Find a Used Car Loan – Today!
Lenders traditionally charge higher rates of interest on used car loans. The logic is simple: the value of a used car is more likely to depreciate below the value of the loan. If the borrower defaults on his or her payments, the lender – whether it be a bank, dealer, credit union, or finance company – will have trouble selling the repossessed vehicle for an amount that will cover their investment. They counteract this risk through steeper interest rates than those available for new cars.
For many Americans, a used car, truck, or SUV is simply the smartest choice. Pre-owned vehicles are more affordable to buy and to insure. However, too many people in the market for a used car end up overpaying on the financing side of the equation. The key is finding the right lender. Just because you can’t get 0% APR financing on a used car doesn’t mean you cannot find low interest used car loans – especially if you take advantage of our service.
We work with a vast network of lenders, many of whose core business is used car financing. That means they can provide low interest used car loans for their customers – much lower than those lenders who only prefer to finance new cars. Additionally, our lenders can pre-approve you for your used car loan online. When you apply via our website, we find you a lender willing to approve you for a used car loan at an interest rate you can afford.
Interest rates are based on a multitude of factors, including the purchaser’s credit profile, the age of the vehicle being financed, and the location of sale. Typically, used car loan rates increase in tiers based on how old the vehicle is: 2, 4, 6, 10 years. The source of the best low interest used car loan for you will depend on these factors. It may be a bank, a credit union, an auto finance company, or a dealer who offers in-house financing for used cars.
