How to Get a Used Car Loan
How to get a used car loan
Used car loans are tailored for people looking to buy a second hand car. Many people prefer to buy a used car for a variety of reasons – from the affordability of an other expensive full priced model, to seeking a secondary car for weekend trips that doesn’t need to be super smart or full of the latest features.
Speak to Positive Lending Solutions before you set about getting a used car loan. We want to help you to avoid the pitfalls of used car loans and to find out how you can make them work to your advantage.
Getting a used car loan
You think that getting a used car loan is the right decision for you - but are you feeling uncertain about the next steps to take and how to get a used car loan? At Positive Lending Solutions we can help you through the loan process, carefully guiding you through each step so that you avoid any pitfalls and understand completely how used car loans work:
Get all your documents in order
It’s crucial that you don’t think of a used car loan as an informal process – you need to be organised and it’s even more important than ever that all of your documents are in order. Having all your documents in order will also help to make the process quick and efficient, avoiding unnecessary delays.
Get a quick quote
This is a great way to give yourself a rough idea of how much you can expect to borrow with a used car loan. Understanding where you stand financially helps you with the process of understanding how to get a used car loan. You can get a quick quote online within minutes so there’s no excuse.
Search for the best rates
Used car loans can often have higher rates of interest so it’s really important that you make sure you’re getting the best rate possible for your used car loan. Understanding how used car loans work will help you with this, but if you’re unsure, always ask for expert help. Positive Lending Solutions also have access to a wide range of lenders so they’ll quickly be able to direct you to the best rates available at any given time.
Know your seller
If you’re buying from a private seller, it’s essential that you feel 100% confident in them and have all the documents from them in advance. You’ll need to ensure that they aren’t withholding any information about the used car that you’re buying, so ask as many questions as you need.
Things to watch out for
Understanding how used car loans work is great, but there are also a couple of things you need to watch out for. With used car loans, you should always check:
- The rate of interest: this is often much higher on a used car loan that it is for new cars so always check with an expert broker to ensure you aren’t paying extreme rates.
- Loan terms: used car loans often have less flexibility when it comes to loan terms so make sure you can always make repayments and the loan terms will work for you.
- The age of the vehicle: you need to be aware of this because most used car loans will have restrictions on the age of the vehicle they are able to offer loans for.
- The value of the car: you need to avoid getting into a situation where you owe more on your used car loan than the total value of the car.
Speak to the experts
Positive Lending Solutions have decades of experience working with people to help them find the right car loan for them. Whilst we want to help as many people as we can, we’ll help you to be as wary as needed of used car loans – letting you know when interest rates are too high or if it’s not the right product for you.
Speaking with our loan specialists can give you the peace of mind that you’re making the right decision, as well as helping to save you time and money long term.