So, you’re interested in buying a used car? Good idea. Buying used is a smart, budget-friendly choice, especially when you have flexible financing options to choose from. Whether you’re buying in Halifax, Truro, Lower Sackville, or anywhere else in Nova Scotia, used car financing can make your long-awaited vehicle upgrade much more affordable.
At Race Auto Group, we offer a variety of financing methods to help you get on the road, no matter your credit history or budget. Here, we’ll walk you through our main financing options for used car buyers and help you choose the best course of action.
Choosing the Right Used Car Financing Option
With a plethora of options available – including traditional bank loans and flexible in-house financing – it’s essential to know what each method entails and how it might fit your financial needs. We’re here to provide guidance on which option might be best suited for you and your wallet. First-time buyers and those looking to upgrade alike will want to read this!
1. Bank and Credit Union Loans
If you’ve got good credit, you may be interested in a more traditional used car financing option: bank and credit union loans. These financial institutions often offer competitive rates for borrowers with good credit, and their loans come with set terms and interest rates – that means no nasty surprises!
For those with strong credit histories, a bank or credit union loan may be a reliable choice, especially if you’re looking for the lowest possible interest rate.
Don’t forget: Race Auto Group is happy to help connect you with trusted financial institutions across Nova Scotia to help you find the best rate possible.
2. In-House Financing: Flexible Options at Race Auto Group
Race Auto Group’s in-house financing options provide a more flexible alternative for those who may not meet the strict requirements of traditional lenders. With in-house financing, we can work with customers of all credit backgrounds. For our customers, that means customized terms, faster approval, and a personalized payment schedule.
It also means you can complete your entire transaction in one go. Choose your vehicle, work out your payment plan, and sign the dotted line all under one roof!
3. Dealership Financing: A Comprehensive Solution
Another popular method is dealership financing, which can give you access to a wide network of lenders who specifically offer financing options for used car buyers. Dealership financing can be especially useful if you have a moderate credit history, as many of these lenders offer competitive rates without the strict requirements that banks may impose.
Speak with our local Race Auto Group experts to learn more about our network of credible lending institutions.
4. Trade-In as Part of Your Financing Plan
One option available to used car buyers of all credit levels is a trade-in. This can seriously reduce the overall cost of your financing. By lowering the amount you need to borrow, a trade-in may mean shorter loan terms or smaller monthly payments.
At Race Auto Group, our team provides competitive trade-in values to help you maximize your financing. This service is available at each of our Nova Scotia locations, so used car financing options are never far away!
Find the Right Used Car Financing with Race Auto Group
Don’t let financing get in the way of your dream used car experience. Race Auto Group is committed to walking you through all your used car financing options, from bank loans to flexible payments, and helping you to find a solution that meets your financial needs.Whether you’re in Halifax, Truro, Lower Sackville, or another part of Nova Scotia, we’re here to help you explore every option and hit the road with confidence.
Stop by one of our convenient locations today, or contact our finance team to learn more about securing used car financing.
Frequently Asked Questions
Here are some of our most frequently asked questions about financing options for used car buyers in Nova Scotia:
What credit score do I need to finance a used car?
While a higher credit score can result in better rates, Race Auto Group works with all credit backgrounds, including those with no or bad credit.
Can I apply for financing before choosing my vehicle?
Yes! Pre-approval gives you a clear idea of your budget, and our team can help you start the pre-approval process before you select a car.
How does a trade-in impact financing?
Basically, a trade-in reduces the amount you need to finance, which means we can offer lower payments and shorter loan terms.
How long does it take to get approved?
The financing process at Race Auto Group is quick and efficient. We’ll strive to have you approved and driving home the same day!
