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That's not true. There's a whole industry of lenders for used cars. Interest rates are typically slightly higher than new cars but as long as you have a decent
by nradov 1y ago
That's not true. There's a whole industry of lenders for used cars. Interest rates are typically slightly higher than new cars but as long as you have a decent credit rating and the car isn't too old you can get financing.
Note that those lenders are separate from "buy here pay here" used car dealers. They offer their own in-house financing at much higher interest rates, targeting consumers with bad credit. Some of these are close to being a scam.
- ethbr1 1y agoIndeed. Many banks offer used car loans. https://www.investopedia.com/the-best-used-car-loans-11703063 https://www.investopedia.com/the-best-used-car-loans-1170306... I've used PenFed for years: https://www.penfed.org/auto#cbs https://www.penfed.org/auto#cbs
- nbadg 1y agoWow, did not realize that private-party purchase vehicle loans were a thing. Wild that the banks are willing to take on that much risk.