How several years can you finance a used car?

A car owner sets the loan term length for a used car, which varies from company to company. Until recently, they generally limited used car loans to around 72 months; however, nowadays, borrowers can secure used car loans for about 84 months or more because of the rising need for vehicles.

Though rules differ for long-term used car loans, usually, you cannot finance a car around ten years old for an extended period, like five years. Understanding “can you finance a used car” is essential for dealing with the best one.

How does financing a used car work?

There are some differences to consider when financing a used car.

The factor that affects the goods available to you is where you buy the car from the dealer. New cars and used cars are both sold at dealerships, which usually offer - and can arrange - an array of financing deal options. But used cars are also usually sold privately. In these examples, the financing options on offer will be more limited.

Private sales of used cars

Going to private dealers or smaller dealerships can expose you to more risk. If you are a mechanic or a real petrol head, you cannot spot any faults with the car. On the other hand, you can haggle yourself a cheaper deal. Can you finance a used car is good to know for best private dealing? Yes, it plays a vital role.

Private sellers cannot set up to facilitate more complex financial arrangements. If you are going to a private dealer and looking to finance the purchase, a personal loan or paying with a credit card are the only options available. A second-hand car is also more likely to break down, pushing up the costs.