Can You Finance A Used Car?
The simple answer is Yes. It is common to go down the route of Car Finance when purchasing a new or used vehichle. Depending upon how and where you make your purchase can mean the terms and options will differ.
Is This A Good Idea?
If saving money is a major factor in your decision making process, the option of a used car can be a wise way to go. Brand new cars look great but remember they lose value almost immediately. If you have found the car for you, but can’t afford the cost, Car Finance could be for you.
How Does Financing A Used Car Work?
There maybe differences you need to consider when financing your car. The major factor the affects the finance is where you buy the vehichle from. Both new vehicles and used vehicles are both sold at dealerships, which usually offer and arrange financing options. However used cars are also commonly sold privately, and in these cases financing options can be limited.
Car Finance When Buying From A Dealer
Buying from a business with a positive history of selling used cars can help put your mind at ease if your concerned about possible future problems with the car your looking to buy. Usually all cars that are being sold are in good condition as dealerships need to be transparent with thier customers. Any cars sold have usually been professionally inspected so you should know your getting a car in decent condition.
When buying from a dealerships you will also have a wider range of financing options such as hire purchase and PCP.
Private Sales Of Used Cars
When you decide to go for a private sale or a smaller dealership you can expose yourself to greater risk of buying a dodgy car. If you’re not a mechanic you may not be able to spot potential faults or issues the car has. At the same time you will probably also be able to negotiate a better deal with the seller.
Once again, private sellers will not be able to offer or qualify for as many finance options as dealerships. So if you go private you may need to look at using a Credit Card, Personal Loan or Secured Loan to make payment.
Can I Finance A Used Car With No Job?
This is always down to the lender, although not being able to evidence regular income will count against your when a lender asses your application.