Best Car Finance Deals for Used Cars
Buying a used car has many benefits, you can save a whole lot of cash and get a good deal. Second-hand vehicles are now equal to many of their brand-new counterparts, and buying a used car often means getting a better model than purchasing brand new. All that’s left to do now is finance your used car. Here, we’ve got the options for how to find the best car finance deals for used vehicles and what you need to know about used car finance.
What Should I Consider Before Looking for Used Car Finance Deals?
Before searching for the best car finance deals for used cars, you should consider a few things to ensure you find the best option. Being well prepared means you can sort out different deals and land on the one that best suits your needs. Some factors to consider include:
- Interest rate. Look for a lender that offers a competitive interest rate.
- Deposit. A larger down payment can sometimes lead to a lower interest rate.
- Loan term. A shorter loan term may have a lower interest rate but higher monthly payments. A longer loan term will have lower monthly payments but a higher overall cost due to the additional interest charges.
- Credit score. A higher credit score may result in a better interest rate.
Factoring in these different points gives you a better idea of the type of finance deal for your used car purchase. With these considerations, it’s time to start looking at the options available to finance your used car.
Online or Offline Car Finance?
Once upon a time, getting car finance involved applying offline and waiting weeks, if not months, for your application to go through. Fortunately, those days are long gone, and you can now get car finance online for your used car.
Finding the best car finance deals for used cars online means you can complete the application process from the comfort of your own home. Plus, it’s much faster than offline options, and you can usually receive a decision in minutes. There also tends to be a wide variety of lenders to choose from online, meaning you’ve got more choices for financing your used vehicle. Always check out reviews on sites such as Trustpilot to get a good idea of how they perform. Make sure they are easy to get hold of too!
What Are the Best Websites for Used Car Finance Deals?
Finding finance for a used car often requires a joint effort, from finding the right vehicle to securing finance. We’ve put together some important websites that will help you find a vehicle and finance during your used-car-buying journey.
With Auto Trader, you can search for used cars and use its tool to compare car finance options from a wide variety of lenders. Auto Trader is the best-known car website on the net, and there are thousands of used vehicles on its marketplace from both dealerships and private sellers.
Compare car finance using a search comparison website like GoCompare or Clearscore to see deals from several lenders and take advantage of its tools to help you find the right deal. There are plenty of search comparison websites available so have a look around.
Experian allows you to check your credit score before applying for car finance. By using Experian, you can look at your credit rating and see if any improvements are needed or if you’re ready to go ahead with the application. If you need to improve your credit rating before getting car finance, don't worry, as there are ways to improve your credit rating.
Cruise through car finance with Carmoola and get a decision in minutes. We specialise in providing finance to people looking for a second-hand car and zero-deposit deals are also available. Simply download the app and check your eligibility before applying for finance. Discover more about how Carmoola works.
The Best Deals for Used Cars
there you have it – the best way to find great car finance deals for a used vehicle. Hopefully, these tips have advised you on how to end up with a great used car on a finance deal that meets your requirements. You can check out how to get the best car finance deals around with our extensive blog on the subject! All that’s left to do now is enjoy your new car and take yourself for a drive 🔥