Used Car Auto Loans

We are so happy for you.  After hours of scouring used car lots and the classified section of the newspaper, you have finally found your dream car.  It really was owned by a little old lady who only drove it to the grocery store and took it in for all its maintenance appointments. It only has a few miles on it and is in great condition. It is the right color, and you’ve managed to haggle the dealer down to a price you can afford.  Now comes the time to write your dealer a check.

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Anatomy of a Used Car Auto Loan

Used Car Auto Loans are fairly easy to come by.  You can type “used car auto loan” or “used car loan” in your favorite search engine and it will easily bring up hundreds of options.  Your bank can offer your one.  Your car dealer will probably offer you one, too, as you discuss financing options for your new-to-you car.  Heck, we’ll even offer you one.  And even though we know that we’ll offer you the best used auto loan for your financial situation, we encourage you to shop around.  Check out all those websites, talk to your bank teller, and listen to what your dealer has to say (though we guarantee his rates will be the highest).  Once you’ve done your research, we’ll be ready for you.

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New Car vs Used Car Auto Loans

Before you jump into your new-to-you car and into a major financial commitment, however, be sure that you are making the correct car purchase.  Consider whether you should buy a new car instead.  If you are concerned with the money issue, buying used may be your best bet.  New cars depreciate 30-70% within their first two years.  Translation: you can buy your car for 30-70% less if you buy it a few years after it comes out on the market.  But if you are more concerned with warranties and special features than price, buying new may be better for you.

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* Auto Loan Center is not an auto loan lender or broker, but provides information about auto loan products and lenders. Not all products and services are available in all states.

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Current Rates


36 month new car:
60 month new car:
48 month used car:


Rates vary depending on your credit and the lender

Updated: January 2014

Source: Uehara Index