If perks such as low prices and reduced depreciation rates have made used cars viable vehicle prospects, you’ll get to select from a variety of models. Use this guide to successfully finance your new ride. You’ll save more money and deal with fewer financial headaches.

4 Tips for Financing a Used Car

1. Get Your Credit Score

Your credit score is one of the most important factors in determining the interest rate you'll pay on your car loan. The higher your credit score, the lower your interest rate will be, and the less you'll pay in interest over the life of the loan. You can check your credit score for free online, and if it's not as high as you'd like, take steps to improve it before you apply for a loan.

2. Compare Lenders

Just like with any other loan, it's important to shop around and compare lenders before you choose one. Look at the interest rates, terms, and fees of several different lenders to find the one that offers the best deal. Don't be afraid to negotiate with lenders to try to get a lower interest rate or better terms.

3. Consider a Higher Downpayment

A larger downpayment can help you get a better interest rate and lower monthly payments on your car loan. If you can afford to put down 20% or more of the purchase price, you'll be in a much better position to negotiate with lenders and get the best deal possible. You can use a car loan calculator to see how different downpayment amounts will affect your monthly payments and overall cost.

4. Get Pre-Approved

Before you start shopping for a car, get pre-approved for a loan from a lender. This will give you a better idea of how much you can afford to spend on a car, and it will also make the car-buying process easier and less stressful. You'll know exactly how much you can spend, and you can focus on finding a car that fits your budget.

Apply for financing at FaciDeal Auto Center, the used car dealership in Haines City, FL. Offering a variety of certified pre-owned cars, including exotic and foreign cars, this dealership also combines same-day credit approvals with excellent loan and interest rates. Call (863) 588-2159 today with financing questions, or fill out the credit application online.