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Buying a used car: Should you get a loan?

Buying a used car: Should you get a loan?


If you want to buy a second-hand car but don’t have quite enough savings, can you get a car loan to pay for it? Asking for a friend… You can. So most lenders will let you borrow money for either a new or a used car, as long as you meet the lending criteria. When you’re looking at loans for a second-hand
car, you have the choice between a secured and an unsecured car loan. With a secured car loan, the vehicle is used
as security against the money you borrow. This means that if you don’t pay off the
loan, the lender could take ownership of the car While some lenders only offer secured loans
for new cars, most allow you to buy a used car, as long as it meets the age requirements. You can generally buy a car that is up to 6 or 7 years old, but it’ll vary by lender. So, if you have your eye on a particular car, make sure it meets the lender’s age requirements
before applying for a secured loan. You also have the option of getting an unsecured
car loan, which will offer you the funds for either a new or used car. You don’t need to use your car as security for an unsecured car loan, which means you can use the funds for a second-hand
car without any age restrictions on the vehicle. You can compare both secured and unsecured
car loans on Finder to see what kind of rates, fees and features are available. Once you’ve
picked one you like, it’s just a matter of applying and getting that second-hand car
on the road. CTA: We hope to answer a lot more of your
questions, so ask away in the comments. And while you’re at it, subscribe to Finder
for more.

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