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The Importance of Knowing Auto Loan Terms When Buying Used Cars

used auto financing in MOAll Star Dodge Dealer knows that when you’re applying for a used car  O’Fallon auto loan St. Louis, it’s vital to understand financing and how interest rates affect your overall price.  Buying used cars with All Star Dodge Dealer’s guaranteed financing has huge benefits such as depreciation control, lower overall prices, and even better insurance rates compared to new cars.

Even though used cars in general offer a variety of advantages, it’s still important to know in advance just what your auto loan terms will be. Before you finance a used car at All Star Dodge, you may want to understand the total price of the car (including all taxes, insurance rates, and interest fees) and make sure that it falls into a price range that you can afford.  You want to get as close to a total price of the car, so you can estimate just how much financing you will need to arrange.

It is important to learn about the APR or Annual Percentage Rate.  The APR is the interest rate for the entire year divided by the number of payment periods in the year.  So the APR will greatly influence your monthly payment.  The monthly payment is particularly important to consider when buying used cars on a budget.  Buyers should be careful to not just look at the monthly payment, because this figure can be deceptive.

Once all of the numbers are aligned, including total cost of ownership, only then will you really know how much you can afford, then the next step is to simply choose the car you want to buy.  Since used cars are a fantastic deal, used car financing makes sense in many situations, particularly for those with credit issues.  The advantage to used car financing is lower rates, and a more affordable bottom line purchase price.  Used car financing can be a great way to save money and All Star Dodge offers guaranteed financing on our lot as well as a wide selection of quality used cars to choose from.

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