Used car credit
How to find the best credit to finance a used car?
Several solutions are available to you if you have chosen to buy a used car: credit assigned to the garage, personal loan to the bank or to a specialized establishment. You can buy the vehicle from an individual or from a garage. Either way, the seller will ask you for a cashier's check to make sure you get paid. To establish this check your bank may charge you a fee (in the order of 20 us dollars). Some online banks write cashier's checks for free; if it is a credit institution, it is possible that for a single check this is offered.
Example for a loan of 10,000 us dollars for a used car over 48 months
To help you make the right choice, we have compared the cost of credit, that is, what you will actually pay!
Credit simulation for the purchase of a used car $ 10,000 over 48 months | ||||||
| # | Etab. | Mens. | Cost of credit | |||
|---|---|---|---|---|---|---|
| 1 |  | $ 221.12 | $ 613.76 | |||
| For a loan of 10,000 us dollars, you repay 48 monthly payments of $ 221.12 (excluding insurance), for a total cost of $ 613.76. No administration fees. APR from 2.99%. | ||||||
| Make your own simulation or request online on Paydaynow . It's simple, fast, without obligation, and also suitable for mobile. | ||||||
| 2 |  | $ 221.12 | $ 613.76 | |||
| For a loan of 10,000 us dollars, you repay 48 monthly payments of $ 221.12 (excluding insurance), for a total cost of $ 613.76. No administration fees. APR from 2.99%. | ||||||
| Make your own simulation or request online on Cofinoga . It's simple, fast, without obligation, and also suitable for mobile. | ||||||
| 3 |  | $ 222.93 | $ 700.54 | |||
| For a loan of 10,000 us dollars, you repay 48 monthly payments of $ 222.93 (excluding insurance), for a total cost of $ 700.54. No administration fees. APR from 3.36%. | ||||||
| Make your own simulation or online application on Younited credit . It's simple, fast, without obligation, and also suitable for mobile. | ||||||
| 4 |  | $ 230.57 | $ 1067.36 | |||
| For a loan of 10,000 us dollars, you repay 48 monthly payments of $ 230.57 (excluding insurance), for a total cost of $ 1067.36. No administration fees. APR from 5.18%. | ||||||
| Make your own simulation or request online on FLOA bank . It's simple, fast, without obligation, and also suitable for mobile. | ||||||
* Subject to acceptance by the lender - Update: 11/01/20
How to find the best credit to finance a used car?
Several solutions are available to you if you have chosen to buy a used car: credit assigned to the garage, personal loan to the bank or to a specialized establishment. You can buy the vehicle from an individual or from a garage. Either way, the seller will ask you for a cashier's check to make sure you get paid. To establish this check your bank may charge you a fee (in the order of 20 us dollars). If it is an online bank or a credit institution it is possible that for a single check it is free.
Personal loan or consumer credit
Personal loans are offered by credit institutions (Paydaynow, Banque Carrefour, etc.) and general banks. It is generally in personal loan that you will find the lowest credit rates. The sale is not linked to credit and you can even borrow more than the amount of the car.
Advantage : generally lower rates, a loan that can finance several elements together, purchase of a used car and its trailer for example, the fact of owning the vehicle from the start of the loan.
Disadvantage : it is desirable to obtain a financing agreement before committing to the car.
Auto credit or affected credit
An affected credit is only available at the garage that sells you the used vehicle. The credit and the receipt of the vehicle are linked, that is to say that:- if the car cannot be delivered the credit is canceled,
- if the credit is refused the order is canceled.
Advantage : if you can't get your credit then you don't have to take the car.
Disadvantage : the rates are generally more expensive than in specialized establishments or banks because in most cases the dealer receives a commission on the loan which is passed on to the loan rate ...
The used car market in France in 2015.
Sales of used vehicles are three times greater than sales of new cars. In 2015, 5.5 million used vehicles were sold, compared to only 1.9 million new ones. Moreover, knowing that 50% of new cars are purchased by companies, this means that individuals only represent a fifth of car buyers. The average purchase price of a used car is US $ 14,000. The best-selling used cars are either very recent (to pay for a vehicle with a high discount and few kilometers) or vehicles over 16 years old (with a very low price).
| Number of units sold | Market share | CCFA figures: Committee of French Automobile Manufacturers |
|---|---|---|
| Renault Clio IV | 108,408 | 5.7% |
| Peugeot 208 | 90 367 | 4.7% |
| Renault Captur | 72,191 | 3.8% |
| Peugeot 2008 | 63 204 | 3.3% |
| Citroën C3 II | 56,382 | 2.9% |
| Renault Scenic III | 46,662 | 2.4% |
| Renault Twingo III | 45,328 | 2.4% |
| Dacia Sandero | 45,264 | 2.4% |
| Citroën C4 II Picasso | 44 608 | 2.3% |
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Check your repayment capacity before you commit.
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