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?

Answer
“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.”
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Eric Schad
Answered on Aug 10, 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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