When it comes to car loans for used cars, there are many more options and better negotiating leeway than in the past: the proportion of leased vehicles has increased enormously, so there is a large number of high-quality vehicles available. This makes it more worthwhile than ever for buyers to purchase and finance vehicles with, for example, three to four years of age.
Driving dynamics and fun can be experienced much more affordably than with a new car. The car loan for used cars is no longer only available from the house bank, but from a wide variety of providers. If you want to get the loan at favorable interest rates, then you should follow these tips for searching and finding cheap loans:
The car loan for used cars with the new credit providers
The new, smart loan providers were able to rebuild the business model right from the start. That's why their decision-making structures are different from those of the traditional major banks! They therefore also have an interest in acquiring new customers and in expanding the balance sheet total and customer base.
Thus, you will find the car loan for used cars both with a few days of approval, and in its variant as an instant loan with immediate payment or payment a day later. The big advantage here is that you can talk purely about mobility and your desired vehicle at the dealership and negotiate a hefty discount as a cash buyer. You can find the best interest rates for this type of loan by comparing loans on the Internet.
Taking advantage of special offers means benefiting from low interest rates
The car loan for used cars is sometimes but also an additional, super-cheap service to persuade customers to buy a used car of exactly a certain model or manufacturer. Then you can find a promotional interest rate of often even exactly 0 % – together with a promotion for "tested used cars" or even the anniversary of a vehicle model or make.
Here it is worth doing the math, because some of these favorable promotions are actually offered in addition to already reduced prices for used cars. Here, too, renegotiation is worthwhile, especially if a model change has just taken place and the used car can then be attributed to the previous model generation.
The classic bank loan
You can also finance the used car at your local bank or even another branch bank. Depending upon whether the bank would like to lend at present a surplus of the invested customer funds further and which volume the credit should have also here a negotiation clearance exists.
Especially if you already have a long-standing bank relationship, you should make sure that you do not pay additional processing fees. The reason for this is that the bank has, after all, already carried out the essential steps when granting the overdraft facility for the current account, and with known customers there is much less work to be done.
Therefore, when buying a used car, deal intensively with the choice of the appropriate vehicle as well as the right financing!