Used Car Loan


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There are a number of good reasons you may be considering a used car or truck for your next vehicle purchase.

Price is certainly one of the more common motivators. If you’re primarily needing to get from place to place in relative comfort, the right used vehicle might fit the bill at half the expense – or less. If you’re comfortable with an older model and know enough about basic maintenance, there are some serious bargains out there.

Some buyers like older models because they’re easier to work on and they like doing basic maintenance themselves. A few may be looking for specific “collectors” models, despite the higher price ranges involved. Or maybe you have reasons of your own which don’t quite fit any of these categories. There are no “wrong” reasons for wanting a used car or truck.

Deciding to buy used gives you a wide array of options for where you’ll shop as well. Major dealerships almost always have a selection of used vehicles of various makes and models they’ve taken in on trade. You’ll likely notice countless smaller dealers set up on smaller lots around town as well.

Then, of course, there are always individuals looking to sell, through the local newspaper, online posts, or flyers posted at work or school. In the past decade, the internet has exploded with sites offering to find the vehicle you want somewhere near you, and may even show you the average purchase price of comparable options in the past year so you’ll have a better idea what to expect.

It’s great to have so many choices, but it can be a bit daunting sorting through them all. Generally speaking, the greater the security of your purchase – going through a well-established local dealer, for example – the more you’re likely to pay. The more risk you take – paying cash to a guy you found on a flyer – the better deal you may get. Or not.

Financing Used Vehicles

The average interest rate on used auto loans is noticeably higher than the average rate for new vehicles. Unlike most homes or real estate, cars and trucks generally lose value over time. A new vehicle normally serves as natural collateral for the loan through which it was purchased. Its value decreases the moment it leaves the lot and continues to decline each year, but in most cases it does so more slowly than the balance of the loan itself. (Otherwise, by the time your automobile was paid off it would be worth zero dollars, which is clearly not the case.)

With used vehicles, however, it’s easy to end up “upside down” while making used car payments, meaning the amount you owe at some point exceeds the value of the vehicle. Lenders don’t like the idea that if you default, they won’t be able to make up the balance by repossessing and selling the automobile. Thus, higher interest to offset their increased risk. It’s also a good reason to pay off your loan in the shortest amount of time you can reasonably manage.

Finally, buyers who choose a used car or truck tend to have lower credit scores. Many folks buying older vehicles do so because they can’t afford new. It’s not true of everyone, of course, but it’s true of enough.

Dealerships sometimes offer promotional financing in order to move new inventory. Zero percent financing or other specials have their own pros and cons, but they certainly lower the average interest rate being paid on new vehicles. It’s rare to find a dealership promoting similar terms on their used inventory.

Things To Consider

We never want to assume that used car dealers or anyone else is intentionally trying to mislead or take advantage of us. There are reasons, however, that used car salesmen historically have something of a reputation. Buying from individuals is risky as well, especially if you don’t know a great deal about cars and trucks yourself. Always insist on taking any used vehicle you’re considering to your own mechanic for an inspection before committing. Any seller unwilling to work with you on this probably has a good reason – meaning it’s time for you to look somewhere else.

Many dealerships offer some sort of in-house guarantee which provides at least some security for used vehicle purchases. You should still make sure you know precisely what it does and does not cover, but for many buyers this is a decent compromise between affordability and reliability. These sorts of guarantees, however, mean a higher purchase price than you’d get at a smaller dealer or from an individual – there’s always a trade-off.

At the other end of the spectrum, you’ve probably encountered used car dealers with their own in-house financing - “Buy Here Pay Here!” and such. Some even set payments on a weekly rather than a monthly basis. In a free market system such as ours, the existence of such offers suggests there’s a need being addressed. Enough people apparently want these sorts of used car loans for bad credit that it makes for a workable business model.

If you examine the options and decide that’s the best way to go for you, that’s great. Make sure you read the small print and ask all the right questions, but it’s your money and your decision. Know, however, that there are other options – even for folks with little or no credit, or bad credit. Before you commit, consider exploring the range of options for used auto loans online. The rise of the internet and our modern economy has created an entirely new branch of the world of finance. That means more competition for your business – no matter what your credit rating.

Loanry® is here to help you get your used car loan


Why Loanry?

A major purchase like a car or truck is a big decision and involves a substantial amount of money. It’s never entirely convenient, nor should it be. It’s good to take some time and consider the various factors involved – lots of research and maybe even a little worry aren’t entirely inappropriate. And if you choose to utilize any of the many used car finance options out there, that brings in a whole other set of decisions to be weighed and made.

But that doesn’t mean it all has to be as difficult or draining as it sometimes seems. It certainly doesn’t have to be the chore it was a generation ago. The wealth of information now available has forced salespeople and dealerships to radically alter the way they do business – often to your favor.

Auto financing, including used auto loans, has changed as well. There are numerous online lenders who specialize in vehicle financing, for great credit, good credit, and even bad credit, creating competition for your business and more competitive terms and rates than would have been conceivable a generation ago. And you don’t have to dress up or make an appointment to take advantage of any of it. Imagine – access to competitive used vehicle loans without having to wear high heels or a tie!

At Loanry, and across the family, we’re making it even easier to organize and manage your personal and small business finances across the board. Any connected device, from wherever you happen to be, whenever it’s convenient for you, means you can log in, check your credit score, compare interest rates, read up on the pros and cons of various types of financing, or ask us to find you a lender likely to meet your needs. It can go as quickly or slowly as you prefer – your schedule, your pace. And we won’t even ask what you’re wearing!


There are many reasons you may be looking to finance a used vehicle. If limited resources or a less-than-perfect credit history is one of them, we’d like to let you know that you’re not alone. Many Americans are currently struggling to get better control of their debt, to afford their modest lifestyle, or to manage the difficult balance between work and home, or career and family.

There are no easy answers, but neither are things as hopeless as they may sometimes feel. With a strategic and realistic household budget, a few good decisions about managing our resources, and a little insight and assistance from folks who’ve been there, you could find yourself with a better credit score and a more balanced personal or small business budget than may seem possible right now. It’s not about tricks or gimmicks or buying anything from us or anyone else; it’s about educating yourself and choosing your focus at critical moments.

You’ve heard that the rich get richer, and that’s true – but you don’t have to be “rich” for the principle to apply. The more you strengthen your credit history, the better the terms offered to you for any future financing. That means you spend less on your borrowing and have access to more resources, allowing you to use your money more productively and continue increasing your credit worthiness and your financial position going forward. It’s not just about money – it’s about choices, and power over our own lives.

And yes, money is a part of having those choices. The better choices we make starting now, with used car financing or anything else, the more choices we’ll have later.


At Loanry, we’re ready to help you find a lender who may work for your vehicle financing needs. We’re proud of our track record helping people find lenders who deal with all types of different situations, like getting a used car loan online.

But Loanry and the rest of the Goalry family is about more than that. We’re offering a complete “content mall” of related sites –,,,,,,, and of course and Each comes with a library of informational blogs about a range of related topics, along with online tools and resources available on any connected device, whenever you choose.

Our goal is to simplify the worlds of personal and small business finance and help you take control of your finances – and through them, your future. It’s not always going to be easy, but it doesn’t have to be as difficult as it sometimes seems. And you don’t have to do it alone.


Did You Hear?

“When Henry Ford made cheap, reliable cars people said, ‘Nah, what's wrong with a horse?’ That was a huge bet he made, and it worked.”

Elon Musk (Engineer & Technology Entrepreneur)

Educate Yourself

Ready, Set, here's a Green Light Light to Go with a Used Car Loan.

Sometimes we don’t need someone to make the decision for us, we just need a better understanding of the options in front of us. What’s the difference in dealer financing or borrowing from a bank or credit union? When does a credit check actually hurt or help my credit score? What is pre-approval and why should I consider it? Why would I want to pay more up front when I could just roll it all into my loan?

We’re here to help clarify some of the issues you’re likely to encounter and offer some insights on common questions and concerns. What we’re not here to do is sell you on anything or tell you what’s best for you. Only you can do that – and we’re pretty confident that with a little support, you’ll do fine.

Explained in 3 easy steps

How all of
this works?

It all starts with a simple loan request that takes a few minutes to complete.

We provide that information, at your request, to participating members who might be able to able to assist you with your financial needs. Many lenders transfer funds to your checking account as soon as the next business day.


Step 1

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Tell us things like who you are and how much money you need.It only takes minutes.

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Step 3

Check out

Funds are deposited directly to your bank account as soon as the next business day.

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Pros and Cons of Financing a Used Car

A used auto loan can help for many reasons. Whether you need the vehicle for work or to take the family around, used vehicle loans can provide you the ability to get you there.

Pro: Lower Price Means Lower Payments

A lower purchase price means less money borrowed, which in turn reduces the total amount of interest paid when compared to comparable rates for a longer loan. Lower monthly payments are more manageable and allow you to focus your resources on other things.

Pro: More Options Means Better Terms

The vast array of reputable online lenders accessible to you means your best chance of securing competitive rates and other terms. While your credit score still matters, online lenders have a reputation for being more flexible and creative than traditional lenders.

Pro: What A Great Car!

In all the talk of financing and payment options and making sure you consider this thing over that, it’s easy to overlook the best part of financing the vehicle of your choice – you end up with the vehicle! And that makes everything else in your life much, much easier.

Con: Used Vehicles Mean Higher Risk

There are great deals out there on the right used car or truck, and serious lemons as well. The trick is figuring out which is which before the paperwork is signed and the money spent. Practice extra caution when purchasing OR financing a previously owned vehicle, and always read the small print.

Cons: Higher Interest Rates

Used vehicle loans usually carry higher interest rates due to the lower collateral value of the automobile and often the lower credit rating of the buyer. They’re also ineligible for most dealer financing promotions, meaning it’s up to you to secure the best deal you can on your loan.

Con: The Risk of Upside-Down

You don’t want your vehicle to end up upside-down – nor is it ideal for your financing. The lower value of used cars means it’s possible to end up owing more than your car or truck is worth during the period of repayment, which limits your options should you wish to trade or sell.

See FAQs

Find answers to some of the most commonly asked questions here

We are a marketing lead generator and advertising service designed to provide you with quick and convenient access to third-party lenders.


We are a marketing lead generator and advertising service designed to provide you with quick and convenient access to third-party lenders.


We are a marketing lead generator and advertising service designed to provide you with quick and convenient access to third-party lenders.


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  • The selection of a third-party purchaser to acquire your information may be determined by a comparison of your registration information with available loan products. Lenders consider a number of factors when assessing your request.

  • We are not a lender, loan broker or agent for any lender or loan broker. We are a marketing lead generator and FREE advertising service designed to provide you with quick and convenient access to third-party lenders.

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  • The position of each potential purchaser may also be determined by the price the purchaser is willing to pay for the information (e.g., the higher the price, the better the purchaser’s position). There is no guarantee that you will be accepted by a lender, and we do not endorse any lender.

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  • In the State of California, Loanry, LLC is licensed by the Department of Business Oversight pursuant to the California Finance Lenders Law. Loanry’s California license #60DBO 66864 can be viewed by clicking the image on the left.

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