Used car loans are designed to facilitate the purchase of a previously owned vehicle by helping buyers finance the transaction. Getting financing on a used vehicle will generally require borrowers to have a down payment, trade-in or both. In many cases, lenders will have a minimum amount they will be willing to finance, as well. Used car loans can vary in their actual costs greatly. This will depend on the term of financing sought out and the interest rates a borrower qualifies for. The lower the interest rates and the shorter the terms, the less money should be paid out on the loan over the long run.

Need an Auto Loan? Get a Free Quote Here!

5 Car Loan Tips for the Credit-Impaired

If you have bad credit, you can use a few car loan tips to help ensure a loan approval. Having less-than-perfect credit doesn't mean... »

Can you get a private party auto loan with bad credit?

If you are trying to get a private party auto loan with bad credit, you may have a few options. In most cases, you... »

How to Find the Best Used Car Financing Rates

When you are buying a pre-owned vehicle, you want to find the best used car financing rates available. In the past, your choice of... »

How a Recession Can Affect Used Car Loan Interest Rates

Used car loan rates are usually higher than new car loan rates, and they are especially high in a recession. A recession results in... »