All about Financing a Used Vehicle

How do Banks Decide Whether to Approve Your Car Loan?

Four main factors determine how creditors decide to give you a car financing offer:

  1. Vehicle selection: cost, age, and mileage
  2. Application information: employment, residence, and income information
  3. Credit history: information contained in your credit file
  4. Down payment: total of cash and trade equity

How are Monthly Payments Determined?

Your monthly payment is determined by three major factors listed below in order of impact:

  1. Amount financed
  2. Term or length of contract
  3. Annual Percentage Rate (APR)

What are the Benefits of Financing?

You get:

  • Competitive interest rates
  • Flexible terms
  • No mileage restrictions
  • No fees for early payout
  • Freedom to customize your vehicle

Which is Better: Leasing or Financing?

It depends on what’s most important to you! All of us have different lifestyles and priorities in cars, life, and in finances. Car lease-versus-finance decisions must be made with your own lifestyle and priorities in mind. What’s right for one person can be totally wrong for another. Luckily, we have a team of finance experts who are happy to help you find the best option for you.


You should lease if you:

  • enjoy driving a different car every two or three years
  • want lower monthly payments
  • like having a car that has newer safety features and is always under warranty
  • don’t like trading and selling used cars
  • don’t care about building ownership equity
  • have a stable, predictable lifestyle
  • drive an average number of miles
  • properly maintain your cars
  • are willing to pay more over the long haul to get these benefits
  • understand how leasing works


You should finance if you:

  • don’t mind higher monthly payments
  • prefer to build up some trade-in or resale value (equity)
  • like the idea of having ownership of your car
  • prefer paying off your loan and being payment-free for a while
  • don’t mind the unexpected cost of repairs after warranty has expired
  • drive more-than-average miles
  • prefer to drive your cars for years to spread out the cost
  • like to customize your cars
  • expect lifestyle changes in the near future
  • don’t like the risk of possible lease-end charges
Please speak with our trade advisor for more information.
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All tax, title and vehicle registration fees are additional. See dealer for complete details.