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Auto Loans for Used Cars

A decent used car can now cost a buyer several thousand dollars or more these days. This means that most people will have to get auto loans for used cars to buy a used car.

The good news is that it is very easy for anybody even a person with bad credit to get auto loans for used cars. Most used car dealers make auto loans for used cars and will work with those with bad credit.

The bad news is that many of the auto loans for used cars come with very high interest rates and strict terms. Many people end up paying a lot more on auto loans for used cars than they planned to. Quite a few people avoid all used cars because they consider used cars to be a rip off. Fortunately it is possible for smart shoppers to get a good deal on auto loans for used cars without getting ripped off.

Drawbacks to Auto Loans for Used Cars 

The biggest potential drawback to auto loans for used cars is one that many people don’t realize. A person can end up being forced to make payments on a car that doesn’t run. Therefore it is critical that you make sure the car is running and in good condition before you buy it with a loan.

One way to do this is to get your own mechanic or a person who is knowledgeable about cars to examine the vehicle before you buy it. Another is to ask for a Carfax which is a certified report on the history of the car. The Carfax can tell if you the used car has been wrecked and rebuilt or has been in an accident. Never buy a used car that has been in an accident. Some dealers will actually sell cars with serious damage.

Don’t just look at the exterior of the car. A car can look great and still have a lot of damage under the surface. Car dealers are expert at covering up damage to make a clunker look great. Another thing to ignore on used cars is the mileage. It is easy for a car dealer to turn back the odometer and make the car look like it has less mileage than it actually has on it. Instead look at the condition of the vehicle and see if it’s had a lot of wear and tear.

A good tip is to buy a used car from a dealer that services what it sells. Such dealers are less likely to sell junk because they will have to repair or replace the vehicle if it breaks down. Many large car dealers will service the used cars they sell. Going to such a dealer enables a person to take the car right back if there is any problem. 

Finding Auto Loans for Used Cars

One big myth is that car dealers are the only place a person can get auto loans for used cars. Many online lenders, banks and credit unions will finance the purchase of used cars.

Dealing with a lender can help a person get more money for used car purchase and more importantly get more funds. Having the loan approved when you go used car shopping can help a person shop around, find more cars and make a decision with no pressure.

One advantage to such approved loans is that they often come with lower interest rates and better terms than dealers’ loans. Going to such a lender before hand can help a person buy a much better used car than could normally afford.