Used Car Loans 101: Your Top Vehicles Fit for Your Budget

A dealership employee showing new customers something on her tablet

Used Car Loans 101: Your Top Vehicles Fit for Your Budget

Used Car Loans: Fitting a Used Car in Your Budget Made Easy

Wondering what happens after you find the ultimate used vehicle to keep up with your cruises, commutes, and action-packed weekends? It’s time to get a used car loan—and we’re here to help with a staff of trained financial experts who are eager to work with your personal budget and financing needs. Get started today by contacting us at the Spitzer Toyota finance center in Monroeville and exploring our used Toyota loan options.

How Does a Used Car Loan Work?

A used car loan in Monroeville works like most loans that come to mind—you borrow a set amount of money (which is usually determined by a variety of factors like your credit report information, down payment amount, etc.), and progressively pay back your loan in monthly payments for the duration of your term (which usually ranges from 3-6 years). You’ll also pay an annual percentage rate, which is essentially your interest, which is also determined by your credit score and term length. However, during your term, you’re free to drive your vehicle as you please, so feel free to drive a set number of miles or make customizations without facing dealership penalty charges.

How Can I Get a Good Loan with Low Payments?

Much like a personal loan, getting the terms you need is all about coming prepared and setting your budget before you begin shopping on our lot, so start by pulling up a credit report—this will give you an idea of how your APR will look—but don’t worry, even with bad credit, our pros will still work their hardest to get you a loan you can fit in your financial plan with ease. Next, get pre-approved for financing—you can even use our online tool to get this step done quickly, as this information prepares you for a rough estimate of the money you’ll get from your loan and help you select vehicles based on the budget you form.

When you pick your vehicle, you’ll want to plan your down payment around the monthly fees you want—as a rule of thumb, you’ll lower your monthly fees by roughly $18 per every $1000 you put down (which adds up fast—especially with down payments over $10,000). For extra assistance on this step, play around with our online payment calculator to get an idea of how your down payment, monthly fees, and terms all work.

Your Next Used Toyota Awaits: Visit Our Finance Center

When you find your favorite vehicle, don’t delay on driving the cruiser home, instead stop by the Spitzer Toyota financing department and inquire about used car loans in Monroeville. While you’re here, our finance team is always happy to work with your specific needs and answer any questions that pop up, whether it’s helping you explore Toyota Certified used vehicles, finding the right terms and conditions, or answering your questions about how an auto loan relates to a personal loan—we look forward to your visit.

August 26, 2019
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