Affordable Financing Options for Used Vehicles
Discover competitive financing options for used cars, with interest rates typically between 4.88% and 4.91% as of early 2017. Leading banks like Bank of America and US Bank offer flexible loan terms up to 60 months, often covering full vehicle value. Whether buying from dealers or private sellers, get informed and secure the best deals on used car financing.
Affordable Financing Options for Used Vehicles
Worried that choosing a used car over a new one might limit your financing options? Rest assured, many banks and financial institutions provide attractive rates for used car loans, depending on factors such as the vehicle's age and your credit profile. Recent data from early 2017 indicates typical interest rates ranging from 4.88% to 4.91% for used car financing.
Loan durations usually span 36 months, but options for 48 or 60 months are available. Your location also impacts financing terms. Notably, Bank of America offers a 60-month used car loan at 2.89%, while US Bank offers a 36-month loan at 2.87%, both providing competitive rates for both new and used vehicles.
These banks may lend up to 100% of the vehicle's value, sometimes exceeding $100,000. You can choose vehicles from dealerships or private owners, with financing options available for both. Other lenders like Chase and Capital One also provide favorable terms, with Capital One's online offers starting around 2.9%. Rate differences between 3-year and 5-year loans are generally minimal, so being well-informed will help you secure the best financing deal when purchasing your used car.
