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Used Car FinanceHighwayFinance.com used car dealers offer the best used car finance rates and repayment terms for everyone regardless of their credit score. More often than not our local car lots can beat the used car rates offered by banks and credit unions, especially if you have a low credit score.If you have credit problems and want to finance a used car, our used car dealers can offer used car finance program unavailable to banks and credit unions. To protect consumer savings accounts banks and credit unions are subject to FDIC regulations that limit whom they can lend money to. Our used car finance companies are investment companies, and are not subject to FDIC regulations so they are best at used car finance with credit problems. |
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Best Used Car Financing For Bad CreditInterest rates, of course, are higher for people with bad credit. Moreover, most used car finance companies have offer the best terms for good credit and shorter auto loan repayment terms for lower credit scores. Cash down payment requirements also vary by credit score. The better your credit score the less money down you will need. If your credit score is high enough you may qualify for used car financing with no money down.As long as you make your payments on time getting used car financing will help improve your credit rating. People with bad credit have found that acquiring a new piece of good credit is the best way to improve their credit score. |
How Long Can You Finance A Used CarFebruary 4, 2012 - 13:21
Most used car finance companies or used car dealerships that finance bad credit limit how long you can finance a used car based on the year mileage of the vehicle at time of purchase. A general rule of thumb for most lenders, especially car finance companies for people with bad credit is that the maximum repayment term is 125,000 miles minus the mileage at the time of purchase divided by 1,250, not to exceed 72 months. In other words the lender is estimating that you will drive 1,250 miles per month an they would like the vehicle paid off the time it reaches 125,000 miles/ For example, a used car with 60,000 miles on it would qualify for: 125,000 - 60,000 = 65,000 65,000 / 1,250 = 52 months Most lenders use increments of 6 months so using the example above the lender would finance the used car for either 48 months or 54 months. |
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