Can I get a low interest loan on a used car?
i realize that a used car loan interest rate is typically higher than on a new one. If you get a very low mileage used car (ie one less than two yrs old and under 20,000 miles), is it possible to find financing that is competitive with new car financing (which can be 1-4%)? If so, where could i expect to find it – dealer of factory/dealer certified preowned cars, credit union or what? Or should I expect to pay 6-8% (or more)? I also have excellent credit and a stable job, which I know is taken into consideration among other things.
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2 Responses to “Can I get a low interest loan on a used car?”
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Certified used cars get you the very lowest APR from the manufacturer’s financial arm. Banks and credit unions can’t touch them. Sometimes a car maker will have as low as 0.9% on its certified used cars. Neither can any outside lender.
You say you’re stable and have an excellent credit history. What about your debt to income ratio? That’s all your hard debts that go out every month, such as your current car payment, insurance, rent or mortgage, unsecured loans, secured persona loans, credit cards, etc. Is all that 34% or less of your gross monthly income? If not, you’ll most likely be turned down. You’re carrying too much debt already.
How about any late pays of 30, 60 or 90 days late? Any charge offs? State or federal tax liens? Are your credit card balances at, or near, your limits? If you answer yes to any of these, it’s more reason for the lender to turn you down.
But if you don’t have any charge-offs, at 50% or less of your limits on all your credit cards and no late pays, or 30-60 day lates from years ago and none current, then you should be ok. You should be approved for a very low APR on a certified used car. Good luck.
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