4 Tips For Getting A Used Car Loan

Automotive Blog

If you want to buy a used car, you may first need to get a loan. Getting an auto loan for a used car is similar to a new car, except you might not need as high of a loan. This definitely benefits you, as your down payment will be lower, but you also need to meet certain qualifications. Here are some tips for getting qualified for a used car loan.

Time it Right

If you can wait to buy your used vehicle until the interest rates drop, you will be able to get a loan with a lower interest rate and end up saving money. There are times during the year when the interest rates go up or down, depending on the current economic situation. By paying close attention to the interest rates, you are able to time exactly when you should try to get that used car loan.

Get Your Credit Score

Your credit rating plays a big part in being approved for an auto loan, whether you are buying a new or used vehicle. If you have not seen your credit report or gotten a score in a while, now is the time to do it. You can prepare for any questions or concerns the lender might have by finding this information out beforehand. Know what is on your credit report and exactly what your score is. Some lenders will work with you if you explain your current situation, such as if you are on a payment plan with debt collectors. If you have a bad score, consider getting a cosigner to help get approved for your loan.

Leave a High Down Payment

When you go to the lender for a used car loan, offer to leave a higher down payment. Based on your credit score, they might already have a minimum down payment required for the auto loan. If you take it one step further and offer to pay even more upfront, they might be willing to lower your interest rate. Leaving a higher down payment also increases your chances at being approved if your credit isn't the best.

Financing From the Dealer

If you are not able to get a used auto loan from a private lender or bank, you can try going through the auto dealer. Used car dealers usually have their own financing, where they will handle the down payment and take monthly payments for your used vehicle. While they might have a higher interest rate, it is sometimes easier to get approved by the dealer.

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6 January 2015

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