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Advice on Used Car Loans

Used Car Loan Advice:

It is often more difficult to get a used car loan than a new car loan. Used car loan rates are also usually higher than new car loans. You will not find special financing deals from dealers like the ones they offer on new cars such as 0%, 1.9%, etc. A used car loan is a higher credit risk for the lender due to the uncertainty that comes with used cars (for example if the car dies shortly after it is purchased and the loan is defaulted there is no collateral left). Many lenders will also not fund used car loans for very small purchases.

Interest rates for used car loans are much more variable so doing your homework will definitely pay off. New car loans are often pretty standard while used car loans fluctuate very much based on the amount and your credit rating. If you have a low credit score it is even more important that you shop around for your used car loan because your rates will usually be pretty high.

Securing a used car loan before you shop for a car can help you a great deal. Finding out how much money your loan is approved for will help you choose the make, model and year car you can afford. Having a car loan secured ahead of time will also put you in a position to make an offer and complete the transaction when you find the car that is right for you. Getting a quote from an online lender is often the best way to start. It is free to get a quote and it will give you a good idea of the rates and car loan amount that you qualify for.


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