Looking to finance a used car? Here are some tips to help you find the right vehicle and land the best loan available. Being unprepared can mean higher payments for the life of the loan.
Why Used Car Loans Are Different
Many dealers have special financing for new cars at super low rates or with special incentives. These are actually worked into the price of the vehicle and are often a means to attract more buyers for new cars, which cost much more.
Used cars generally don’t have such incentives. In addition, interest rates for buying used cars are almost always a bit higher, so you’ll want to get the best deal.
On the other hand, used vehicles have depreciated to some extent, so you likely won’t have to borrow as much. Also, a used car loan may be more readily available to those with less-than-perfect credit.
So, how can you find the best financing for a used car?
Keys to Success
There are generally two paths you can take if you are shopping for a used car: find the vehicle first or get pre-approved for a loan first.
In either case, consider your budget and get an idea of the upper limit you can spend. Next, determine how much of a down payment you plan to make and the amount you can finance. Consider the insurance and maintenance costs along with the actual monthly payment.
Most people tend to shop for the vehicle and rely on the dealership to provide the loan. However, don’t forget to check other options, such as your bank or other lending institutions. Rates vary, so you’ll want to get more than one quote.
Loan shopping can be time-consuming because you’ll need to fill out applications for each lender.
The easy path is to let the experts at Consumer Auto do all the hard work for you.
How We Can Help
Why not let us make the whole process stress-free? Just fill out our quick and easy financing application. It only takes a few minutes, and we’ll contact you to discuss your options. You’ll know how much you have to spend before visiting the dealership. We can work with you even if your credit isn’t perfect.
Even better, we can also scan our vast network of auto dealers across Canada to find the perfect used vehicle for your needs. We’re well connected and can find our customers the best deals on cars and affordable loans to purchase them. You can even buy a vehicle over a text message, email, or phone call.
We only suggest used cars that meet our high standards for condition, mileage, and age so that you can shop with confidence.
Get the most car for your money, fill out our online application, and start the process today. Our goal is to put you in the driver’s seat with a smile on your face!