Used Car Loan Financing for Beginners

Used car loan financing, as vehicle prices continue to rise, is frequently becoming the choice of car buyers to make even previously owned cars affordable. When taking advantage of used car loan financing to buy your used car, be prepared with the right documentation and research to improve you chances of getting the most advantageous deal.

Dealer Financing

This is one of the more common types of used car financing, and it offers three advantages:

  • One stop - Borrowing from a dealer means you apply for used car loan financing at the same office where you've made the deal for the car. You'll know in minutes if you have qualified for the loan and what your down payment will be.

  • Options - A dealer will have relationships with many lenders. It is to the dealer's advantage to get you the used car financing that lets you get in the car you want.

  • Deals - Dealers often have special incentives to sell certain cars and can pass savings on to you through the terms of the used car loan financing, such as lower interest rates or down payments.

Before You Borrow

  • Check your credit report to know you what lenders will see and to be sure there are no inaccuracies.

  • Know the car you want and what you're willing to pay.

  • Know current interest rates available from other lenders.

Need an Auto Loan? Get a Free Quote Here!