Used Auto Loans
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Given the current economic crisis, more people are opting for used cars and trucks as opposed to new ones. For sure, a used car can be bought and insured for a whole lot less than an equivalent, brand-new model.
But there is, however, one disadvantage: used car loans cost typically more than a car loan for a new car. How come? Because the rates of interest are higher. The good thing is this: we can help you find low interest rate used auto loans through our network of loan creditors, finance companies, and used car dealerships in your area. When you apply online, our Advanced Credit Matching System (ACM), matches you to the idea lender in your area, taking into account a multitude of factors such as:
- Your Credit Score
- Your Budget and Down Payment
- The Amount You Want to Borrow
You will want to determine whether you want a 36, 48, 60, or 72 month used car loan. The longer the term length of your loan, the smaller your payments. However, you will pay more in interest over the long run.
Used Car Loan Rates
As you probably know, auto loans rates for used cars vary by region and credit score. That said, we can offer a few nationwide approximations for a 4-year used auto loan.
- Super-Prime Credit: 6-8% APR
- Prime Credit: 10-15% APR
- Sub-Prime: 20% APR or higher
