Tips for Financing a Used Car
If you’re shopping for a pre-owned set of wheels, then you’re probably looking for some tips for financing a used car. Well, the team at Marino Chrysler Jeep Dodge Ram has them!
We’re a local used car dealership serving the greater Chicago area, and we’re always happy to help drivers near Skokie, Park Ridge, Forest Park, and other areas take the wheel of a car they love.
You’ll find our top used car financing tips below. When you’re ready to get things rolling on your car- search journey, contact us and we’ll help you out.
1. Set Your Used Car Budget
Figuring out your financing plans is the first step in any car search. The general rule is to allocate no more than 20% of your monthly income to car payments. This includes:
- Your monthly car payment
- Insurance and registration costs
- Maintenance and fuel costs
These numbers will vary based on factors like your loan terms and your down payment. For example, if you decide to put more down upfront, then you may have a lower monthly payment. However, if you want to pay your used car off sooner and decrease the loan length, then expect higher monthly payments.
You can use our payment calculator tool on our website to have some fun and play around with the numbers to see what kind of payments you can expect based on a variety of details. Or, reach out to our finance team directly to chat with one-on-one about your specific needs.
2. Decide if you Want a Certified Pre-Owned or a Used Car
Now that you have an idea of the kind of financing you’re looking for, it’s time to decide whether you want to shop for a certified pre-owned (CPO) or used car. Both have all the benefits of used cars, like the wide variety of options and the smaller price tag than you may get with a new car.
However, Chrysler, Jeep, Dodge, and Ram CPO cars have additional benefits, like:
- Detailed 125-point inspection
- Two limited factory warranties
- 24-hour roadside assistance
- Complimentary CARFAX® vehicle history report
One thing to keep in mind about CPO vs. used cars is that CPO cars tend to be newer model-year vehicles with less miles in their rearview mirrors. This, plus the additional benefits listed above, tends to give them a higher overall cost than used cars.
Consider the pros and cons for yourself or ask a certified auto finance expert for assistance.
3. Work Closely with Your Dealership’s Finance Center
Our final tip for financing a used car is to work closely with the finance center at your dealership. These teams are well-versed in the ins-and-outs of used car financing and can help you get the right kind of loan for you.
At our dealership, our auto financing experts work with all our guests to go over their options, as well as any deals, incentives, or special programs they may qualify for. Plus, we have a good relationship with several local lenders whom we can reach out to on your behalf to help you get the kind of financing you need to take the wheel of your next used car.
You can complete our finance application online at any time and our finance team will be in touch shortly.
Need More Tips for Financing a Used Car?
Do you want to talk more about financing a used car in the Chicago area? Then contact the finance center at Marino CJDR and we’ll give you more of our top tips.
Drivers near Park Ridge, Skokie, and Forest Park can contact us to get started today!