Financing a used vehicle isn’t difficult. Buyers just need to know their options, especially if they have certain credit issues. Check out these tips for getting a car loan at a used car dealership in Barrington.
Credit scores play a big part in financing decisions. A low credit score affects a buyer’s eligibility for low interest rates and can affect the down payment required. Before applying for financing, buyers should check their credit rating.
Second Chance Programs
Some dealerships offer second chance or fresh start problems. These programs are designed for borrowers with credit issues that make it difficult to get a loan. The requirements vary, but most want buyers to have at least $500-$1000 for a down payment and be able to show proof of income.
The toughest part of buying a used vehicle is the financing part. Buyers can shave a lot of time off waiting at the dealership by getting pre-approved online. Most dealerships offer online financing to streamline the buying process.
Buy a Newer Used Car
Lenders don’t want buyers to default on their vehicle loans, which can happen when people buy older vehicles that end up needing a lot of work. That’s why lenders tend to offer better financing options for vehicles that are only a few years old.
Buyers who are interested in purchasing a pre-owned car, visit McGrath Volvo Cars Barrington, a used car dealership in Barrington. For more information about the available inventory, visit the dealership’s website.