When it comes to financing a vehicle, there are plenty of options available for new or used cars alike. However, several factors determine what Acura financial assistance you’re eligible to receive. The finance department at Acura of Sherman Oaks is here to help you understand the elements that influence your financing options.
Financing Used Cars vs. New Cars
Our pre-owned Acura models typically come with a lower price tag than new cars, which means lower monthly costs for you. If you’re worried that you might not qualify for a new car loan because you can’t make the monthly payments, securing a used car loan might be the more attractive option.
Various factors go into qualifying for auto loans, including credit history, placing a down payment or trade-in, and insurance rates. Since used cars feature less financial risk to the dealer, used car loans are easier to qualify for.
How Credit Rates Influence Used Car Loans
Buyers with bad credit history typically can’t finance a new Acura car. But Acura of Sherman Oaks can help you secure a used car loan even if your credit has seen better days.
Whereas a poorer credit score severely hurts your chances of financing a new vehicle, it’s less harmful toward qualifying for a used car loan. Specifically, a lower payment threshold and lower premiums mean a used car loan can be a perfect fit for drivers with less-than-stellar credit.
Check Your Acura Financial Options at Acura of Sherman Oaks
If you’re unsure whether you’ll qualify for a used car loan, talk to the finance department experts at Acura of Sherman Oaks. We work with numerous lenders to secure the best Acura financing options for you.
