Affordable Used Car Loan Rates You Should Know
Discover competitive used car loan rates, typically between 4.88% and 4.91%, with flexible terms ranging from 36 to 60 months. Major lenders like Bank of America and US Bank offer attractive financing options up to 100% of the vehicle's value, whether buying from dealers or private sellers. Being well-informed about current interest rates and loan terms will help you secure the best financing deal for your used car purchase.
If you're considering purchasing a used vehicle instead of a new one, you might wonder about the impact on financing options. Rest assured, many financial institutions offer competitive rates for used car loans, based on factors like the vehicle's age and your credit score. In early 2017, used car loan interest rates ranged from approximately 4.88% to 4.91%. Loan terms typically span 36 months, but options for 48 or 60 months are also available depending on your location and the lender. Major banks like Bank of America and US Bank offer attractive rates—such as 2.89% for a 60-month loan or 2.87% for 36 months—and often finance up to 100% of the car's value, whether from a dealer or a private seller. Other lenders like Capital One and Chase also provide competitive options, with some rates as low as 2.9%. Being informed about current rates and terms will help you secure the best deal for your used car purchase.
Used car financing rates typically range between 4.88% and 4.91%.
Loan terms usually include 36, 48, or 60 months options.
Major banks offer financing up to 100% of the vehicle's value.
Interest rates are comparable for both short-term and long-term loans.
Private sales are also eligible for financing from certain lenders.
