Can You Finance a Used Car?

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Can you finance a used car? Financing makes it easier to afford a used vehicle! As with new cars, securing a loan for a used vehicle is entirely feasible. How many years can you finance a used car? Typically, used car loan terms span from 60 to 72 months.

However, several considerations are paramount for Sanford buyers. Longer loan terms entail higher overall interest payments. Additionally, some banks impose specific requirements for used car financing. Ready to embark on this journey and learn how to finance a used car? Let Subaru of North Orlando's finance team guide you through the intricacies of financing a used car.

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How to Finance a Used Car: Restrictions

How many years can you finance a used car at a maximum? Lenders may establish their regulations while no official limits exist for loan terms. Some may restrict financing for used vehicles surpassing 100,000 miles or older than seven years. However, fret not! Subaru of North Orlando collaborates with a diverse array of Deltona-based lenders, ensuring we find a suitable solution for your needs.

How Many Years Can You Finance a Used Car?

How many years can you finance a used car? Even if extended loan terms are viable, shorter durations merit contemplation, boasting substantial advantages and potential savings in the long haul.

How Long Can You Finance a Used Car: Short-Term Loan Pros:

  • Less Interest: Shorter terms equate to reduced interest payments, resulting in overall savings.
  • Faster Ownership: Enjoy the perks of ownership sooner without prolonged monthly payments.
  • Easier Refinancing: Managing negative equity becomes more manageable with shorter terms, facilitating potential refinancing endeavors.

How Long Can You Finance a Used Car: Short-Term Loan Cons:

  • Higher Monthly Payments: Despite savings, monthly payments may be higher. Select a term ensuring comfortable payments within your budget.

How Long Can You Finance a Used Car: Long-Term Loan Pros:

  • Lower Monthly Payments: Longer terms translate to smaller monthly installments, easing financial strain.
  • Long-Term Loan Cons:
  • Higher Interest: Extended terms accrue more interest, potentially increasing overall expenditure.
  • Vehicle Depreciation: Consider potential depreciation effects, especially if planning to sell the car post-term.

Learn More About How to Finance a Used Car at Subaru of North Orlando Today!

As Deltona's premier destination for affordable used cars, Subaru of North Orlando stands ready to assist. Explore our ongoing used vehicle specials and reach out for further insights into financing a used car-we're dedicated to your satisfaction!