What are Some Financing Tips for Used Car Buyers?

November 4th, 2021 by

Burgundy 2015 Nissan Altima

After you have found the perfect used car for you, you have to figure out how to pay for that vehicle. Like many other car shoppers, you probably plan to buy a car with financing. Before you do, consider some of these helpful car financing tips.

1. Check Your Credit Score

Your credit score affects your ability to get approved. By checking your credit score upfront, you can correct any mistakes you see on your credit report. This could potentially help you qualify for the car you are hoping to buy.

2. Look at Your Budget

You should have an idea of what you can afford before you apply for financing. Take time to look at your budget to see how much you are able to pay each month.

3. Use an Online Payment Calculator

Once you know the monthly payment you can afford, use an online payment calculator to figure out the vehicle price range you should be looking at.

4. Adjust the Financing Term

While you’re using the online payment calculator, you should be able to adjust the term length. The length of the financing term can affect your monthly payment and the vehicle price you can afford. CarHop has shorter terms than many dealers including terms often between 24 and 36 months.

5. Make as Large a Down Payment as Possible

If you’re able to afford it, making a larger down payment on your next car can give you more options, shorten your term, and reduce your monthly payments.

6. Line Up a Co-Signer

If you are worried about your credit history, having a co-signer may help you get approved faster.

7. Try to Pay More than the Minimum

Try to pay more than the minimum payment amount on your car payment each month. This will help you own your car outright faster.

Are you ready to buy your next car with financing? Start your approval through our website today. For assistance with used car financing, contact your local CarHop dealership directly.