Can You Finance Used Volkswagen Cars?

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There are lots of benefits of used Volkswagen vehicle. If you’re looking to finance, though, the process can be a little trickier than with a new car – but that doesn’t mean it’s impossible. We’re diving into all the details at North Penn Volkswagen.

Applying for Financing

In order to apply for financing, we first start by collecting your buying criteria. We will ask questions about your housing info, your income, and your existing expenses. Then, we present that info to the lenders we work with to find a loan for you.

Financing a Used Car

When lenders consider someone for a loan, they aren’t just looking at their buying power. They also consider the vehicle they are financing. Some lenders are hesitant to offer a loan for a used car, because they can’t be certain the car will last. They don’t want to risk extending a loan that outlives a vehicle, because drivers might be more likely to quit paying their loan back.

Used Car Financing Rates

An auto loan factors in interest, which is a fee that you owe your lender. Typically, your interest rate depends on your credit score. Because of their posed risk, used car loans often come with higher interest rates. This cost is offset, in some way, by the fact that used cars are more affordable to begin with.

Improving Your Odds

If you really want to finance a used car, there are ways that you can improve your chances. For starters, lenders are looking for ways to minimize their risk, so steps like making a sizable down payment or limiting your loan length can help. You are also more likely to get financing for a Volkswagen Certified Pre-Owned vehicle, as they pose less of a risk thanks to their strict standards and benefits:

  • 100+ point dealer inspection and thorough reconditioning
  • CARFAX® Vehicle History Report™ (with no accident data and solid service records)
  • Comprehensive Limited Warranty (up to two years or 24,000 miles for 2020 or newer models)

Explore Our Used Volkswagen Inventory in Colmar, PA

As you can see, there are still options for you if you’re interested in Volkswagen financing for a used vehicle. We’d be happy to review your options with you. Visit our Volkswagen dealership in Colmar, PA to meet with our team today!