Can You Finance a Used Car?

Buying a used car often presents an excellent way to save money, and you can save even more by financing it! Just like a new car, used cars are available for auto loan financing. But how long can you finance a used car, and what should you consider when it comes to how to finance a used car? Jerry Remus Chevrolet’s finance team has all the answers and insights you need to make an informed choice for your next Gothenburg ride.

How to Finance a Used Car: How Long Can You Finance a Used Car?

How many years can you finance a used car? While there’s no official set limit for loan terms, lenders might establish their own regulations. Some institutions may restrict financing for used vehicles with more than 100,000 miles or those older than seven years.

However, don’t be discouraged; Jerry Remus Chevrolet maintains robust relationships with numerous lenders in the Ogallala region. Our experts are primed to connect you with a lender who aligns with your unique needs.

How to Finance a Used Car: Short vs. Long-Term Loan Considerations

You have a choice when it comes to the length of your used car loan term, and both short and long-term loans offer distinct advantages and drawbacks.

Short-Term Loan Benefits:

• Reduced Interest: Shorter terms mean less interest accrued over the life of the loan compared to longer terms.
• Faster Loan Repayment: You’ll be free from monthly payments sooner, reaping ownership benefits.
• Easier Refinancing: Shorter loan terms make refinancing more feasible and reduce time spent dealing with negative equity.

Short-Term Loan Drawbacks:

• Higher Monthly Payment: Shorter terms equate to higher monthly payments. Ensure your choice aligns with your budget; use our payment calculator tool to pinpoint your ideal term and payment.

Long-Term Loan Benefits:

• Lower Monthly Payment: Long terms lead to smaller monthly payments across a more extended period.

Drawbacks of Long-Term Loans:

• Higher Interest: Extended terms can accumulate more interest by the loan’s end.
• Vehicle Depreciation: Cars, whether new or used, depreciate. If you intend to sell the car at the loan’s end, keep in mind that longer terms might result in higher depreciation.

Unlock Used Car Financing Wisdom at Jerry Remus Chevrolet!

As your preferred McCook source for budget-friendly used cars, Jerry Remus Chevrolet stands ready to assist. Discover our ongoing used vehicle specials and reach out for more guidance on financing a used car with us. Our North Platte team is dedicated to providing all the support you need for a seamless car-buying experience!