14 important auto financing questions for a used car purchase

Have you been thinking about buying a Used Car? The time you take doing your due diligence can help you avoid financial losses or unexpected surprices. If it's a new area you don't have experience with, it can be difficult to remember all the questions to ask. We have compiled a list of 14 questions specifically related to the financing of your used car.


Financing questions


  • What kind of financing are you planning on?
  • Does the seller currently have a car loan that you can continue?
  • Will the seller pay out the loan before you buy it?
  • Will your credit history have any impact on the kind of financing your looking for?
  • What interest rate and repayment plan could your financial situation sustain?
  • Are there any ongoing fees?
  • Would the seller be interested in providing any financing?
  • Could it be smarter for you to lease than buying the car?
  • Do you have an indication of how much of the value of the car you can get financed?
  • What is the current climate for financing?
  • Have you received several offers on car financing?
  • Will the financing partner requires that you take up any specific insurance - and how will that affect the overall costs?
  • Does the finance option allow you any payment holidays in case you come in a situation where your finances are stretched for a short period of time?
  • As you are buying a used car, how will the financing part be making their appraisal - does it come with a fee?

...87 more questions to ask

If you are looking for more due diligence questions for your Used Car investment recommend you take a look at 101 questions to ask before buying a used car from a private seller.

 
14 important auto financing questions for a used car purchase