Getting Financed for a Used SUV
Buying a pre-owned or used SUV rather than a new SUV is a much more cost-conscious choice. You can also shop for auto loans between dealerships, banks, and credit unions to save even more. Both negotiating a good price for your used SUV and getting a good auto loan rate on it are important. To find auto financing for a used SUV, follow these steps:
- Before shopping for auto loans for a used SUV, check out your credit score. Your credit score is what lenders will see when you approach them for used SUV financing. They'll look at your payment history, your current debt, and the length of your credit history to determine if you'll be a good or poor credit risk. Generally, the higher your credit score is, the better rates you will get on a used SUV loan.
- Figure out your budget and do your research. Determine how much you can afford--if you can make a down payment, what you are able to pay on your used SUV every month, and what your price range is for a used SUV. When you find a few makes and models of used SUVs you like, research their values and selling prices.
- Explore your options to find your best car loan. Contact banks, credit unions, and other lenders to find out what rates and terms you can get for a used SUV. Consider interest rates, but also look for hidden fees in contracts and long auto loan terms.
Finally, after you've found an auto loan you are comfortable with, stay within your budget while shopping at a used SUV dealer. Read financing contracts carefully before signing and get pre-approved before going to the dealership so that you won't feel pressured to take a loan from the used SUV dealer.
10 of the Most Extreme SUVs in the World
There are many reasons why someone would want to buy a used SUV. Some would buy a SUV for the cargo space or for the combination of hauling capability and passenger seating. Others would buy a SUV because of the taller seating and for the vehicle’s larger build. Others need an off-road or snow-capable vehicle. Fortune suggests that the reason one would want a SUV is that fuel economy has made it affordable to have a bigger vehicle.
However, for most of us, the reason to buy a used SUV is simply because you want one. SUVs make a statement, they have presence and a style of their own.
For those, though, that the average used SUV is not enough, we have created a list of the 10 fastest, largest and most outrageous used SUVs that are likely to make your neighbor’s jaw drop:
The most powerful:
- 1989 Lamborghini LM002.(444-hp, 5,167 cc, four valve DOHC V-12 engine with six Weber carburetors; five-speed manual transmission. 118-inch wheelbase.) The “Rambo Lambo” has developed a mythology upon itself. The civilian version of a military vehicle that Lamborghini made for the Middle East, the LM002 has become the favored off-roading plaything for young Saudi millionaires. In 2004, the U.S. Army took great pleasure in destroying a LM002 thought to belong to Uday Hussein to simulate a roadside car bomb. This used SUV is a grotesque display of extravagance – perfect for thumbing your nose at your neighbors, particularly considering that only 301 was ever made. One was sold by Sotheby’s for $170,500.
- 2013 Mercedes-Benz GL63 AMG.(550-hp, 5.5 liter, twin turbo premium unleaded V-8; seven-speed automatic transmission, 121.1-inch wheelbase.) This is the king of the used SUV. The most powerful and most luxurious SUV available on the commercial market, this beauty has 21-inch wheels, a towing rating of 7,500 pounds and enhanced all-wheel drive. Average dealer retail: $74,574.
- 2009 Hummer H2.(393-hp, 6.2-liter V-8; six-speed automatic transmission, 122.8-inch wheelbase.) The Hummer H2 was launched to create something slightly more practical than the modified Humvee that was the Hummer H1. “Practical,” of course, is relative in this case, as the H2 was both larger and heavier than comparable SUVs while being stingy in both headroom and cargo space. Hummer did not survive the GM bankruptcy, but the Hummer remains in the used market as the ultimate off-roading machine that would laugh at anything but the most extreme slopes. Selling at approximately $57,700.
The most prestigious:
- 2013 Cadillac Escalade ESV.(403-hp, 6.2-liter V-8 with cylinder deactivation, six-speed automatic with overdrive and auto-manual, 130-inch wheelbase.) This is the SUV of choice for every rapper and professional athlete. If one was to buy a used SUV as a status symbol, this would be the one to buy. Rich in chrome and horsepower, this SUV is difficult to park, a gas-guzzler and crude to drive. But, anyone driving this used SUV can count on their cool factor doubling. Selling at approximately $55,000.
- 2013 Land Rover Range Rover.(510-hp, 5.0-liter V-8, eight-speed automatic with overdrive and auto-manual, 115-inch wheelbase.) If you are looking for a used SUV model that has been owned by the Queen of England, then this is your car. Absolutely rich with luxurious features, this high-performance off-roader is just as comfortable on the road and in the fields. However, for this high level of luxury appointments, one will have to pay a healthy amount and the Range Rover doesn’t have the space or passenger seating of less expensive vehicles on this list. Selling at approximately $72,000.
- 2015 Mercedes-Benz G63 AMG 6x6.(536-hp, 5.5-liter, 561-lb-ft twin-turbo DOHC 32-valve V-8 AMG engine, seven-speed automatic, 4,196 mm [165.2 inches] wheelbase.) On a series 21 episode of Top Gear, Richard Hammond showed how extreme the Mercedes-Benz G63 AMG 6x6 was by having it drive in a meter-deep waterpark raft river. The ultimate in all-terrain vehicles, this SUV – designed for use in the Australian military – has self-deflating tires to maximize grip in low-friction environments, an air intake one and a half meters from the ground for deep water crossings and a handcrafted engine. This is all while having premium leather trim and custom connectivity apps for your iPhone or Android device. If you absolutely must go off-road in the lap of luxury, you can’t do better than this used SUV. One was offered in Florida for $975,000.
The most extreme:
- 1992 GMC Typhoon.(280-hp, 4.3-liter, 360 lb-ft LB4 turbo V-6, four-speed automatic, 100.5-inch wheelbase.) It’s unusual to have a midsize SUV classified as being extreme, but the GMC Typhoon is a used SUV in a class of its own. A GMC Jimmy with a Mitsubishi turbocharger and a Garrett Water/Air intercooler, the Typhoon had acceleration that was unfound in any other SUV of any size. While this SUV could not go off-road due to its low clearance, its Corvette transmission allow this monster to outrun contemporary racers half its size. Selling for approximately $16,000.
- 2011 Conquest Knight XV.(325-hp, 400 lb-ft General Motors 6.0-liter V-8, five-speed automatic, 153-inch wheelbase.) The Canadian-built Conquest Knight XV is one of the most extreme vehicles ever made. A handmade, luxury armored civilian vehicle based on military designs, the vehicle come with an optional built-in oxygen survival kit, under-vehicle magnetic attachment detection, a black box system, run-flat tires and hull and underbelly armor. This used SUV is a tank without a turret. One was offered in Florida for $799,950.
- 2008 Coggiola T-Rex.(195-hp, 430 lb-ft turbocharged and intercooled pushrod 16-valve diesel V-8, four-speed automatic, 130-inch wheelbase.) The Italian-built T-Rex stands seven feet tall, has 16 inches of ground clearance, is more than six feet wide and over 17 feet long. However, at only 195 horsepower, this used SUV tops out at 83 mph and takes 18 seconds to get from 0-60. However, if you were to park this in your driveway, you can feel proud knowing that your neighbors would soon be cursing your name. Coggiola only made 50 T-Rex; none are currently for sale.
- 2014 GMC Yukon XL 1500.(403-hp, 6.2-liter V-8, six-speed automatic with overdrive and auto-manual, 130-inch wheelbase.) The 2014 Yukon XL 1500 marked the final Yukon before the model’s redesign in 2015. As such, this nine-seating, 8,500 lbs. towing capacity beauty is in a class of its own. While there are other used SUVs on this list that are more extreme, this is the extreme used SUV that is easiest for the average buyer to get. Selling for approximately $50,000.
Buying a Certified Used SUV: Five Tips to Consider
Buying a certified used SUV can be scary. With older SUVs having a poor reputation for maintenance costs and reliability, many prospective used SUV buyers may be tempted by the “certified pre-owned” label to place their trust and business with a certified used SUV dealership. With most certified pre-owned programs boasting extensive inspections, “like-new” riding performance and vehicle conditions and guarantees on the used SUV’s condition, it may seem to be a wise investment buying a certified used SUV.
However, with no governmental or industry standards of what “certified” even means, a certified used SUV buyer must be careful of what he/she is buying. We have prepared five quick tips for you to consider in making your next certified vehicle purchase:
- There is a difference between dealer-certified used SUVs and manufactured-certified used SUVs.A used SUV dealer may offer a certified vehicle inspection on some of the vehicles he is offering on the lot. This certification is basically a promise that if something was to break immediately after driving the car off the lot, the dealer will repair it, free of charge. However, these types of programs usually have short warranty programs – typically, 30 to 90 days – and are only valid at the dealership where your purchased the SUV. A manufacturer certification is backed by the vehicle’s manufacturer and is honored by all franchised dealerships under that manufacturer. A manufacturer certification also typically carries a one or two-year certification warranty that is valid at any authorized dealership.
- There are different standards for certifying a vehicle, even within the same company.Let’s take, for example, Ford. If you were to purchase a certified used SUV under the Ford nameplate, that vehicle – according to the Ford website – would be subjected to a 172-points inspection, which includes a vehicle history check, comprehensive road test and diagnostic system check. However, if you were to buy a certified used SUV under the Lincoln nameplate – Lincoln is Ford’s luxury brand – that vehicle would be subjected to a 200-points inspection. While this is – in part – due to a Lincoln having more components than a standard Ford vehicle, it also shows that there are different possible levels of certification.
- A certified used SUV is not a “like new” SUV.Many new car buyers tend to believe that a certified pre-owned vehicle is “like new,” giving them the option of buying more car than they could afford if they bought new. Just because a vehicle had been through a 200-points inspection does not mean that 200 parts were replaced. The same amount of wear the used SUV had before the certification process will still be with the SUV after the certification process; certifying only means that the vehicle is reliable and functions to manufacturer’s expectations. A used SUV is a used SUV, certified or not.
- Regardless of the certified label, check the used SUV out yourself.You should approach buying a certified used SUV the same as if you were buying a non-certified used SUV. Request the service history of the vehicle. Run a VIN check in order to see the vehicle’s accident history. Test drive the vehicle. Check the current trade and sale values for vehicles of your prospective used SUV’s make and model. Ask detailed questions and know the details of the warranty and the service terms. The reality is that certification inspections are performed by humans, and humans can make mistakes or overlook minor issues that can become major problems in time.
- Buying a certified used SUV will lower your risk of reliability problems, but cannot fully eliminate them.A SUV is a mechanical device with many moving parts, and as such, a breakdown can happen unexpectedly. However, buying certified preowned adds a layer of protection to your used SUV purchase that can help avoid a costly part replacement later or – at the very least – can offer you peace of mind.
Some companies, such as Ford, specifically spells out what their certification process is. If you have any doubts by what is meant by “certified,” be sure to ask the dealer questions. Research the certified process beforehand and read reviews from other certified used SUV owners for the make and model of vehicle you are looking to buy. Finally, ask the dealer for documentation of the certification checklist for your prospective vehicle and know the specific terms of the vehicle’s warranty.
The 10 Best Used SUVs and Crossovers
With low gas prices across the nation, Americans have been flocking to used SUVs and crossovers. The added size, practicality, safety, and versatility are attractive features to the used SUV buyer. Luckily, most consumers are spoiled for choice when looking for used SUVs, as there are many great options across a variety of segments. If you are in the market for a used SUV, here are some of the best options out there so you can make the best decision possible at the used SUV dealer.
Best Subcompact Used Crossover: Mazda CX-3
The Mazda CX-3 is a newcomer to the subcompact crossover segment, but it has made a strong impression. Built on the chassis of the Mazda2 (we only get the Mazda2 as the Scion iA), the CX-3 is reliable, practical, and fun to drive.
Best Compact Used Crossover: Mazda CX-5
Mazda leads the way in almost every segment they sell a vehicle, but mid-sized crossovers is a category where Mazda knocked it out of the park. The CX-5 blows every other used SUV out of the park. The CX-5 drives like a sporty car, and its interior trim looks very refined, making it the best of all compact crossovers.
Best Large Crossover: Honda Pilot
The Honda Pilot will do everything you ask of it without so much as a hiccup. It may not be the most exciting crossover to drive, but it will carry seven people in comfort. It will tow up to 5000 lbs, and the AWD system is surprisingly capable of handling adverse conditions like snow, sand, and dirt. If you need a larger used SUV, you won't go wrong with choosing the Honda Pilot.
Best Offroad Used SUV: Jeep Wrangler
The Jeep Wrangler is in a class of it's own. It's design hasn't been changed in years, but why change something that's the best at what it does? A used Wrangler will take everything you throw at it, from a snow covered highway to the rocks of the Rubicon.
Best Large SUV: Chevy Suburban
The Suburban isn't your average SUV. Instead of being a unibody crossover, the Suburban is still a body-on-frame truck that happens to be enclosed. With tons of room for eight people, the Suburban accepts no excuses from anything.
Best Luxury Used Compact Crossover: Porsche Macan
The Porsche Macan is exactly what you would expect from a Porsche small crossover. Everything is tight, well made, and solid feeling. It's said that once you drive a Porsche product, everything else seems slightly worse, and that sentiment holds true with the Macan. Be careful of options though; you can easily option out a Macan to cost over twice the base price of the vehicle!
Best Luxury Used Hybrid Crossover: Lexus RX300 Hybrid
To say that Toyota and Lexus had a head start in the hybrid department would be an understatement. Naturally then, the best hybrid used SUV you can buy is the Lexus RX300. Known for their reliability and build quality, a used Lexus RX300 Hybrid will save you money both when you buy it and over the life of the vehicle.
Luxury Used Offroad SUV: Toyota Land Cruiser
The Toyota Land Cruiser is the SUV of choice for African safaris. The Land Cruiser is famously capable offroad, and incredibly comfortable and relaxing on the inside. It's legendary reliability also will take you anywhere without fear of breaking down.
Luxury Used Large SUV: Range Rover Autobiography LWB
The Range Rover Autobiography LWB is the ultimate in luxury SUVs. The Range Rover Autobiography interior is breathtakingly beautiful with reclining rear heated seats and incredible craftsmanship all around, but it still can navigate off road with the best of them.
Fast SUV: Jeep Grand Cherokee SRT
With a 6.4L V8 that makes 475 hp, the Jeep Grand Cherokee SRT is more than capable of getting out of it's own way, going from zero to 60 in only 4.6 seconds. Huge Brembo brakes hide behind the wheels, mounted with stick, thin Pirelli P-Zeros tires, the same tires as you get on high end performance cars like Ferraris. The Jeep Grand Cherokee SRT offers mind-bending performance in a used SUV package that would make performance sedans blush.
Keep an eye out for these models at your used SUV dealership, and be sure to test drive a variety before you eventually take one home. Also, remember that a luxury SUV may be cheaper used, but they're still expensive to repair, so if a warranty is offered, it may be smart to sign up for it before applying for financing.
Is Buying a Hybrid Used SUV Worth It: Five Facts to Keep in Mind
With gas at less than $2 a gallon nationwide, hybrid vehicle sales have taken a hit. According to Edmunds.com, the percentage of hybrid owners that traded their hybrids for a SUV in 2015 rose from 18.8 percent in 2014 to about 22 percent in 2015. The uncommonly-low fuel cost today encouraged the heightened buying of larger, conventional fuel vehicles. A consequence of this is that the number of used SUV hybrids available on the market has increased.
Before committing to buy a used SUV hybrid, one must ask if it is worth it – particularly, in light of the fact that a hybrid is as much as 20 percent more expensive than a comparable conventional fuel vehicle. We have prepared five facts you should considered in making your decision to purchase a used SUV hybrid.
- The idea of a fuel cost benefit to buying a hybrid is mostly a myth. In an analysis, MojoMotors compared the cost differential between a hybrid and conventional fuel version of a popular car to the improvement in miles per gallon. Mojomotors found that a new 2014 Toyota Highlander Limited, for example, would have to be driven over 220,000 miles before the buyer broke even for the extra price of a hybrid – assuming a gas price of $3.50 per gallon. This is the equivalent of circling the world eight and a half times.
While most SUV hybrids do not offer a real fuel saving, there are a few exceptions. Mojomotors found, for example, that the Lincoln MKZ – whose hybrid version costs exactly the same as its conventional gas version – offers a fuel savings from the moment it drives off of the dealership lot in the form of the 14 miles per gallon boost its hybrid drive system adds.
Regarding used SUV hybrids, a buyer must recognize and appreciate that any price increase over a conventional fuel model will likely not be met by a fuel savings, Despite this, even the worst-performing used SUV hybrid offered a fuel efficiency boost over its conventional fuel counterpart.
- There’s no real difference in repair costs between hybrid used SUVs and conventional fuel used SUVs. There is a common thought among car buyers that it is more expensive to repair a hybrid car due to the exoticness and intricacies of the components, such as the high-capacity rechargeable battery pack. While these parts are indeed more expensive, they are also typically covered by eight years/100,000 mile or 10 years/150,000 mile warranties. With these hybrid parts typically having longer lifespans than conventional fuel vehicle parts, the cost per year for repairs for a hybrid is at par or lower than that of a conventional fuel car.
When buying a hybrid used SUV, the status of the hybrid components’ warranties should be taken into consideration. Particularly if a hybrid used SUV had a hybrid part replaced, it is absolutely a must to examine the warranty portfolio for the entire used SUV and to not make assumptions that would be costly later on.
- There’s a slight advantage in regular maintenance costs when it comes to hybrid used SUVs. One important advantage to hybrid vehicle technology is that hybrid vehicles use regenerative braking. What this means is that when you brake, the car computer allows the wheels to spin the motors backward – both slowing the vehicle down and creating a charge that can be used to return power to the batteries. As this decelerates the vehicle without the immediate use of the brakes, brake pads typically last much longer on a hybrid used SUV than on a conventional used SUV. Additionally, hybrid components typically last longer than their conventional counterparts.
It should be noted, however, that a hybrid engine must be serviced as frequently as a conventional engine. Due to the high number of moving parts, hybrid engines have the same rate of failure as any other engine, regardless of fuel. Also, some hybrid models, such as the Ford Escape Hybrid, had specialty parts – such as the battery air filter – that must be replaced on a regular basis.
- Insurance companies may or may not treat a hybrid used SUV differently than a conventional used SUV. Some insurance companies offer insurance premium discounts for hybrid vehicles under the belief that hybrid vehicle drivers are less likely to get involved in an accident. Others may charge more for hybrids due to a history of having to pay more for hybrid repair claims, while the majority of insurance companies don’t treat hybrid vehicles any differently than a conventional vehicle. Before buying your hybrid used SUV, review your insurance policy or speak to your insurance agent in order to understand what to expect.
- Do your research.As with any new technology, there will be growing pains with hybrid vehicles. It is important to red consumer reviews and recommendation bout the hybrid used SUV you are looking at. Also, you should review testing results and expert analysis of the model, as well as checking the accident and repair history for the specific vehicle you are looking at. Finally, you should check with the manufacturer to see if there have been any recalls or safety warnings. Spending the time now to do this basic research will potentially save you thousands later in repair costs.