Used Car Loan
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Buying a used car is a smart choice for many drivers. It can save you hundreds or even thousands of dollars on your next vehicle! Applying for a used car loan online is another easy step. No piles of paperwork, no calls to your bank — just a few quick questions and clicks. Best of all, with Our platform , you can compare up to 4 loan offers in minutes and pick the one that fits you best. Choose your loan type below to start your fast, free, and secure application now!
Worried About Qualifying for an Auto Loan?
To help process your application smoothly, there are a few basic requirements. Even if you don’t meet all of them, you can still apply — but we might not be able to find as many as 4 lenders that fit your profile.
Age: You and/or your co-applicant must be at least 18 years old
Income: Your monthly income should be at least $2,000 (or $24,000 per year)
Bankruptcy: You should not have an active bankruptcy case
Location: You must live in a state where Our platform operates (we serve 48 states, excluding Alaska and Hawaii)
Used Vehicle: The car can’t have more than 100,000 miles and must be 8 years old or newer
Loan Amount: You need to apply for a loan of at least $8,000
Feel free to apply even if you’re unsure — we’ll do our best to find the right lenders for you!
The Benefits of Getting a Used Car Loan and Buying a Used Car
You already know that doing your research can save you a lot of money when buying a used car. Otherwise, you wouldn’t be comparing up to 4 loan offers to find the best deal! But there are a few more advantages to choosing a used car loan and purchasing a used vehicle.
One big perk is slower depreciation. According to Edmunds, buying a car that’s one to two years old helps you avoid the steepest drop in value. This “sweet spot” is ideal because a new car loses about 30% of its value in the first year alone. While that’s tough for new car buyers, it’s a great chance for used car buyers to save money!
Another advantage of a used car loan is the possibility of qualifying for a shorter loan term. This means fewer monthly payments and a quicker path to paying off your loan.
Why used car loans have higher interest rates than new car loans
As you compare loan offers and types (maybe you can’t decide between a new car and a slightly older model), you may discover that some used car loans come with a higher interest rate, or APR. The reasons for this vary, but in general, lenders attach higher interest rates to used car loans because used cars can be riskier to finance. The car’s service and accident history may be unclear and the potential buyer may have a low credit score.
Can I get a better loan offer with a certified used car?
Maybe! A certified pre-owned vehicle, or certified used car, is different than other run-of-the-mill used cars and lenders will often acknowledge this fact. Certified used cars have been inspected by a manufacturer or other certifying authority and may come with an extended warranty. Some lenders treat certified pre-owned vehicles as new cars when it comes to loan terms, since the cars have been inspected by technicians and could be less risky to finance.
Can I get a used car loan even with bad credit?
Getting a car loan with a less-than-perfect credit score is not impossible. Keep in mind, however, that the better your credit score, the better your loan terms are likely to be. Don’t let a low credit score keep you from applying for a loan for the car of your dreams! It never hurts to know how much you qualify for and at what interest rate. If the terms don’t seem favorable, you can always take some time to repair your credit score and apply again in a few months. Check out our Guide to Better Credit for easy tips to boost your credit score quickly!
More About Our platform
Our platform is an online financing marketplace designed to put you in control of the car buying process from the very beginning. Our applications are fast, free, secure, and completely confidential.
Just fill out our simple one-page application—it takes only about two minutes—and we’ll connect you with up to 4 trusted lenders. Once you accept an offer, you could receive a check or an online certificate within 24 hours. Having a check in hand lets you speed up your car buying experience and enjoy stress-free test drives.
With Our platform , you’re in the driver’s seat. Feel confident knowing you have the funds ready to make your purchase whenever and wherever you choose. Apply now and let us help you find the perfect financing for your used car. Our process is 100% secure and hassle-free. Don’t wait—start your application today!