Buying a used vehicle can be an exciting yet daunting process, especially when it comes to auto financing. At Automattox near Lynchburg, VA, we want to help simplify the process by providing some key information about financing a used car. Here are some important things to know:
- Understand APR. The annual percentage rate (APR) is the yearly interest rate you'll pay on your auto loan. A lower APR means you'll pay less in interest over the life of the loan. Be sure to compare rates from multiple lenders before deciding.
- Consider loan length. Auto loans typically range from 24 to 84 months. A longer loan term will mean lower monthly payments, but you'll end up paying more in interest. Aim for the shortest loan term with payments you can comfortably afford.
- Make a down payment. Putting money down up front lowers the total amount you need to finance. A larger down payment may also help you secure a lower interest rate and better loan terms.
- Consider a cosigner. If you have limited or poor credit history, having a cosigner with strong credit can help you qualify for financing and potentially get a better interest rate. This is especially helpful for young or first-time buyers who probably don't have enough of a credit history to qualify for low rates and better terms.
Before applying for a used car loan, it's important to get prepared. Our used car loan preparation guide outlines key steps like checking your credit, setting a budget, and gathering necessary documents.
When you're ready to buy, the friendly team at Automattox is here to help. We proudly serve customers in Timberlake, VA and the surrounding areas with a wide selection of quality pre-owned vehicles to fit your needs and budget. For added convenience, you can get pre-approved for financing by completing our secure online application from the comforts of home around Lynchburg.
Don't let financing hold you back from getting the reliable used car you need. Visit Automattox today and let us help you navigate the financing process with ease. Our knowledgeable staff is dedicated to providing exceptional service and helping you drive away satisfied with your purchase.