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most Americans, buying a car requires financing. There are many financing options and just as many, if not more, lenders. Don't get overwhelmed. Most used-vehicle financing abides by the same basic rules.
1. Used Car Financing Rates Are Higher
Loans on used vehicles have higher interest rates than new vehicles. Lenders increase interest rates with the risk of the loan. There is more risk involved with lending money on a used vehicle because it is much more likely that a major mechanical problem will occur. A used vehicle is much more likely to have engine malfunction, causing the car to become totally worthless.
2. Financing for a Used Car is More Difficult to Get
Another fact to consider is that it is more difficult to get financing for a used car than for a new car. The manufacturers of new cars such as Ford, Chevy, and Toyota want to sell their cars. In order to increase their sales, they give special financing to customers to enable them to afford to buy. For example,[link widoczny dla zalogowanych],[link widoczny dla zalogowanych], car manufacturers offer special, low interest rates,[link widoczny dla zalogowanych], as well as rebates. Used cars do not have special financing options such as these.
3. Financing for Used Cars has More Restrictions
Most of the time, banks will not finance used vehicles with more than 100,000 miles or that are more than 8 years old. High mileage translates to mechanical failure and expensive repairs. This is too risky for the lender. When stolen, older vehicles are likely to be taken apart and sold, making it much more difficult to recover them.
4. For Best Used-Vehicle Financing, Join the Local Credit Union.
In just about every case, your local credit union will offer the best financing for a used car. I strongly recommend you join whatever credit union you can. Credit Union interest rates are usually excellent,[link widoczny dla zalogowanych], and they're much more likely to work with you if your credit is bad.
5. It is Not a Good Idea to Lease a Used Vehicle
It is really never a good idea to lease a used vehicle. Leases on new and used vehicles are typically structured the same; however, leases on used vehicles have many more fees. The lease on a new vehicle is only a little bit more expensive than on a used vehicle. Why pay almost the same price for a used vehicle? Leases on used vehicles offer much less protection. In almost every case, it is a bad idea to lease a used car.