Can You Finance a Used Car?

Yes, Mcdonough drivers can finance a used car, and we’ll show you how to finance a used car when you choose a quality dealership like Bellamy Strickland Chevrolet Buick GMC. How long can you finance a used car? Most used car loan terms range between 60 to 72 months.

Bellamy Strickland Chevrolet Buick GMC is here to help Hampton and Locust Grove drivers with critical information to keep in mind when looking for your next vehicle. If you have a longer loan term, you’ll owe more interest overall. Some banks may even restrict your options to specific requirements. If you’re ready to learn more, continue on below before exploring our vehicle trade-in options before your next visit with Bellamy Strickland Chevrolet Buick GMC!

For How Many Years Can You Finance a Used Car?

How long can you finance a used car? There are plenty of options, and there aren’t any official limits when it comes to your loan term’s length, but different lenders are going to offer different restrictions. Some may even limit buyers from vehicles with over 100,000 miles or that are more than seven years old.

This shouldn’t sway you from a used car option though. Our dealership has a wide range of relationships with various lenders, so we’ll be able to help you find the best loan term available.

Pros & Cons of a Short-term Used Car Loan

Depending on your options and what you’re comfortable with, you may want to consider a shorter loan length. Your biggest consideration should be how fast you can comfortably pay off your car loan over time and how comfortably you can pay each monthly payment. A shorter loan will mean less interest paid, but this won’t be worth it if you can’t pay back your loan in a timely fashion.

Short-Term Loan Pros

• Less Interest Over Time: You’ll simply pay less money overall compared to a longer loan term, saving you more money at the end of the day.
• Faster Pay-Offs: You’ll own your car in less time total compared to a longer loan.
• Easier Refinancing: You’ll also enjoy better refinancing options if you have a shorter loan term.

Short-Term Loan Cons

• Higher Monthly Payments: You’ll be paying a higher amount each month, and this can be a very significant amount for many drivers. Always choose the loan term that is best for your budget and within a time frame that will allow you to pay off your loan without any missed payments.

Pros & Cons of a Long-term Used Car Loan

Long-Term Loan Pros 

• Lower Monthly Payments: You’ll enjoy lower monthly payments over a long time that will most likely be more affordable overall compared to a shorter loan term. You’ll also be able to mitigate some of that growing interest with additional payments when you’re able to add more here and there to your monthly payments.

Long-Term Loan Cons

• Higher Interest: As we mentioned, longer loan terms have higher rates of interest. You can mitigate the overall amount of interest that accrues through a sizable downpayment, and you can always add more to your monthly payments to lower the overall amount of interest accrued. Doing so will also lower the total length of your loan term, saving you time and money!
• Vehicle Depreciation: Your used vehicle will likely have lost some more value over time if you have a longer loan term. But, if you’re looking for a reliable vehicle to drive for the foreseeable future, this likely isn’t a huge concern for you compared to the amount paid per month. In either case, we recommend paying off your car loan as fast as is doable for you so that you’re saving more in the long run!

Learn More About Used Car Financing at Bellamy Strickland Chevrolet Buick GMC

Learn more about how to finance a used car with our friendly staff at Bellamy Strickland Chevrolet Buick GMC. We’re ready to work with you to find the best rate available, and we offer a variety of rotating used vehicle specials for our Hampton and Locust Grove drivers. Contact us online or call us at (678) 369-2346 today!