5 Tips for Financing a Used Car

 

So, you've decided to buy a used car! This is an exciting time, and there are lots of great used cars out there. Odds are, you'll probably need financing for your future on-road friend, and our team at 24 Auto Group has tips to help you.

Our experienced team has assisted drivers all over Quincy, Boston, Norwood, and Brockton, Massachusetts, and we've compiled our five tips for financing a used car to help drivers like you. Keep reading for more!


1. Know Your Credit Score

Do you know what your credit score is? The person deciding whether to give you an auto loan will.

Your credit score is a number, typically between 300 and 850, that lets a potential lender know about your credit history. The higher the number, the more likely you are to receive the loan, because the lender will be more confident you'll pay them back.

We recommend looking up your credit score, so you can be realistic about your options. If your credit score is not what you hoped, there are still things you can do to improve your number, such as making sure to pay your credit card bills on time.

You might also check your credit reports and confirm all the information is accurate. If you see something that doesn't look right, you can contact customer support and attempt to rectify the issue before applying for a loan.

2. Plan Your Budget

Before you even visit a dealership, we recommend setting realistic expectations about your financial and personal needs. You should ideally buy a used car that costs 10% or less of your monthly pay.

We recommend making a list of your monthly expenses and what features you're looking for in your used car. With that information in mind, you can begin researching models and dealerships to see who has the best options for you and your wallet.

 

3. Apply for Pre-Approval

Next up in our five tips for financing a used car, we recommend applying for pre-approval with a dealership. This way, you can embark on your shopping experience knowing the dealership's financing terms ahead of time.

Applying for pre-approval doesn't require a hard and fast commitment, so we think this is a great way to decide if a dealership is right for you. Once you know what you must pay in interest, you can factor that into your budget and shop knowing what you can afford.

4. Keep the Loan Term Short

Though a longer term offers lower monthly payments, we recommend a shorter term to keep your interest down. A short term accompanied by a large down payment can still be manageable and protect your investment when financing a used car.

Plus, the shorter your loan term, the easier it is to remember and keep track of your payments. At the end of your term, it'll be a relief to enjoy your car all to yourself!

5. Think About Maintenance Costs

Finally, it's important to remember that owning a car comes with certain expenses, maintenance being one of them. You should keep up with a car's maintenance schedule for your safety and to potentially prevent costly repairs down the line.

Though a low-priced car can seem tempting, be realistic about what to expect. An older model might require more maintenance than a newer one, and we recommend all potential buyers read a vehicle history report if possible.

Our used cars come with a CARFAX® Vehicle History Report™, outlining the vehicle's service history and other helpful information. By learning what repairs previous owners have performed, you can think about what maintenance and repairs your potential purchase needs and factor that into your budget.

Looking for a Used Car? Visit Us Today!

Our team at 24 Auto Group hopes these 5 tips for financing a used car will help you as you embark upon this process. If you still have questions, feel free to contact us to speak with one of our financing professionals.

So, are you ready for the next step? Drivers near Quincy, Boston, Norwood, and Brockton, MA, can stop by to see us today.

  1. 24 Auto Group

    1016 Belmont St
    Brockton, MA 02301

    • Sales: (508) 588-9520
  2. 24 INFINITI OF PLYMOUTH

    151 SAMOSET ST
    Plymouth, MA 02360-4822

  3. Stateline Chrysler Dodge Jeep Ram

    1491 Brayton Point Rd
    Somerset, MA 02725-2337

    • Sales: 866-574-3639
  4. Station Chrysler Jeep of Mansfield

    91 Chauncy St, Route 106
    Mansfield, MA 02048-1913

    • Sales: 888-367-2708
  5. Chrysler Jeep Dodge Ram 24

    1020 Belmont St
    Brockton, MA 02301-5515

    • Sales: 888-201-0417
  6. Dartmouth Nissan

    483 State Rd
    North Dartmouth, MA 02747

    • Sales: 508-882-2612
  7. Nissan 24

    1016 Belmont St
    Brockton, MA 02301

    • Sales: 508-882-6936
  8. Stateline Subaru

    1451 Brayton Point Rd
    Somerset, MA 02725

    • Sales: 508-905-5619
  9. Route 9 Nissan

    273 Turnpike Rd
    Westborough, MA 01581

    • Sales: (508) 960-6605
  10. 24 Ford of Easton

    703 Washington St
    Easton, MA 02375

    • Sales: (781) 412-1009
  11. OAI Dealership LP

    5925 CAMP BOWIE BLVD
    FORT WORTH, TX 76107

    • Sales: 1111111111
  12. fortworthrosenberg

    5925 Camp Bowie Blvd
    Fort Worth, TX 76107

    • Sales: (916) 801-4112
Loading Map...