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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?"
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“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.” View full answer
- Gregory R.
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