Can You Finance a Used Car?

When it comes to buying a used car, you might be wondering like many of our Orland Park customers, “Can you finance a used car?” The answer is yes! So, how long can you finance a used car? For how many years can you finance a used car? There’s no set limit, but some Mokena lenders place restrictions on auto loan length. Some banks limit used car loans to seven years and won’t offer loans on a vehicle with more than 100,000 miles.

Our Tinley Park team will help you figure out how to finance a used car at Bettenhausen CDJR! And if you’re ready to take home a used car, don’t forget to take advantage of our used vehicle specials for additional savings.

How Long Can You Finance a Used Car? 

Are you a New Lenox driver in the market for a car, and you’re trying to determine what your budget looks like? Not sure how long you can finance a used car? The answer to how many years can you finance a used car can vary. The average auto loan term for a pre-owned vehicle is 60 to 72 months, and the loan length keeps going up as auto prices go up. The length of your auto loan depends on what you can afford to pay each month. So be sure to use our payment calculator to help determine what your used car budget looks like. 

Pros & Cons of Short-Term Loans

Short-Term Auto Loan Pros:

• Faster Pay-Off: Because your monthly payment is higher, you will repay the loan faster. 
• Low-Interest Expenses: You’ll likely get a lower interest on a shorter-term car loan. 
• Refinancing: If you qualify, you can always refinance your auto loan later if interest rates drop. 

Short-Term Auto Loan Cons: 

• Higher Monthly Payment: The shorter the auto loan term, the higher your monthly payment will be. Be sure you can afford a higher monthly payment and that it won’t strain your New Lenox budget. 

Pros & Cons of Long-Term Loans

Long-Term Auto Loan Pros: 

• More Affordable Monthly Payment: When you opt for a longer-term auto loan, you’ll pay less every month than if you had a short-term loan. You can always make a higher monthly payment to repay it faster.

Long-Term Loan Cons: 

• Higher Interest Rates: Long-term auto loans offer higher interest rates, and the longer the car loan, the more interest you’ll pay overall.
• Vehicle Depreciation: Cars depreciate as they age, but depreciation rates slow down as they age. The longer the loan length, the more risk you have of ending up in a negative equity situation, which is when your car’s value is less than the balance you owe. 

Finance a Used Car With Bettenhausen CDJR Today

Now that you know how to finance a used car and more about the question, “For how many years can you finance a used car?”, the next step is taking one home for yourself. We know that financing a car can seem like a complicated process, but our Bettenhausen CDJR team is here to help you every step of the way. Contact us today to schedule a test drive or if you have any questions for our finance department.