What Is the Best Way to Finance a Used Car?

Do you have enough money stashed away in the bank to pay for a used car, truck, or SUV with cash? You’re more than welcome to use it to buy your next vehicle, but it’s not always a great idea.

You should know that you also have the option of financing a used car. At the moment, more than 100 million Americans—or roughly 44% of the adult population—have car loans.

There are several ways to obtain the financing you need to purchase a pre-owned vehicle. But the best way to finance a used car is by working with a used car dealer that offers in-house financing to its customers.

There are so many benefits you’ll get to enjoy when you take this approach to finance a used vehicle. Here is why you should strongly consider taking out a car loan through the right used car dealer today.

Allows You to Apply for a Loan Online Before You Begin Car Shopping

If you’re thinking about buying a used car sometime soon, do yourself a favor and try to get pre-qualified for financing before you start shopping around. There is nothing worse than falling in love with a used car only to discover that you aren’t able to qualify for a loan to buy it.

It’s simple enough to get pre-qualified for a car loan in this day and age. When you work with the right car dealer, you can fill out a financing application online in a matter of minutes.

All you’ll need to do is provide basic information like:

  • Your name
  • Your address
  • Your Social Security number
  • Your employment status
  • Your annual income

Once your used car dealer has this info handy, they can let you know whether or not you’re pre-qualified for financing. They’ll also let you know how much money you can borrow to buy a car.

This will be very helpful to you because it’ll allow you to narrow down your search for a used car. It’s a big part of what makes taking this approach the best way to finance a used car. 

Gives You a Chance to Buy a Car Even If Your Credit Isn’t Great

There are some people who are under the impression that they’re not going to be able to get the financing they need to buy a used car because of their credit score. They worry that a used car dealer is going to deny them the opportunity to take out a loan if they have bad credit or no credit at all.

But you might be surprised to see how accommodating a used car dealership can be. They will obviously welcome those with good credit with open arms. But they’ll also do the same for those with bad credit. They’ll provide bad credit financing for used car buyers in the form of sub-prime auto loans.

You don’t have to be too concerned about your credit score stopping you from being able to buy a used car when you call on the right dealer for help. They’ll look beyond your credit score and prove why working with them is the best way to finance a used car.

Helps You Build Your Credit Up Over Time

For those with bad credit or no credit, taking out a sub-prime auto loan is the best way to finance a used car for a number of reasons.

First and foremost, it’ll help you get your hands on the used car that you need. It’ll also get you access to a car loan that you can afford to pay off over time. But maybe most importantly, it’ll ensure that you don’t have to live with bad or no credit for long.

By making regular payments on your used car, you can gradually build your credit back up. Once your used car loan is completely paid off, your credit score should be in much better shape than it was in when you first took your loan out.

Provides You With Competitive Interest Rates and Loan Terms

A great used car dealer won’t just offer you financing options when you’re interested in buying a car from them. They’ll go above and beyond to make sure that you get the most competitive interest rates and loan terms possible.

They’ll maintain working relationships with dozens of banks and credit unions so that they’re able to find you a low-interest rate and favorable terms for your loan. They’ll make it their mission to keep your monthly payments low so that you won’t have any trouble making them.

There are a record number of Americans behind on their car payments right now for one reason or another. You can reduce your chances of ending up in this category by working with a used car dealer that will make your payments manageable.

Sends You on Your Way With a Used Car You Love

With help from the right used car dealer, you can get the financing you need to buy a used car. You can also get a used car that you love. You won’t mind making monthly payments on it when you enjoy everything about it.

Whether you’re looking for a used car that costs under $15,000 or a new arrival that looks brand-new, your used car dealer can help you find something that fits the bill. It’ll ensure that you love your used car and the financing terms that come along with it.

See Why This Is the Best Way to Finance a Used Car for Yourself

We can tell you all about how working with a used car dealer is the best way to finance a used car. But you really need to experience it for yourself to see what it’s all about.

More than 90% of the people who purchase used cars off our lot finance their vehicles through us. We highly encourage our customers to consider doing it since it helps them get the car they want while also building up their credit.

We work with more than 60 banks and credit unions to ensure our customers are able to get both the lowest interest rates and the best loan terms that we can get them. We also have extensive experience working with those with good credit, bad credit, and even no credit.

Contact us today to learn more about the financing options that we have available for you.

Author: Legend Auto Sales

Over 350+ Cars, Trucks, and SUVs.