Where can I get a used car loan?

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Where can I get a used car loan?

But even when you choose used, you might need a loan to pay for the vehicle, especially if it’s a late-model car. Banks, credit unions, auto dealerships and online lenders all offer used car loans. To find the best loan for you, it’s important to understand what each of these lenders has to offer. Used Car Loans From a Bank or Credit Union

Q. Can I get out of a used car loan?

But if you’re struggling to keep up with your payments, you may be wondering how to get out of the loan. There are a few options you can consider, including selling the vehicle, working with your current lender and refinancing your car loan.

Q. How long do you have to back out of a car loan?

Can You Cancel a Car Loan When You Change Your Mind? The short answer is no. There’s normally no buyer’s remorse in the car loan contract nor a cancellation clause. The federal “cooling off” rule, which gives you three days to cancel a high-pressure purchase, doesn’t apply to car sales.

Q. Is there a way to get out of a car loan?

If you want to avoid repossession, but you have no other options, you can voluntarily surrender the vehicle to your lender. A voluntary surrender allows you to return the vehicle to your lender on your terms, and while it can damage your credit, it won’t have as big an impact as a repossession.

Q. Can you sell a car after getting a car loan?

Unfortunately, all too often you’ll likely find the dealer is not willing to take the vehicle back after the loan is approved. If that’s the case, contact the bank to determine the full amount you’ll need to pay off the loan in full. Then sell the car to get as close as possible to what you owe.

Q. What happens when you pay off a car loan?

While most cars depreciate rapidly during their first few years on the road, the depreciation curve flattens out as the vehicle gets older. That makes it easier for your payments to outpace the vehicle’s loss in value. As you pay off your loan balance, more of each payment goes toward principal and less toward interest.

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