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How to Get a Pre-Owned Car Loan

Most times, people choose a pre-owned car as against a brand new car and there are various reasons for this. From reduced depreciation to accessibility and vast selection, these reasons are valid. However, once you have made the choice of purchasing a pre-owned car, how do you finance it? Here’s a how-to guide for you, your friends and your family.

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How-to Guide

We will assume that you know how much you want to spend on your next car purchase – because it goes without saying that you should have your budget handy. With this budget in mind, you can proceed like this:

#1: Scout for possible lenders – either a credit union or a bank – and submit your auto-loan application. This choice will depend on the amount of loan you intend to take (banks usually have floor loan amounts and the budget you are working with could be lower than this), what your credit score looks like (if low, send your application to a credit union), payment method (mail vs. online) and the interest rate (credit unions mostly have better interest rates).

#2: Send in your loan application for an approval.

#3: Make a down payment. The down payment comes first and afterwards, the monthly payments which include a part of the principal and interest is paid to the financing company.

Dealership Sponsored Auto-Loans

Beyond these two types of lenders though, car dealerships like ours are always available to approve your auto-loan application plus give you favorable rates.

With the trio choice of BHPH financing, dealer-arranged financing and captive financing, you will be well served.

Of the trio, a dealer-arranged financing requires that the dealership shops around for the best rates on your behalf; BHPH financing is all-inclusive especially for those with no or poor credit history and this is why it requires a higher interest rate and a huge chunk of down payment; captive financing is getting financed on CPO vehicles by financing companies owned by car companies.

Pre-owned car loans can be processed and approved for your vehicles at our Woodside, NY dealership located at 5511 Northern Blvd, Woodside, NY 11377. Call us at (718) 255-1353.

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