What can I expect when financing an expensive used car?

"Does this seem possible or should I wait until I have a large down payment? I can afford a $50k-$70k car if I can get a 5-year loan at around a 5%-interest rate. My income is around $150k per year and my credit is 770. Is dealer financing better or should I go to a bank or credit union?"

Answer provided by
Johnny Puckett
Answered on Jun 25, 2021
Johnny Puckett is a freelance writer and automotive expert. He has contributed content to a number of some of the largest online publications, aftermarket automotive manufacturers’ sites, and automotive informational sites. His experience in the automotive and information fields informs his writing at Jerry. His automotive interests bleed into his free time, where he enjoys modifying his favorite cars and woodworking.
“There is no doubt that someone will approve you because you have good credit and good debt-to-income.
Your best option if you are set on buying a used car right now is to go to a credit union, as they usually offer the best rates.
Another option, and in my opinion a better one, is to wait. Save up as much money as you can. Act like you are making those payments for a year and put as much extra cash into it as possible.
If you still want the car at the end of the year, you will now have a large down payment and will only have to finance $35k-$40K on a $50k car.”

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