into the back of a van or lorry. Low powered mopeds and scooters are the most likely sort of motorbike to be stolen, with those under 5 years old, being stolen at a rate of 85 in every 1000, and making up 60 per cent of motor bike thefts.

Richard Goedegebuur is Press Relations Officer for checkmyfile.com the UK’s leading online provider of credit reports to consumers. Checkmyfile.com offers consumer credit advice and postcode relevant information. Contact Richard Goedegebuur on richardg@checkmyfile.com
Click here to access www.checkmyfile.com

With the price of a new car getting higher and higher each year,
many buyers choose to buy used cars instead. The price of a new
car can easily equal a year’s pay for many people, so buying a
used car makes sense. But there are risks associated with buying
a pre-owned vehicle. What if is defective? What if it is a lemon
law buyback? Once should always be a bit suspicious of a used
vehicle. After all, if it is a great buy, then why did the
original owner choose to part with it?

To resolve some
of these issues, as well as to compete with volume dealers of
used cars such as Carmax, the major auto manufacturers have
introduced the concept of a “certified used car.” These cars are
inspected for problems, repaired if necessary, and offered for
sale with a warranty that is better than the one typically
offered with sales of used cars. In exchange for this added
peace of mind, the buyer pays a higher price than he or she
otherwise might.

This program is good for dealers, who
find the cars easier to sell, and for the manufacturers, who get
a fee from the dealers in exchange for certifying the vehicles.
The problem for the consumer is that there are cars being sold
as certified used cars that may not really be certified. Worse,
some of these cars have problems that are so severe that they
possibly shouldn’t be sold at all.

Some states have
rigid laws that prevent cars with certain types of damage, such
as from fire, flood, or a severe accident, from being sold
within that state under any circumstances. And yet there are
reports of such vehicles having been transported to neighboring
states, where their titles can be “laundered.” Some of these
cars have then been sold as certified used cars.

There
are several lawsuits pending in California over the sale of such
cars, and the problem will continue to exist as long as there is
no national standard regarding the sale of used cars. Does this
mean that buyers should steer clear of certified used cars? Of
course not. What it does mean is that buyers should exercise
caution when they shop for a used vehicle, whether it is
certified or not. And that is just plain common sense.

Buying a new car is the dream of many Americans; as a result
many are sold each year, that is after financing is obtained in
order to pay for them. While you might think going and picking
out a car and then receiving on the spot financing is relatively
easy it is not always so. Before you head to your local
dealership to buy the car of your dreams, consider these tips on
automobile financing.

Tip #1 Credit Score Your credit score has everything to do with
whether or not you receive automobile financing as well as the
interest rates and down payment requirements you will receive.
Because of this it is incredibly important for you to know your
credit score before you ever head to the dealership. If your
credit score is above 600 then you should be able to get
financing without too much trouble, however if your score is
below 600 you should spend a few months lowering your bills and
focusing on increasing your credit score so you can not only
qualify for financing, but also for a great interest rate in
order to buy that new car.

Tip #2 Compare Rates Different lending institutions from banks,
online lenders and the dealership will be able to finance your
vehicle. However, each of them is likely to have different
interest rates, fee structures, and general requirements for you
to meet. As a result, you should evaluate as many financing
options as possible in order to find the best deal for you.
Because, when it comes down to it, you don’t want to pay a
single cent more than you have to for your car financing needs.

Tip #3 Get Pre-Approved If there is any way you can get
pre-approved for auto financing then you should do so. The
reason for this is when you are pre-approved and head to the
dealership you will be able to negotiate as if you had cash in
hand. This will allow you to qualify for all the rebates and
discounts the dealership might be offering and you can negotiate
the price of the vehicle down as well.

Following these tips will help you get the best financing
available to you considering your personal credit score and
financial situation, not to mention the car of your dreams. So
follow these tips, save money and finally put that new car in
your driveway.