5 Tips for Financing a Used Vehicle Purchase
When shopping around for a used vehicle you have two different purchasing options, as you would with a new vehicle as well: financing, and leasing. While both are available for used vehicles, financing a used vehicle can be more appealing than it often is with new vehicles due to the lower price tag they sport. Read on as our team at Leamington GM gives you our top five tips for financing a used vehicle: getting pre-approved first, knowing your credit score, picking the right loan term, optimizing your down payment by trading in your current vehicle, and accounting for additional costs, and visit us in Leamington when you’re ready to move forward with financing the used vehicle of your dreams!
3. Choose the Loan Term That Works Best for You
While longer loan terms can always look appealing as the monthly payment is less, it does mean your total interest is typically higher. You want your monthly payment to be around 15% or less of your monthly net income, so aim for a term that works in that range, though terms of 36 to 60 months are ideal.
