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Is it hard to get a used car loan?
I don't want to spend money on a new car. Instead, I’ve been thinking about paying for a used car with a down payment and a small loan. How hard is it to get a car loan for a used vehicle?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Good question! Depending on your financial situation, getting a used
car loan
is about as difficult as getting a loan for new car. The major deciding factor is the type of car you want to buy.While a new car is generally accepted to be in tip-top shape, and thus have a lower risk of becoming worthless. Used cars don’t have the same luxury, however. To get approved, your car will typically need to be:
- 10 years old or newer
- Less than 100,000 miles
- Potentially a certified pre-owned vehicle from a dealer
If you meet these requirements and you’re buying from a dealer, you shouldn’t have many problems. However, if you buy a
used car
from a private seller, this is a bit more complicated, since the condition of the car falls on your shoulders. If you’re buying from a private seller, make sure to do the following:- Get a Carfax report
- Test drive the car
- Ask questions about the condition of the vehicle
- Ask for all maintenance records
- Take the car to a mechanic
This should ensure that you don’t buy a lemon and also so you don’t have a loan for a car that’s essentially worthless.
The lender will also require you to carry full coverage auto insurance throughout the life of the loan. To make sure you get the best deal on the coverage you need, check out the
Jerry
app—we’ll help you compare customized quotes from over 50 reputable lenders and get the best used car insurance possible.Best of luck with the loan!
View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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