When it comes to a used car loan, there are quite a number of
concerns. You may asked yourself,"How can I sell my used car to
a private party if I don't have title?" or "How do you finance a
car from a private person?" as well as many other questions.
Many people ask how they could have a used car financed? When
applying online, it will only take minutes. After you receive an
emailed check from the online loan company, you can choose to
buy a used car from a private owner with very little hassel.
Some companies offer used car loans for buying from car dealers
as well. You can apply online and you can get approved in an
Here are some useful tip when surfing the net for a used car
1. To qualify for a used car loan, make sure to keep your credit
score to at least 680. People with bad credit pay higher car
loan interest rates. A used car loan wouldn't be any different.
Get hold of your credit report online. Never apply for a car
loan , much less for a used car loan, unless you get your credit
report with credit score first. Depending on other factors, a
high quality lender like some finance companies or banks do, can
approve used car loans for people with scores as low as 540.
2. Never pay cash for a deposit on a car - even if it's a used
car loan you're relying on to pay for it or finance it. You can
dispute purchases made with your credit cards. But without proof
of the transaction, you can be taken advantaged of by swindlers.
3. Shop for auto insurance costs for your used car along with
your used car loan. Before you shop armed with a used car loan,
get auto insurance quotes to find out how much it will cost to
insure it. Auto insurance sites give free online car insurance
4. Get an extended warranty for your used car. Unless you have
an extended warranty, you are exposed to potentially large
losses, which would be huge drawbacks on your used car loan.
Before deciding on a used car loan, better ask yourself these
What are the drawbacks of a used car? What are the benefits of a
Think twice: A used car could have a listed maintenance and
Used car warranties often are available at extra cost.
The maintenance costs get higher as the miles on the vehicle
climb toward 100,000.
There are not as many safety and convenience features as newer
A used car, however, will be significantly cheaper to buy than
going with a new model. It has comprehensive and theft insurance
and costs are likely to be less.
After weighing the pros and cons, you can decide if a used car
loan is for you.
Do I need Gap Protection for my Car Loan?
Do you realize how much you are at risk financially if you wreck
your car or it gets stolen? Your auto insurance policy might not
provide all the financial protection you need, if the value of
your car is less than the balance of your auto loan....read more