Used Auto Loans
Buying a Used Car
When it’s time to buy a car, the first thing you’ll need to decide is whether to buy a new car or a used (pre-owned) car. Many people choose to buy used cars to save money. Used cars are not only usually less expensive to begin with, but a new car’s value begins to depreciate the second you buy it. A used car, however, has already experienced that decrease in value, so the depreciation on a used car can be much less. If you plan to resell your car at some point, you won’t typically lose as much money upon resale on a used car as you would a new car.
There also are other benefits to buying a used car that you may not have considered. While you’ll save money at the time of purchase, you’ll save money in the long run, too, because car insurance and registry rates are typically lower on a used car. You won’t have to worry about trying to keep everything perfect in a used car, either, because used cars aren’t pristine from the start, so owning a used car can be much less stressful. Overall, purchasing a used car is very often the way to go when it comes to smart shopping.
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Come to Mission Fed for a Used Car Auto Loan with a Low Rate
There are a few things to consider when you’re preparing to shop for a used car. First, look into where you’ll be getting your loan. Car dealerships will try to sell you a used car loan from the dealer because they can make additional profit from you through the interest. However, you can typically get a much better used car Auto Loan rate from your local credit union, which is important when it comes to your monthly car payment.
Next, budget your monthly car expenses. When you’re trying to figure out how much car you can afford, make sure your monthly car payment doesn’t go above 20 percent of your disposable income. You should also try to stick to as short a term as you can afford—ideally five years or less—so you don’t end up paying a large amount of interest on your used car loan.
Advantages of Used Car Loans with Mission Fed
- Enjoy competitive rates and flexible terms
- Option for qualified members to defer their first payment up to 90 days
- There is no prepayment penalty for paying off your loan early
Apply for a used car Auto Loan today!
Plus, one monthly prize in the $1 Million Mission Fed Money Match is an Auto Loan payment match up to $500! You could be a winner just for being a member—it’s just one more way we say thank you for being a part of the Mission Fed family.
Mission Fed Auto Loan Guide
Everything You Need to Know About Auto Loans
- Understand important loan terminology
- Information for first-time buyers
- Mistakes to avoid
- What to consider when looking for a new car
- And more!
Your success is our bottom line, and that includes helping you find a great used car loan. We look forward to helping you get into your new-to-you car today!
We’re used to sharing the details. Used Auto Loan rates and terms may vary based on credit history and underwriting factors and are available on purchase, lease buyout or refinance. On refinances of Mission Fed Auto Loans, a fee may apply. Financing up to 120% based on Retail Kelley Blue Book for used vehicles and MSRP for new vehicles. First payment may be deferred up to 90 days for qualified members. Interest will accrue during the deferment period. No branded titles or commercial use vehicles will be financed. A valid driver license and current insurance are required at the time of financing. Loans are subject to approval. Restrictions may apply. Programs, rates, terms, conditions and services are subject to change without notice. 9/18
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Skip a loan payment and use your extra cash to get the job done for a low $45 fee per skip.