Some West Palm Beach drivers aren’t sure how used vehicle financing works, and the finance specialists at Lexus of Palm Beach are happy to help! When you’re ready to purchase a used or new car for your Delray Beach lifestyle, you have several options. You can purchase it with cash, lease it, or apply for financing. But is used vehicle financing different from new car financing? Can you finance a used car, or must you pay cash? Check out this guide to how used vehicle financing works to have a hassle-free used car buying experience.
The first step in learning how used vehicle financing works is to apply for a loan with a bank, credit union, or a dealership like Lexus of Palm Beach that provides in-house financing. At Lexus of Palm Beach, you can apply for credit online. These are some things a potential auto lender will evaluate before granting you a loan:
Used vehicle financing is similar to new car financing except that the interest rate will likely be higher and there may be some restrictions on how old the car can be or how many miles it can have on the odometer. If you have poor credit or no credit history, consider asking a friend or family member to cosign your auto loan.
If you get approved for a used car loan, you might have a few options. If a Lake Worth dealership offers you in-house financing, you should compare their offer with any bank or credit union loan approvals to see which works best for your needs and budget. Compare how much money you must put down, how much your monthly payments are, the interest rate, and the length of the loan. Remember, you can try to negotiate your terms until you are satisfied with them.
Once you have agreed on everything from the price of the vehicle to the loan terms, it’s time to sign the papers and close the deal. Read the entire contract carefully before you sign it. Then you get the keys to your used car or certified pre-owned vehicle and can drive it home to Palm Beach Gardens!
Now that we’ve answered the question, “Can you finance a used car?” are you ready to take the next steps? If so, explore our Lexus-certified pre-owned cars, or if you are on a strict budget, browse our used vehicles priced under $10k! Feel free to reach out to our West Palm Beach finance department with any questions.
Opt for the 2023 Lexus ES and you’ll get to drive around Delray Beach in a vehicle that’s both comfortable and exciting to drive. But, what are the Lexus ES 350 trim levels? Technically, there are five Lexus ES 350 configurations available for you to choose from. However, opt for any of the other new Lexus…
When you climb inside the 2023 Lexus NX, you’ll immediately notice that its cabin is unlike anything else available in the segment. The new Lexus NX interior is designed to be both sporty and sophisticated while offering an incredible level of luxury and refinement. Combine that with the spacious cabin and it’s easy to see…
Driving around Delray Beach in a 2023 Lexus GX will have you excited about all of the features and amenities that it offers. From premium quality interior materials to generous dimensions, there’s plenty to appreciate inside the new Lexus GX. However, did you know that it also features rugged underpinnings so you can go exploring on…
(561) 291-6004Call Now
5700 Okeechobee Boulevard • West Palm Beach, FL 33417Get Directions
Open Today! Sales: 9am-9pm
Open Today! Service: 7am-7pm
Open Today! Parts: 7am-7pm