Buying a Used Car



Buying a Used Car


Staten Island’s only community-based commercial bank highlights your payment options when buying a used car.



STATEN ISLAND, N.Y.Before you start shopping for a used car, do some homework. It may save you serious money. Consider your driving habits, what the car will be used for, and your budget. Research models, options, costs, repair records, safety tests, and mileage — online and through libraries and book stores.

You have two choices: pay in full or finance over time. Financing increases the total cost of the car because you’re also paying for the cost of credit, including interest and other loan costs. You also must consider how much you can put down, the monthly payment, the loan term, and the annual percentage rate (APR). Rates usually are higher and loan periods shorter on used cars than on new ones.

Dealers and lenders offer a variety of loan terms. Shop around, compare offers, and negotiate the best deal you can. If you're a first-time buyer — or if your credit isn't great — be cautious about special financing offers. They can require a big down payment and a high APR. If you agree to financing that carries a high APR, you may be taking a big risk. If you decide to sell the car before the loan expires, the amount you get from the sale may be far less than the amount you need to pay off the loan. If the car is repossessed or declared a total loss because of an accident, you may have to pay a considerable amount to repay the loan even after the proceeds from the sale of the car or the insurance payment have been deducted. If money is tight, you might consider paying cash for a less expensive car than you first had in mind.

If you decide to finance, make sure you understand the loan agreement before you sign any documents.


  • What is the exact price you're paying for the vehicle?
  • How much are you financing?
  • What is the finance charge (the dollar amount the credit will cost you)?
  • What is the APR (a measure of the cost of credit, expressed as a yearly rate)?
  • How many payments will you be making — and how much is each one?
  • What is the total sales price — the sum of the monthly payments plus the down payment?



About Victory State Bank:

VSB Bancorp, Inc. (OTC: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online

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