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The issue with financing used is that your finance rate is often a lot higher than what they offer for financing a new car. Depending on how you’re doing it, the difference between the two can almost negate the money saved in buying used. Plus there’s the reduced number of years under warranty and closer to major repairs etc.
- Considering A Bank Loan
- Considering Dealership Financing
- Our Recommendations
The Pros
You may be able to get a better rate from a bank, with better options and terms depending on your banking history, and the process may be simpler if you’re already a customer and your financial history is known. You may not need a down payment. You may also be able to get used-vehicle funding, which a dealer might not be able to offer. You also may qualify for a pre-approved loan, which may make things easier.
The Cons
Your bank may charge administration fees and other extras that will boost the overall cost of the loan. If your credit isn’t stellar, you might not be able to qualify for a bank loan. You’ll have to go between the bank and the dealer, which could be less convenient and take longer. With today’s tight-supply auto market, that delay could mean you lose out on the car you want.
The Pros
Dealers can offer more options, potentially through the auto manufacturer’s financing division, an independent loan provider, or the bank they use for their business. The vehicle and the financing are all in one place, speeding up the process. Since the dealer makes profit on the vehicle andcommission on the loan, there’s incentive to do what it takes to get your business. There may be automaker or dealer incentives such as rebates or lower-cost financing. If you can’t get a bank loan, the de...
The Cons
Dealer financing might only apply to brand-new or slightly-used vehicles, and you’ll probably have to make a down payment. Rates may be higher than what the bank is offering, and if you have to opt for subprime, they definitelywill be. Because the dealer profits on car and cash, you may be pressured to accept pricier loan products, or to buy a vehicle right away without shopping around, or choose a higher trim or more options because “it’s just a few extra dollars a month.”
We can’t tell you which to choose because there are so many variables that differ from person to person, but we willoffer suggestions when you’re borrowing for a new ride.
- Jil Mcintosh
Apr 16, 2024 · In 2021, 86% of new car purchases and 53% of used cars were financed rather than bought with cash. While financing spreads costs over time, it also comes with drawbacks. This comprehensive guide examines the pros and cons so you can determine if borrowing for your next car purchase aligns with your budget.
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Jan 31, 2022 · With a lease, your monthly payments will likely be lower than if you financed the same car. Alternatively, you could lease a more expensive car for a similar monthly payment as you would have to make to finance a cheaper model. When your lease term is up, you have three options: You can give the vehicle back to the dealership and walk away, you ...
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related to: is financing a trailer a good idea for new cars youtubeFind your dream utility or cargo trailer? Apply for financing today! Industry low % rates and terms up to 180 months. Get a decision today!
