Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Used Auto Financing and other Auto Loans topics.
When you apply for a used car auto loan, keep the age of the car in mind. Larger loan amounts and longer financing terms may make sense for a certified pre-owned car that is fresh off lease with low miles and a long warranty.
If you are buying a later model car with higher mileage that's out of warranty, you should borrow as little as your budget will allow and pay it back over as short a term as you can. Otherwise, you may find yourself in the position of having to pay for both costly repairs and a car payment.