Can You Finance a Used Car?

If you’re shopping for a used car near Fort Lee, the place to go is BMW of Tenafly. We offer a wide selection of pre-owned cars, trucks, and SUVs, all in top condition and affordably priced. While we keep our used vehicle prices very competitive, most drivers will need to take out a loan to cover the purchase. Can you finance a used car? Yes, pre-owned car financing is an option that many used car shoppers take advantage of. So, how long can you finance a used car? Or rather, how many years can you finance a used car? Most used car loan terms range from 5 years (60 months) to 6 years (72 months). Learn more about how to finance a used car from the experts in our finance center, then apply for a used car loan from us online today!

How Long Can You Finance a Used Car? 

How many years can you finance a used car? As noted above, most used car loans can be anywhere for 5 years to 6 years, but there aren’t any hard-and-fast rules when it comes to the length of your used car loan term. You should be aware that some lenders may set their own loan term restrictions based on the age and/or mileage of the vehicle. However, when you shop at BMW of Tenafly, you won’t have to worry about not being able to find a used car loan length that will suit your budget. We have relationships with a wide range of Cresskill-area lenders, and our experts are here to help you find a loan with terms and rates that will best suit your budget.

Short Used Car Loan Term: Pros & Cons

When looking at how to finance a used car, you’ll need to decide how long of a loan term you want. A shorter loan length will typically cost a bit more up front, but as long as you can comfortably pay the amount each month, Closter-area drivers like you can save money in the long run.

Short-Term Loan Pros

• Less Interest: A shorter loan term will allow you to pay less in interest than a longer loan term.
• Faster Pay-Off: With a shorter loan term you can pay-off the vehicle sooner and enjoy all of the benefits of ownership.
• 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: A short term loan offers fewer monthly payments, but you’ll be paying a higher amount each month. That’s why it is important that you 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: A lengthier loan term spreads the total cost of your vehicle over a longer period of time, so you’ll have smaller monthly payments for the duration of the loan.

Long-Term Loan Cons

• Higher Interest: The longer the loan term, the more interest you will accrue.
• Vehicle Depreciation: All cars depreciate over time, so if you plan to sell your car at the end of your loan term, it will most likely 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 BMW of Tenafly

How long can you finance a used car? How many years can you finance a used car? The length of a used car loan will depend on what is offered by your lender and what fits best with your budget. The team at BMW of Tenafly will work with you to ensure that you get a used car loan that you are comfortable with. Our used car prices are very competitive and we often carry a great selection of used vehicles priced under $20,000. Make sure to explore our current pre-owned vehicle specials to see how much you can save on a high-quality used car, truck, or SUV at our dealership in Tenafly. If you have any questions, please feel free to contact us online or give us a call at (201) 643-7514. 

Please don’t hesitate to contact us online or call us at (201) 643-7514. We are ready to put you behind the wheel of an exciting new BMW X3, so come see us today!