Auto Net Financial News

A recent study plus a much more consumer friendly web site gives AutoCheck a definite advantage over Carfax for bad credit car loan buyers.

The vehicle history report

Here at AutoNet Financial, we realize that a majority of bad credit car loan shoppers will end up purchasing a used car. We also believe that the phrase “caveat emptor” (let the buyer beware) was coined specifically for used car buyers. In fact, it’s entirely accurate to describe the used car market as a “minefield”. There they sit, row upon row, looking for all the world like any other parking lot, until you happen to pick the wrong one and then – well, you can see where the analogy is headed.

Fortunately, there are a number of resources used car buyers has at their disposal. One of the most important of these tools is the vehicle history report. The reason it is important has been well documented: according to research done by The Blackstone Group, used car shoppers are most interested in one thing – accident information – something that should be found in a vehicle history report. But what if this isn’t the case?

Recent study

According to a recent analysis done by Pipal Research, an independent research firm, a comparison of AutoCheck® and Carfax® vehicle history reports reveals that AutoCheck reports, on average, twice the number of accidents.

“Experian Automotive has long been committed to listening to customers and investing in and growing our AutoCheck vehicle history database to meet their needs,” said Scott Waldron, president of Experian Automotive. “The findings of this new research are a testament to that investment, proving that we are providing the information that matters most to them.”

In addition to the recent study, there is a major difference in how the two sites market their product.

Website comparisons

The difference between the two providers is immediately apparent from their respective web sites. Where the Carfax site screams out “Buying a Used Car? Get the CARFAX Report First!” the AutoCheck site methodically explains what the reports are based on. When you click on the “Accident Data” line on the AutoCheck site, it suggests you have the vehicle inspected by a third party. Nowhere on the Carfax site will you see that type of recommendation.

There is also an additional useful tool on the AutoCheck site – the “AutoCheck” score, which compares the car you are looking at to similar cars and, like a FICO score, distills that information down so that it can be easily understood for comparison purposes.

Part of the buying process

Unlike new cars, a used car sold “as is” is not subject to state lemon laws, so be sure to run a vehicle history report on any used car you are thinking of buying. Although the information contained in the report may be incomplete, it can certainly be helpful in forming a basis for your buying decision. Once you have narrowed your choices down to a single vehicle, there is one more thing that you must do to finish filling in the rest of the car history puzzle.

Vehicle inspection

Here is the last thing you need do to ensure you are buying what you think you’re buying: ask the seller or dealer if you can have the car inspected (if they refuse, walk away from the deal) and then take it to an ASE Certified Master Mechanic. This service normally runs between $100 and $200, but consider that money well spent, as a car with hidden damage could cost you thousands of dollars in repair bills and lower resale value.

The Bottom Line

The AutoCheck vehicle history report, when used properly, can be a valuable tool in making a buying decision, especially if you’re a bad credit car loan buyer working with a tight budget.

At AutoNet Financial, our business is to help people with previous credit problems buy cars and reestablish their credit at the same time. For more information about used vehicles, or if you have any additional questions about the bad credit car loan process, visit our web site at www.autonetfinancial.com.