How Does Used Vehicle Financing Work?

Hands Doing Calculations with Calculator

Can you finance a used car? Yes! Clearwater drivers do it every day. How does used car financing work? Our finance department likes to keep our customers informed, so we’ve put together the informative guide below on how this kind of financing works and some things you should keep in mind. Let’s take a closer look at the details.

How Does Used Vehicle Financing Work Through a Dealership?

Financing a used vehicle through a dealership is by far the most convenient method, mainly because you can combine shopping for your car and getting a loan in one visit. In addition, you don’t have to visit every lender in the Belleair area if you want to shop around for a loan, because dealers typically work with multiple lenders. 

Financing a Used Vehicle Through a Dealership

  • A dealer often works with multiple lenders and can shop around for you or even offer in-house financing
  • You only need to apply once, the dealer does the rest.

How Does Used Vehicle Financing Work When You Get It Yourself?

Some Belleair drivers prefer to secure used vehicle financing before they begin to negotiate with the dealership. But this limits your choices because there are really only so many lenders you can visit or apply to. Here’s how used vehicle financing works when you use this method:

Securing Financing for a Used Vehicle Yourself

  • You will need to shop around and apply at multiple lenders in order to find the best rate.
  • Choices are often limited.

How Many Years Can You Finance a Used Car?

Used vehicle financing is a great way to get a car without the higher cost of getting a new vehicle or having to pay the entire amount upfront. But it does carry a risk – the longer you finance a used vehicle, the greater chance there is that you will eventually owe more than the car is worth. How long can you finance a used car before that happens? Many experts recommend financing a car for no longer than forty-eight months, though drivers often end up financing a used car for longer.

Let the Finance Department at Lexus of Clearwater Help

We’ve helped drivers from Palm Harbor and beyond to get into the vehicle of their choice, and we can help you, too. Our finance managers are experts at used vehicle financing and will be happy to walk you through your options. In the meantime, check out our tips on what to look for when shopping for a used car. Remember, we’re here to help, so drop by or contact us today.

 

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