Can You Finance a Used Car?

2021 Ford Bronco Off-Roading
 

Yes, you can! You can apply for a loan to finance a used vehicle in the same manner as a new car. If you are looking for the lowest monthly car payment, you may be asking, “How long can you finance a used car?” On average, many used car loan terms can range between 60 and 72 months.

Of course, there are several aspects that Wetumpka buyers should remember when asking how to finance a used car. First, the longer your loan term, the more interest is owed. Also, some financial institutions may restrict used vehicle financing to those that meet specific requirements. Beyond how many years can you finance a used car, you might be asking, “How to finance a used car?” In the following guide, Larry Puckett Chevrolet explores everything you should know about used vehicle financing.

 

 

How to Finance a Used Car – The Restrictions

How many years can you finance a used car or how long can you finance a a used car? There aren’t any official limits on the length of your used vehicle loan term, yet lenders around Montgomery can set restrictions. Some might even have policies that won’t allow a buyer to finance a used vehicle with more than 100,000 miles on the odometer or one that is older than seven years. 

So, when asking how long can you finance a used car, you don’t have to worry about how long the loan lasts. Larry Puckett Chevrolet has relationships with multiple Prattville lenders and we can help find a lender that can work with your needs and budget.

Short Used Car Loan Term: Pros & Cons

When asking if you can finance a used car, you might be debating about the length of your loan. Some Wetumpka buyers may benefit from a shorter loan term. As long as you’re able to pay the amount each month, doing so has significant benefits and can save you money in the long run. 

Short-Term Loan Pros

  • Less Interest: Interest will be added to your monthly payment each month. You will pay less in interest during a shorter loan term vs. longer loan term in Prattville
  • Faster Pay-Off: You will enjoy the benefits of ownership – including having no monthly car payment at all – with a shorter loan term. 
  • Easier Refinancing: It’s much easier to refinance your car loan with a shorter loan term since you have spent less time with negative equity. 

Short-Term Loan Cons

  • Higher Monthly Payment: Since you will split your total cost into fewer monthly payments, you will pay a higher amount each month. It’s always best to select a loan term length with a monthly payment that’s perfect for your budget. Use our payment calculator tool to find a lean length and payment that works for you.

Learn More About Used Car Financing at Larry Puckett Chevrolet

Now that you have answers to whether you can finance a used car and how many years can you finance a used car, come down to Larry Puckett Chevrolet, the Millbrook area’s go-to location for affordable used cars. You can also check out our used vehicle specials and see if you can save more on your preferred option. Experience our inventory of used cars in Prattville with Larry Puckett Chevrolet!

 

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