Get An Auto Loan For A Used Car
It may be tempting to believe that you cannot get financed for a new car simply because of a bad credit score. However, you can still get an auto loan for a used car regardless of your current credit situation. It is imperative that you work with a local used car dealer to find a financing solution for you.
How Can You Get An Auto Loan For A Used Car?
There are many different ways that you can get financing to purchase a used car. The easiest way to get approved is to stretch out the length of your loan. If you pay over 84 months instead of 60, you will pay less each month. Although you will pay a higher interest rate, you will still be able to afford your monthly payment.
Consider Trading In Your Current Vehicle
Many bad credit car dealers will give you money for your trade even if your vehicle is a piece of junk. It is not uncommon to get $1,000 or more just for bringing in your car that you no longer want or need. In some cases, you may be able to get $3,000 or more if you trade your car in during a dealer special.
Your Tax Return Can Go A Lot For You
Another way to get financed is to put money down to lower the amount you need to finance. The easiest way to find money to put down is to use your tax refund at the beginning of the year. In some cases, your dealer will double your down payment if you do use your tax refund as a down payment. This means that you could put down a large portion down and have less to finance.
It is important that you understand your options when it comes to getting a loan for a used car. Use your tax refund, trade in your current vehicle and think about extending the loan term. Doing these things will make it easier to get approved for a loan while allowing you to drive away in a great used car sooner than you though possible.