Options for Financing Your Used Car

If you decide to buy a late-model used vehicle, you can get some excellent deals at the best dealerships. In fact, the top dealers offer “no hassle” deals, so you don’t have to bargain and argue back and forth with the salesperson to get the lowest price. But how are you going to finance your purchase? Here are some of the options you have for Used Car Financing in Seattle, WA.

Banks

Your local bank may help you finance your car. However, many banks want a substantial down payment on their auto loans. If you don’t have a car to trade in and a lot of money in savings, this could be a problem. Banks may turn you down if you have marks on your credit score. Also, banks may not have the best terms, and you might have to shop several places to get a good deal.

Credit Unions

Your credit union can be a good source for car financing. If you get a loan, you can sometimes have the money deducted straight from your paycheck. This makes budgeting and paying your bill simple and easy. However, certain times of the year are better for borrowing than others, so loans may not always be available.

Finance Companies

Finance companies sometimes extend auto loans to people with questionable credit. But they usually have higher interest rates than other sources. If your credit is poor, you may have to consider this option. Yet, there is another choice.

Dealer Financing

The best-used car dealers sell late-model high-quality vehicles. They also offer attractive financing packages to their customers. In fact, some guarantee that your car loan will be approved. When you go to the dealer for your loan, you only have to deal with one source. You can even get pre-approved before you shop for cars, so you’ll know how much you can afford to spend.

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