Where can I get a car loan for a used car?

I’d like to buy a used car, but I don’t have enough money to buy it outright. What’s the best place for me to get a car loan for a used car?

Answer
Car loans can be difficult to secure, especially for used cars. Because car loans involve placing a lien on your car, many lenders prefer you buy a higher value car. Many banks outline age and model requirements for the car you buy with their loan.
That said, your best options for getting a used car loan are usually credit unions and third-party lenders.
Credit unions are nonprofit organizations intended to serve the community. In line with that mission, they often have more flexible terms and lower interest rates. Plus, they’ll typically be accommodating of your needs—such as buying a used car.
Alternatively, you can find third-party lenders to match your needs. Since third-party lenders are independent people or organizations, you may have more control over the final agreement. Of course, accommodating third-party loans will likely be accompanied by higher interest rates than you’d like.
Remember, some banks and dealerships may also help you secure used car loans. Shop around for a lender you trust before you settle for an agreement. And if you’re worried about making your monthly payments, start saving on other auto expenses like car insurance with Jerry.
A licensed broker, the Jerry app helps users save an average of $879 a year on car insurance. Just download the app, answer a handful of questions, and Jerry will send you personalized quotes from top providers like Travelers and Allstate for free!
Joshua Levy
Answered on Dec 08, 2021
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