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How to Finance a Used Car

Car dealer giving car key to buyer

Sometimes, you might choose a pre-owned vehicle to save money, which is a great alternative. Even though you might be able to pay for a used car in cash, there are plenty of benefits to financing a used car. Learn how to finance a used car with the car-buying experts at Suntrup Automotive Group to see how you can make the most out of your St. Charles used car-buying experience.

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How Does Used Car Financing Work?

If you’re wondering how used car financing works, the process is the same as financing a brand new vehicle. To help you make the best final decision on a vehicle, here are some things you should consider when financing a used car:

  • Know What You Can Afford: When buying a used vehicle and when choosing payment plans, you need to have an idea of how much you can realistically afford to pay. A helpful way to do this is to plan out a budget of all of your monthly expenses and see how much you have left over every month. To help you get an idea of how much you’ll pay each month, you can use our handy payment calculator at Suntrup Automotive Group.
  • Do Your Research: Research the vehicle you’re interested in to see what the average price is and what the trade-in value is listed at. You can use this number to try and negotiate with the dealership. You can use our value your trade tool at Suntrup Automotive Group to get an estimate.
  • Know Your Credit Score: Search your credit score beforehand, so you have an idea of the kind of interest rates you can get. The higher the credit score, the lower the rates will usually be.
  • Compare Offers: When you apply for financing, apply to multiple lenders so that you can compare different offers and determine which offer is the best match for your current circumstances.

For other used car tips like the oldest used car to consider and more, visit Suntrup Automotive Group. Before you upgrade, learn how to trade in your used car at our dealership.

Where to Finance a Used Car

Now that you have a better sense of how to finance a used car, you might be wondering where in the St. Peters area you can get used car financing. Here are some different types of places you can search:

  • Banks and Credit Unions: The higher your credit score, the more likely you are to get a good rate on your loan from a bank or credit union. 
  • Online Lenders: If you want to go through the application and approval process quickly, then an online lender is a good choice.
  • Manufacturers: Most manufacturers may only offer financing for certified pre-owned vehicles. But, since certified pre-owned vehicles are generally in good condition, the manufacturer has less risk and can sometimes offer lower interest rates.
  • Dealerships: Most lenders in the Arnold area have a good connection with lenders, meaning that you can usually get financing all in one place.

How will used car financing work for you? The most important thing to remember when financing a used car is to choose the strategy that works for you. You can discover all of your financing options when you visit our finance center at Suntrup Automotive Group.

Finance Your Used Car at Suntrup Automotive Group

When you’re ready to finance your used vehicle, you can visit Suntrup Automotive Group to find a plan that works for you. Contact us to speak to a team member today!

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