Used Car Financing

Average Used Car Financing Rates

Used car financing rates tend to differ slightly from new car financing rates. There are a few reasons for this, including the vehicle’s age. Generally speaking, used car interest rates will be higher than new car rates.

Auto loan interest rates also consider your credit score. When it comes to auto loan interest rates, they work inversely to credit scores. The higher your credit score, the lower your interest rate will be. Lenders will see you as more likely to pay back your auto loan. Alternatively, the lower your credit score, the higher the interest rate.

Auto financing rates typically include simple interest. This means you agree to pay the money back, including a flat percentage of the money you owe. The interest amount stays the same.

What to Bring With You When Applying for Financing

When you’re applying for used car financing from our dealership or other lenders, you’ll need a few documents with you. Your ID and proof of residence show you are who you say you are. You’ll also need proof of vehicle insurance.

You’ll also likely need some financial information, such as proof of income or your banking history. This might include your method of down payment.

All this shows you have the ability to pay for the vehicle you’re purchasing and that it’s legal to get a loan for a car.

Financing Tools From Our Finance Center

In order to help you get ready for the purchase of a used car, our finance team has put together some useful tools.

Our online payment calculator is a great tool to help you determine if a vehicle fits into your budget. You can estimate your monthly payments using vehicle price, down payment amount, and potential interest rate.

Do you have a vehicle you’d like to trade in? Use our Trade-In Valuation tool to find out how much it’s worth.

Our finance center has also created an online finance application for your convenience. You can apply for financing from home. When our team receives your application, we’ll get to work. When you arrive at the dealership for test drives, you’ll know your financing options.