At Tom Boland Chevrolet, we care about making the financing process as easy and straightforward as possible. We’ve answered some common questions about how to get financing for a used car, so you can start your next purchase of a pre-owned vehicle with confidence.
Frequently Asked Questions About Used Auto Finance
Are used car loans different from new car loans?
In general, new and used car loans work the same way: a lender offers you a loan that allows you to pay for your vehicle over time, with interest. However, there can be some differences between new auto loans and those for pre-owned vehicles. For example:
- Manufacturer financing is usually not available for pre-owned vehicles
- Financing rates for used cars may be slightly higher
- The total cost of the loan for a used car is often lower
Can I apply for automotive financing even if my credit isn’t great?
The finance team at our used car dealership in Bowling Green, MO, works hard to find financing options for customers whose credit history isn’t perfect. We do this in a number of ways, including:
- Keeping our financing application process quick and easy
- Working with a variety of lenders, including Capital One, so we can find competitive rates for our customers
- Providing a free payment calculator so you can estimate your purchasing power
- Offering trade-in assessment so you can apply the value of your current vehicle to your next purchase
How can I get a good rate on used car financing near me?
Typically, the better your credit score is, the better an interest rate lenders will offer you. There are a few simple things you can do to help secure a competitive financing rate, including:
- Get pre-qualified for an auto loan so you can budget your purchase
- Make a substantial down payment, which can help reduce your overall car note
- Before you apply for financing, work on strengthening your credit score by paying bills on time and using your credit responsibly
Will I save money by financing a used car?
Purchasing a pre-owned vehicle tends to be less expensive over time than purchasing a new one for a variety of reasons, such as:
- The total price of a used car tends to be lower than that of a new one
- There are usually fewer hidden fees than when purchasing a new vehicle
- Purchasing a certified pre-owned vehicle ensures reliability at a more affordable price
- Used cars may cost less to insure, which can offer further savings
Visit Our Used Car Dealership in Bowling Green, MO
Stop by our used car dealership in Bowling Green, Missouri, to explore our inventory of pre-owned vehicles for sale. If you still have questions about financing a used car with Tom Boland Chevrolet, please don’t hesitate to reach out to our finance team. We look forward to hearing from you!
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