|
Buying a used car instead of a new one is a great way to save money. New cars depreciate in value as soon as they are driven off the lot. However, used cars don’t come with the same great financing offers that new cars do. Before buying used autos in Anchorage, it is important to carefully research all of your financing options in order to get the best deal possible. Read on to learn how to finance a used car. Bank or Credit Union Financing Financing a used car purchase through a bank or credit union is a great way save money as these financial institutions typically offer lower fees and interest rates than dealerships. Banks and credit unions allow buyers to get “pre-approved” for an auto loan before purchasing a car. This step allows the buyer to know exactly how much money they can spend on a car before heading to the dealership. The financial institution will check the buyer’s credit score and then quote a maximum loan amount, loan term, and interest rate. The lender can also provide a pre-qualification letter outlining the terms and conditions of the loan agreement that can be presented to the dealership when shopping for a car. Dealership Financing Financing a used car through the dealership selling it is often the most convenient way to purchase a car. This financing option allows the buyer to purchase and finance the car at the same time. Although dealerships typically offer higher interest rates than other financial institutions, they also provide financing for older vehicles and buyers with poor credit scores that others won’t. When financing used autos in Anchorage, it is important to research interests rates before you shop and offer a down payment in cash or trade to help ensure that you get the best deal possible.
Related Articles -
Used, Autos, Anchorage,
| 
