Tips for Financing a Used Car

 

The car-buying process can be very complicated, requiring several major decisions, including whether you'll purchase a new, CPO or used car. For many people in Mount Pocono, Tobyhanna, Scranton, Stroudsburg and East Stroudsburg, purchasing used is the best choice, allowing them to get a dependable vehicle at a greatly reduced cost.

If you're thinking about buying a used car, then you'll likely need financing, which can be intimidating if you're not prepared. Here are a few tips for financing a used car that should help you stay calm when applying for a car loan, so you can enjoy buying your next car.

The most important tips for financing a used car are to:

  • Know your car-buying budget
  • Save for a down payment
  • Work with the right financier
Let's explore these a bit further.....

Know Your Car-Buying Budget

Like most major purchases, the most important part of buying a used car is knowing exactly how much you can afford to spend. You don't want to choose a car that doesn't fit your budget and would result in a car loan where you'll struggle to make your monthly payments.

Before you visit your car dealership to choose your used car, you need to calculate your shopping budget down to the penny. With a budget in place, you'll be able to choose a used car and a car loan that matches your means and won't leave you in a precarious financial situation.

Save for a Down Payment

When financing a used car, some people assume that they don't need to wait until they've saved for a down payment. Although used cars are certainly more affordable than new models, you'll still need a down payment if you want to finance a car successfully.

A good rule of thumb is to plan for a 20% down payment. While saving 20% may mean that you'll need to wait a little longer to purchase your car, it also means that the term of your loan will be much shorter, and you will have lower monthly payments.

Work with the Right Financer

For a fair auto loan, you should work with the financing department at the dealership where you plan to purchase your automobile.

Car dealership financing departments have experience working with shoppers with varying credit levels, meaning you should be able to secure an auto loan even if your credit score is poor. In addition, many dealerships allow you to apply for financing before you even visit the dealership, making it easier for you to choose your car. If you want to finance your car quickly and easily, it's important to choose the right financing source.

Get Help Financing a Used Car

Purchasing a used car is the right choice for most consumers, and if you need help financing a used car, you should be sure to visit Ray Price Chrysler Dodge Jeep Ram.

The financing department at Ray Price Chrysler Dodge Jeep Ram is here to make applying for your auto loan easy and stress-free. Our financial experts have experience helping car shoppers from communities such as Mount Pocono, Tobyhanna, Scranton, Stroudsburg and East Stroudsburg. We are committed to helping you find and purchase the used car of your dreams.

Contact Us

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Contact

Ray Price Chrysler Dodge Jeep Ram

2969 Route 940 Suite C
Directions Mt Pocono, PA 18344

  • Sales: (570) 260-1101
  • Service: (570) 390-8288
  • Parts: (570) 392-6673

Hours

  • Monday 8:30am-8:00pm
  • Tuesday 8:30am-8:00pm
  • Wednesday 8:30am-8:00pm
  • Thursday 8:30am-8:00pm
  • Friday 8:30am-8:00pm
  • Saturday 8:30am-4:00pm
  • Sunday Closed
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