How to Get Used Car Financing

happy couple holds new car key in front of vehicle

Getting a car loan or financing is a practical means for buying a used car, especially if you don’t have the savings set aside to purchase a vehicle outright with cash.

Here are some steps you can take on your journey to getting approved for used car financing:

  1. Check your credit report.
    Since your credit history plays a crucial role in your car buying journey, it’s important to check your credit report beforehand. You can obtain one free copy of your credit report every 12 months from each of the three nationwide credit reporting companies — Equifax, Experian, and TransUnion — by visiting

  2. Determine your car budget.
    You can do this by reviewing your current expenses, calculating how much you need for a down payment, understanding the costs related to owning a car, and managing your spending. If you currently own a car, selling or trading it in can help with purchasing your next vehicle.

  3. Check the car history.
    A vehicle history report provides details about a car’s ownership, accident history, title status, mileage and more. As a potential used car buyer, it’s important to have this information about the car’s history to help you make an informed decision about whether you should buy it and how much you should pay for it.

Once you’ve taken the steps to get approved, there are several options to secure used car financing.

While you can get used car financing through a bank, credit union, lender or manufacturer, there are many independent and franchise dealerships that can approve you for auto financing on a used car through the Credit Acceptance program.

We’re an indirect auto finance company that works with more than 12,000 car dealers across the nation to help car buyers get approved for new and used car financing. Begin the auto finance process and see if you pre-qualify here

Start your auto financing pre-qualification today!