Unless you are buying a used car from a dealership that offers its own financing or has a special relationship with a bank, it may be tough to find good used car loans for certain vehicle purchases. This is especially true for custom vehicles and inexpensive used cars, especially if the transaction is owner to owner. Banks like to be able to cover the loan with the value of the vehicle. In a case where someone has customized a hot rod for a niche market, banks may not see the same value you do. Similarly, an $8,000 car for a high school student’s first purchase is unlikely to garner a long line of willing lenders. Luckily, for those who are looking for unique used car loans, sites like myAutoloan provide a suitable answer.
In fact, myAutoloan provides several tools for applying online. A single application can lead to multiple loan offers, including finance packages from lenders who specialize in unique situations. Here are some of the times myAutoloan can help match you with a perfect lender for used car loans.
Classic or Specialty Cars
Whether you are looking to buy a custom-built hotrod or an antique show car, it is hard to get financing. There are lenders willing to strike a bargain in these situations, and you may even be able to take advantage of rates as low as four percent. The type of deal you can score through specialty lenders does depend on your credit history and earning potential, just as it does with traditional use car loans.
In addition to classic and collectibles, some people are looking for sport cars. They want to purchase a car they can race in drifting events or other street-style sports. Beginners to car racing often buy their first car from another racer, and usually the vehicle is more than gently used. In such cases, it can be difficult to obtain a car loan if you are not looking in the right place.
Low Cost Cars
Many financial institutions will not deal in car loans under $4,000 to $7,500 for a car and most will not finance older or low-value used cars. Some used car dealerships offer in-house financing, but this often comes with high-interest terms. If you are in the market for a car priced over $7,500, myAutoloan can help you find an interested lender that will probably offer a better car loan option than the local used car lot. It is not that your local lot is unethical. Online lenders deal in more volume and are able to offer better rates.
Poor Credit Loans
If your credit history is keeping you from a car purchase, there is hope. Many used car loans are offered to those with poor credit every day. You can apply online by completing a single application, then review several loan offers. Instead of spending time on the phone with various lenders or taking a horrible offer from the dealership, consider using the internet to test the waters for used car loans. You may be surprised at the deal for which you qualify.