Can You Finance a Used Car?

Yes, you can finance a used car! That’s how many and drivers are able to get pre-owned models that suit their needs and fit their budgets. If you’d like to know how to finance a car, or how long you can finance a used car, turn to the Brown's Family of Dealerships finance departments. Our team of professionals can help you assess your budget and find the loan that’s the best for you. If you’re wondering how many years you can finance a used car, most used car loans range from 60-72 months. Are you ready to learn more? Let’s take a look at the answers to your questions. 

Used Car Financing Restrictions

How many years can you finance a used car at a maximum? There aren’t any official limits when it comes to the length of your used car loan term, but different lenders may set their own restrictions. Some may even have policies that don’t allow buyers to finance used vehicles that have more than 100,000 miles on the odometer or that are more than seven years old. 

That said, you shouldn’t worry about not being able to find a used car loan length that’s sufficiently long. Brown's Family of Dealerships has relationships with a wide range of -area lenders, and our experts are here to help you find a lender that can work with your needs!

Short Used Car Loan Term: Pros & Cons

Even if you can finance a car for a longer term, you may want to consider a shorter loan length. As long as you can comfortably pay the amount each month, doing so has significant benefits and can save you money in the long run.

Short-Term Loan Pros

• Less Interest: Interest is added to your monthly payment each month. If you’re paying your loan for less time, you’ll pay less in interest over the course of a shorter loan term than a longer loan term.
• Faster Pay-Off: You can enjoy the benefits of ownership—like having no monthly car payment at all—with a shorter loan term.
• Easier Refinancing: It’s easier to refinance your car loan if you have a short loan term since you’ll have spent less time with negative equity.

Short-Term Loan Cons

• Higher Monthly Payment: Because you’re splitting your total cost into fewer monthly payments, you’ll be paying a higher amount each month. It’s always best to select a loan term length with a monthly payment that’s comfortably within your budget. Our payment calculator tool can help you find a loan length and payment that works for you!

Long Used Car Loan Term: Pros & Cons

A longer loan term comes with benefits like a lower monthly payment, while possible drawbacks include paying more in overall interest.

Long-Term Loan Pros 

• Lower Monthly Payment: With a longer loan term, you’re spreading the total cost of your vehicle over a longer period of time. That means you’ll pay a smaller monthly amount for the duration of the term.

Long-Term Loan Cons

• Higher Interest: The longer the loan term, the more interest accrues by the end.
• Vehicle Depreciation: Whether new or used, all cars depreciate over time. If you plan to sell your car at the end of your loan term, be aware that it will have lost more value by the end of a longer loan term than a shorter term.

Learn More About Used Car Financing at Brown's Family of Dealerships

Now that you know the basics about how to finance a used car, it’s time to start shopping the used truck selection at Brown's Family of Dealerships! With dealerships in four IA towns, there’s at least one that’s convenient to . We’ll do the work to get the best used car rate available to you. You can save even more when you shop our used vehicle specials. We’re ready to help you find the pre-owned vehicle you want!