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Where's the best place to secure financing for a used car?
I want to buy a used car for about $20,000. Where's the best place to find financing for the vehicle?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“If you want to secure financing for a used car, your best bet is to head to a credit union. Because they’re a nonprofit entity, they can usually undercut banks and other lenders on interest rates.
However, banks and other lenders may offer promotional rates that provide a better rate than credit unions.
If you purchase a certified pre-owned vehicle, the dealer is often the best place to get a
car loan
, as they may offer better rates, as well as warranties on the vehicle.Either route you take, make sure to carry full coverage
car insurance
on the vehicle to protect your investment and follow through with the stipulations of your loan. Lenders will require full coverage on a financed vehicle, even pre-owned vehicles.Full coverage can be pricey, especially if you use the lender’s insurance, but you can save money by comparing rates. Using a smart comparison tool like
Jerry
makes the process easy. Jerry does all the hard work for you, pulling quotes from the top 50 companies and delivering the best deals to your phone in minutes.” View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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