When you think about vehicle financing, you probably think about bank loans for shiny, brand new cars. Although this is certainly a popular form of vehicle lending, however, it is entirely possible to get auto financing for older cars. In fact, doing so can help you save money over a new car purchase and can help you achieve the goal of purchasing the vehicle that you want.

Getting Auto Financing for Older Cars

There are a few options that you can look into if you want to finance a used car:

Dealer financing makes it easy to purchase used cars with financing, no matter what your credit situation might look like.

Some banks and other lenders offer loans that use older cars as collateral.

Some used car dealerships work with banks and finance companies that specialize in financing used cars.

The process of financing a used vehicle is pretty similar to that of financing a new one: You will usually be expected to fill out an application, and you might have to pay a down payment. Many companies will run a credit check as a part of the approval process.

Can You Get Vehicle Financing for Used Cars with Bad Credit?

If you have a poor credit history, your options for a used car loan will be a little more limited. Fortunately, however, one of the best options for financing used cars will still be available for you: Dealer financing.

This common form of vehicle financing is a great option for car buyers who don’t have the best of credit but who need a bit of assistance in purchasing a used car. In many scenarios, your credit score won’t even be pulled, so you don’t have to worry about getting turned away because of credit mistakes from the past. Instead, you will simply have to answer a few questions about who you are and how much of a stable income you have coming in. Our dealership will work with you on used car financing without worrying about your credit score, if you live in Ontario and are seeking to purchase a vehicle.