You need a vehicle but can’t afford a new one. You want a used vehicle, but don’t have that kind of cash on hand. You can breathe easy with financing from Stanley Automotive Finance Enterprise or S.A.F.E. You can feel confident we are here to help you, our customers, get a quality used vehicle.
When you use SAFE, you can get approved for financing whether you have low credit or no credit. With SAFE, your financing will help you build your credit score. Used vehicles have a lower sticker price and you can shop for higher end used models because they are more affordable than new.
With a lower price, you will have a shorter term to pay off the loan on your vehicle. If you keep your payments up on time, when you reach the end of the loan term, your credit score will improve.
When you buy used, you also save yourself the early depreciation that occurs when you buy new. A new vehicle’s value can depreciate as much as 30% in the first year alone, while a used vehicle depreciates more slowly.
If you pay cash on a vehicle, you only get what you can afford based on the money you have saved. Financing gives you a more flexibility to get the vehicle you really want. The cash you saved can be used as a down payment, which will lower your monthly payments and can shorten the term of your loan even more.
The down payment for a used vehicle can be lower than for a new vehicle. It will help reduce the amount you owe, which will help you find an affordable vehicle. Many times, you can use your current vehicle even if it’s not in great condition as a trade-in on a better used model.
The more money you can put down for your used vehicle, the more you save. You can also get a higher-quality model with a larger down payment. For instance, you may be approved for $15,000. If you have an extra $5000 in cash, you can now afford to buy a used model for $20,000.
Lenders are often more willing to extend a bigger loan to buyers if they have a significant down payment. It’s called leveraging the risk, which means that you have more risk involved if you paid more cash as a down payment. You’re more likely to pay off the loan because you don’t want to lose your cash. Lenders see you as a safer credit risk when you have a down payment for a used car loan.
When requesting financing, you can apply through your local Stanley Dealership’s website. Stanley dealerships do in-house financing through SAFE. You can apply for pre-approval online. Be sure you know your budget so we can get you the used car you can afford. Apply for your used automotive financing at SAFE today!