How to Finance a Used Volkswagen

Much like a new vehicle, you can make a pre-owned car more affordable by financing your purchase. When looking for the lowest possible monthly payment, you’ll probably ask, “How long can you finance a used car?” How many years can you finance a used car? On average, most used car loan terms range from 60 to 72 months.

Of course, there are several aspects that Monroe-area buyers should remember. First, the longer your loan term, the more overall interest will be owed. At the same time, some Concord-area banks will restrict used car financing to vehicles that meet specific requirements. Learn how to finance a used car with the team at Carolina Volkswagen. Explore some highlights below and start the process by getting pre-approved today.

How to Finance a Used Car – Financing Restrictions

How many years can you finance a used car? While there aren’t any official limits to a pre-owned car loan, many Indian Trail-area lenders can set restrictions. Some might even have policies that won’t allow buyers to purchase a used vehicle with more than 100,000 miles on the odometer.

That said, you don’t have to worry about not being able to find a used car loan length that’s sufficiently long. Carolina Volkswagen has a team of experts who can find the right financial option for your needs and answer how long you can finance a used car.

Short Used Car Loan Term: Pros and Cons

While you can finance a used car, an important consideration is whether you want a short-term or long-term loan. When determining how long you can finance a used car, you must be comfortable paying the monthly amount. Below, we highlight the pros and cons of both options so you can make the best decision:

Short-Term Loan Pros

• Less Interest: Interest will be added each month to your payments. If you’re paying your loan for a shorter period, you’ll pay less interest than you would over the long term.
• Faster Pay-Off: You will enjoy the benefits of ownership—including having no monthly car payment—with a shorter loan term.
• Easier Refinancing: You’ll have a much easier time refinancing your car loan if you have a short-term loan since you’ll have less time with negative equity.

Short-Term Loan Cons

• Higher Monthly Payment: Since you’re splitting your total cost into fewer monthly payments, you’ll pay a higher monthly amount. Choose a loan term length that works with your budget.

Long Used Car Loan Term: Pros and Cons

When debating a long-term loan, many Charlotte buyers often wonder how many years you can finance a used car. While the average pre-owned car loan is 60-72 months, there’s no set limit. A longer loan term can provide a lower monthly payment with some drawbacks.

Long-Term Loan Pros

• Lower Monthly Payment: With a longer loan term, you’ll spread your vehicle’s total cost over a longer period. This means you’ll have a smaller monthly payment for the duration of your loan term.

Long-Term Loan Cons

• Higher Interest: The longer your loan term, the more interest will accrue by the end.
• Vehicle Depreciation: Whether you’re buying a new or used vehicle, all cars depreciate. If you plan to sell your car at the end of your loan term, remember that it will have lost more value in a longer loan than a short-term loan.

Learn More About Used Car Financing at Carolina Volkswagen

Can you finance a used car? Yes, you can! If you have any additional questions about how to finance a used car, contact us online or call 980-218-0065. You can also explore our pre-owned vehicle specials and save more on your next ride. Discover reliable like-new cars near Monroe with Carolina Volkswagen!