Four Steps: How to Get a Loan for a Used Car
Purchasing a used auto is a smart way to get you to the places you need without the steep cost of a brand-new car. Automotive analysts predict that prices of used cars will drop 10-20% and 2.5%-5% for new cars this year, said a report conducted by Cars.com.
As you explore your car-buying options, Members Auto (Clark County Credit Union’s owned auto dealership) is sharing four steps to increase your odds of securing a used auto loan.
1. Check your finances
Your income and credit score will play an important role in determining how much you’ll qualify for and at what interest rate the lender will give you.
In addition to having a good credit score, you’ll need to meet minimum income requirements and establish a stable work history. It’s also good to check your credit score for any incorrect reporting that may result in higher interest rates if there’s fraudulent activity.
2. Set your budget
When you get any type of loan, one of the best ways to save money is to be honest with how much you can afford. Setting a budget will help you visualize your monthly budget. Create your budget with our auto loan affordability calculator to help determine a car payment that fits your lifestyle.
3. Get a preapproval letter
Once you are confident with your budget, it’s time to get a preapproval letter from a lender. This is also an opportunity for you to compare interest rates and ensure you’re getting the best offer.
Check out CCCU’s auto loan to get competitive rates and flexible terms, plus extended warranties.
4. Shop for your car
After you receive your preapproval letter, it’s time to find a car that suits your taste and lifestyle needs. Our auto specialists at Members Auto (MABS) will work with you from start to finish to ensure you are happy with your new ride. Check out MABS’ used inventory.
Save time, money, and hassle by avoiding the franchised dealerships and start shopping for your next ride at Members Auto. For inquiries and questions about our dealership, call us at 702-939-3115 or make sure to follow Members Auto on Facebook and Twitter to get the latest news and updates on our inventory.