Used Car Financing - Car Loans in Canada
Paying for used cars is not like new
car financing. Interest rates are
higher and your credit doesn’t have
to be perfect to get behind the
wheel of a used car. The upside
is that buying a used car saves you
a lot of money on the cost of the
car. For example: A Dodge
Caravan minivan depreciates 25% in
the first year so buying a one year
old Caravan can save you about
$7,500 plus taxes!
In the past, used car financing was
amortized up to a maximum of 60
months or five years. Today most
Used Car Loan Lenders will finance a
vehicle for up to 84 months or eight
years. This means that you can
control the amount of your monthly
payment adjusted to the term you
desire. If you want to pay it off
sooner, you choose a higher monthly
payment and shorter loan term or you
take a cheap monthly car payment
over a longer period of time. You
choose!
