Looking for Financing on a Used Car? You've Come to the Right Place!
We know that searching for “used car for financing” can lead you down all kinds of different paths. Maybe you’re trying to determine the best way to get a used vehicle but are unsure about the best financing options. Or perhaps you know you’ll have to finance a used car but don’t know how long the loan terms should be. We’ve got you covered. Our team has helped thousands of customers in California plan their next used car purchase before they even set foot in our dealership. From the information we’ll need to get you a used car with financing to figuring out what’s best for you, we’ve listed everything you need to know below
Pre-Shopping Phase
Budget
Before you start car shopping, determine what you can afford each month in used car payments. We recommend aiming for anything from 10-15% of your monthly take-home income. Dont forget to consider insurance rates, repairs. maintenance. and gas. Consider what you can reasonably afford and what you should avoid regarding payments.
Credit Score
Before you take out a loan. get an accurate picture Of your credit score. There are multiple ways to do this online. but get the details Of your credit score before you request a loan. That gives you some insights into what to expect from used car financing options.
You can also attempt to get pre-approved by a bank before you come in if you're really looking to save money, but the hassle of preapproval might not make it worth it.
The Basics of Used Car Financing
There are multiple components to a car loan, even for used vehicles.
These parts include:
The total amount of the financed purchase. This covers the total cost of the loan minus any trade-in or down payment you're making. Any incentives or taxes should also be calculated into this total.
The Interest rate you'll pay (typically based on the cost of the loan and your existing credit score).
The length of the used car loan. We'll learn more about this below.
Your monthly car payment. This amount is based on your credit score, total loan amount, and the length of the loan.
Is Used Car Financing Smart?
If you’re like most Americans and you have a tight budget to adhere to, used car financing is a smart option.
A good quality used car is likely to cost thousands Of dollars less than a new car, which means your financing options won’t cost as much. We highly recommend coming to the dealership with a good down payment if you want to save money on interest rates and the overall cost of your used vehicle. The larger your down payment, the less you’ll have to finance and the less likely you are to pay more than you want to for your used car.
How Many Months Should You Finance a Used Car For?
The maximum auto loan term on a used vehicle is 96 months, according to Car and Driver, but the recommended amount is no more than 36 months. NerdWallet recommends using car financing for about 36 months.
Our advice: to save the most on your used car for financing options, we recommend taking a loan with the lowest number of months possible. The fewer months you pay on the vehicle, the less you’ll spend overall.
How to Increase Your Approval Odds
Whether you have bad credit or other issues related to your credit, there are a few ways you Can increase your likelihood of approval for a used car loan.
Consider a co-signer. A co-applicant will enter the loan with you and be equally responsible for the payments if you fail to pay them on time. However, if your co-signer has good credit, they can help reduce the interest rates you pay and ensure you get a good loan option.
Compare offers carefully Get the most out of your used car loan by comparing any offers you receive. Be aware of what you can afford and how much youVe been approved of for, and don’t hesitate to work with the dealership to get the most out of your purchase.
Finance Options for Used Cars at Blvd Motorcars.
If you’re curious about buying a used car through Blvd Motorcars, we want to help you get started. There are a couple of financial options to consider with our team.
Secure Loan Application
First, you can go directly to our Secure Loan Application page and fill out a loan application before you show up at our dealership. That gives you the peace of mind to know whether you need to seek additional financing options or another avenue to get financed.
Lightstream Finance
We use Lightstream Finance to help our customers secure the financing they want. Our goal is to make it easier to ensure you get a used car easily and within the budget you desire. Lightstream Finance offers great lending options for anyone looking to get into a used vehicle quickly.
Buy Here, Pay Here
Finally, our dealership also offers Buy Here, Pay Here loan solutions. We work with borrowers who have challenged credit or no credit history. And the fact that we provide in-house financing means we can get virtually anyone approved for a loan, No matter what type of used vehicle you’re searching for or how much you want to pay for payments, we’ve got you covered!
Discover Fast & Flexible Used Car Financing at Blvd Motorcars
We make it easy to get a used car financed in southern California. Understanding your financing options is an excellent first step to determining what car you can add to your driveway.
Loan Calculator
Test Drive and Buy The Best Used Car in California from Blvd Motorcars
we would love to help you find your next used car Schedule a Test Drive today, or just visit our lot. We look forward to seeing you here!
