Can You Finance a Used Car?

Woman shaking mans hand over a car contract clipboard with car keys

Used cars present a cheaper alternative to car buying for Oviedo drivers who are seeking a quality car that fits within their budget. Can you finance a used car?

Yes! You can apply for a loan to finance a used car in Winter Springs as with a new one. While you can finance a used car, there are some requirements to keep in mind. Read on to discover how to finance a used car with Greenway Dodge. Then take advantage of our pre-owned vehicle specials in Orlando!

How Long Can You Finance a Used Car?

How many years can you finance a used car in Lake Mary? The usual car loan term lasts from 60 to 72 months – or 5 to 6 years. There is technically no official limit to how many years you can finance a used car, but lenders often set restrictions. These restrictions on how long you can finance a used car generally tend to be 100,000 miles or more than seven years of ownership.

How To Finance a Used Car: Short Term or Long Term?

When debating how long you can finance a used car, you might want to consider a shorter loan length. If you’re able to pay the amount within your budget, you’ll reap significant benefits in the long run. Below is a convenient list of the pros and cons of both short-term and long-term loans:

Short-Term Loan

  • Pros: Because interest is added to your monthly payment each month, you’ll pay less interest in the course of a short-term loan. That will also give you easier access to the benefits of ownership. Refinancing will also be an easier option since you’ll have less negative equity.
  • Cons: Your overall monthly payment will be higher since you’ll have fewer payments. You can utilize our payment calculator tool to work within your budget!

Long-Term Loan

  • Pros: The inverse of the short-term loan, you’ll get to spread the overall cost over a longer period of time, with smaller amounts.
  • Cons: You will yield higher interest with a long-term loan. Your vehicle’s value will also depreciate over the course of a longer loan term.

Finance Your Next Car at Greenway Dodge!

Learning how to finance a used car doesn’t have to be a challenge. Rely on the Orlando to help your new-to-you car dream come true! We can’t wait to get you behind the wheel of a vehicle you’re going to love for many miles to come. Contact us today to get started.

 

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