If you’re struggling to decide if you should finance a used car or not, here’s the good news! Not only is financing a great way to get behind the wheel of a used car you love quickly, but there are many other advantages to be excited about.
A lot of people are not in a financial position to pay for a car in full without needing a loan. A big misconception is that good credit is required to finance a used car – but Manitobans with all different types of credit are approved for financing with Birchwood Credit every single day!
In this blog, we’ll explain the advantages of financing a used car and why it could be a choice worth making for you.
ADVANTAGE #1: LOWER COST
The main advantage of buying a used car versus buying a new one is the lower price. If you’re looking to save a bit of money, shopping for a pre-owned model is the best way to go.
ADVANTAGE #2: LOWER PAYMENTS & LESS FEES
Buying a used car offers better value because of lower monthly payments and lower insurance rates. You can also avoid many of the extra costs and upfront fees that come with buying a car that is brand new.
ADVANTAGE #3: BETTER RESALE VALUE
Used cars depreciate slower and can have a more stable resale value than new ones. If you plan to sell or trade in your vehicle in a few years, it’s nice to know that a used car may retain its value better than a new one.
ADVANTAGE #4: SHORTER FINANCING OPTIONS
Buying used often means more affordable financing options. Because used cars are cheaper and tend to have smaller principles, they normally have shorter loan terms than with a new car.
ADVANTAGE #5: IMPROVE YOUR CREDIT
If you finance a used car and you’re able to make your payments in full (and on time), your credit score will likely improve! Whether you have bad credit and are looking to rebuild it or have good credit and want to make it even better, an auto loan for a used car is a great route to take.
ADVANTAGE #6: OWN THE CAR AFTER
One of the most exciting parts of financing a car is that once you’ve made all your payments, the car is yours! At that point, you can decide to sell it and buy a newer vehicle or keep driving it while it’s still in good condition.
FINDING A RELIABLE USED CAR
It’s important to find a car that fits you perfectly, but also one that makes you feel safe behind the wheel. If you’re thinking about buying a used car and don’t know where to start, we’ve put together eight steps to help you have some peace of mind throughout the process.
SECURING THE BEST FINANCING RATES
Did you know? Birchwood Credit offers in-house financing services! This means we are able to provide loans to our customers directly. Doing this eliminates our reliance on the financial sector by providing the customer with funds to complete a transaction directly. An in-house car loan is a great alternative to financing through other financial institutions such as banks.
Lending our own money means more approvals, better repayment terms and better rates. Plus, we wil make sure you get into a car you love, regardless of your credit score.
We are one of the few car loan companies in Manitoba that offer true in-house financing without relying on outside brokers or lenders. If you decide to finance your vehicle through Birchwood Credit, you are dealing with a name you can trust.
Ready to finance your next ride? Get in touch today to get the easy process started! It takes only a few minutes to complete our online application form.