What's a general guideline for financing a certified pre-owned vehicle?

I'm going to finance a certified pre-owned vehicle, but I'm not exactly sure what rate or term I should go with nor how much to put down. Are there any guidelines for financing a certified pre-owned vehicle?

Answer
“As a general rule, you’ll want to put 20% down on your vehicle to cut the amount of interest you pay without killing your liquid finances.
Furthermore, you should probably consider a term of no more than 48 months. A loan term longer than that could put you upside down on the car loan due to depreciation.
As far as rates, the dealer may be able to give you the best option, but you should still comparison shop with other banks and lenders to be sure.
Don’t forget that when you buy a new vehicle, you will need proper coverage. If you haven’t already found insurance, use the free Jerry app to help you find the best deal. Jerry compares rates from the top 50 companies in under a minute, delivering the best deals to your phone.”
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Eric Schad
Answered on Aug 02, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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