Used Car Financing, Loans and Leasing

Back in the good old days when you wanted to buy a car you had pretty much 3 choices (if you were lucky).. Your local bank, cash or financing at the car dealership. Not many of us keep enough cash on hand to to just buy a car outright, and it's not always the best use of your money if you did. Unless you have a good relationship with your bank that can be difficult and often inconvenient and if you are financing at the dealership then who knows what you are paying! While most have cleaned up their act in the back door finance scams many car lots have not - especially places like a smaller used car lot.

This guide is designed to offer anyone who's looking to finance a used car the information they need to avoid the common scams and to take advantage of the countless new methods available for securing your car loan. Most of the lenders we introduce here work with good and bad credit. Even if you have less than perfect credit you can get a used car loan!

Order your 3 bureau merged credit report today Before You Apply for Any Loan
Before you apply for any loan of any type I highly recommend that you know your credit score! Most auto lenders rely heavily if not completely on your credit score to determine approval and interest rate. While shopping lenders may seem smart to get your best interest rate you do run a risk of lowering your score each time one of these lenders runs your credit. For this reason I suggest investing the little bit of money and checking your own credit report. This will help you know which lenders you should be talking to and which to pass.

Buying Private Party Vs. From a Dealership
It's frustrating as typically you will find your best deal on a used car when you buy from another private party selling but obtaining financing made it near impossible to take advantage of a great deal. Take note of the lenders below that will finance a private party deal as well as a car from the lot.

Lender Dealer / Private Party Credit Notes
RoadLoans All Types Bad Credit OK An excellent choice for less than perfect credit but want the freedom to choose your car. Car must be 5 years old or newer.
Lenders Block Any Dealership Bad Credit OK This is a good service. As long as your purchase is from a dealership - any dealership they can help. Loan minimum of $7,500.
myAutoloan All Types Bad Credit OK They actually shop other lenders for you, but are a pretty good service.
Citifinancial Auto Network Dealers Only or Carmax Good Credit Not available in AK, HI, DC, Cars 5 years old or newer. Loans $10k - $60k.
1-800-AutoYes Network Dealers Only Bad Credit OK You must buy from one of their dealerships. Network Dealers Only Bad Credit OK I'm not crazy about this service. You apply - then get responses including what kind of car you can buy! A good source for high risk credit just needing some wheels. Network Dealers Only Bad Credit OK Another service that finds a dealer who will sell you a car regardless of credit history.


Used Car Leasing

If you are looking for a car to buy and keep for 5 or more years or if you put more than 12,000 - 15,000 miles per year then leasing is probably not for you. But if you are like many of us and don't drive a ton of miles but want a NICE car for a reasonable monthly payment then leasing can be a great option. A lease is basically a rental generally with an option to buy or turn the car end at the end of the lease. Not all used cars can be leased, but many late model used cars are available for lease! Check out to see how easy it is for good and bad credit drivers to get a used car lease.

Assuming A Lease

Thanks to the web mostly, there's services popping up that allow people to assume someone else's lease. If you are looking for a used car lease then you can very often find your best deals here. Sometimes people will pay you cash just to take over their lease! Check out for some of the most amazing used car lease deals you could imagine.

The risks to assuming someone elses lease should be noted, but are not much different that buying any other used vehicle. Get a buyers inspection performed on the car! Most lease agreements state that any abnormal wear and tear on the vehicle (like a wreck) can be charged for at the end of the lease. You want to make sure that someone is not dumping some sort of end-of-lease "catch" on you.

That being said - if you are looking to assume an auto lease or prefer short term leases ranging from a few months to a few years the you really should check out The concept really creates a great win-win for buyers and sellers.

Leasing a nice car with bad credit
If you have less than perfect credit but are back on your feet and ready for a luxury car here's some great options for you.

Assume a Used Car Lease and Save Thousands

Looking for a Motorcycle Loan? Click Here!