Can You Finance a Used Car?

Shopping for a used car near Newark? You’ll find a fine selection of high-quality pre-owned cars, trucks, and SUVs for sale at Hudson Nissan. Can you finance a used car? Yes, you can, and you’ll find that there are many budget-friendly options available at our dealership in Jersey City. So, how long can you finance a used car? Most used car loan terms range from 60 to 72 months, but you should note that the longer the loan term, the more interest will be owed overall. Also, some banks restrict used car financing to vehicles that meet specific requirements. Learn more about how to finance a used car from the experts in our finance center, then apply for a loan from us online today!

Used Car Financing Restrictions

How many years can you finance a used car? There aren’t any hard-and-fast rules when it comes to the length of your used car loan term, but you will find that some lenders may set their own restrictions. For example, there are some lenders that 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. However, you needn’t worry about not being able to find a used car loan length that will suit your budget. Here at Hudson Nissan, we have relationships with a wide range of Staten Island-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

When looking at how to finance a used car, you’ll need to face the question of how long of a loan term you want. A shorter loan length may cost a bit more, but as long as you can comfortably pay the amount each month, you can save you money in the long run.

Short-Term Loan Pros

• Less Interest: 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 all of the benefits of ownership sooner with a shorter loan term.
• Easier Refinancing: Refinancing your car loan is easier if you have a short loan term since you’ll have spent less time with negative equity.

Short-Term Loan Cons

• Higher Monthly Payment: With fewer monthly payments, you’ll be paying a higher amount each month. It is important to select a loan term length and monthly payment amount that will fit your budget. 

Long Used Car Loan Term: Pros & Cons

How many years can you finance a used car? A long term loan can be as much as 6 years. While your monthly payments will be lower with a long term used car loan, you’ll be paying more interest on the loan over time. 

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, so 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 you will accrue.
• Vehicle Depreciation: All cars depreciate over time. If you plan to sell your car at the end of your loan term, it will have lost more value by the end of a longer loan term than a shorter term.

Learn More About How to Finance a Used Car at Hudson Nissan

How long can you finance a used car? How many years can you finance a used car? The length of your loan will depend on what is comfortable for you and what is offered by your lender. As one of the leading Bayonne-area used car dealerships, Hudson Nissan offers an extensive inventory of affordable used cars, and our finance team will work with you to secure the best deal possible on a used car loan. Along with our low everyday prices, we also offer a featured selection of used vehicles priced under $15,000, and with our pre-owned vehicle specials you can save even more! If you have any questions, please feel free to contact us online or call us at 866-956-0450.