Financing a Used Car: Myths & Benefits of Car Financing

Buying a car is one of the bigger investments most people make aside from purchasing a home. It’s only natural to weigh your options first. With new car prices up over 30% in just the last 5 years, more and more people are looking to finance a used car instead.

This Major World article has everything you need to know about financing a used car and pokes holes in myths about car financing. 

Busting The Myths About Used Car Financing

Financing a used car has to be one of the most misunderstood processes out there. But we’re here to set the record straight by busting a few of the myths we’ve heard right off the bat.

Myth #1:  You can’t get vehicle financing unless you have good credit!

This one blows our minds. LOTS of people have not-so-great credit. If no one without an 850 credit score could get a used car loan — there would be a whole lot less traffic on the LIE and a whole lot more people riding the train and bus. You CAN get financed. You may need a little bigger downpayment or have a higher interest rate than someone with perfect credit. But, we will always do our best to get you a fair shake at Major World and we’ll work with you. 

Myth #2:  Applying for a used car loan makes your credit worse!

This one is also NOT TRUE at Major World. You can pre-qualify yourself for financing right here right now and it won’t ding your credit one bit. It wouldn’t make a whole lot of sense for us to hurt our customer’s credit when we’re trying to get them financed to buy the SUV of their dreams, would it? No. So we don’t do that. Apply with confidence today and let’s get you into some new wheels. 

Myth #3 You can’t get approved for an auto loan if you already got turned down somewhere else!

Yeah, no. This one is nonsense too. Different lenders have different criteria. We have lots of customers who come to us because they applied for financing at another dealership and either got turned down or didn’t like the payments or interest rate they were being offered. 

What Are the Upsides of Financing a Used Car?

With some of those myths out of the way — let’s look at why more people are financing used cars in Long Island and NYC than ever before. First of all, with new car prices up over 30%, this decision is a lot clearer than it used to be. Think about it. You finance a new car for $35,000. The minute you drive it off the lot, the value drops and you haven’t even made your first payment yet! 

Now picture coming to Major World. You find a wide range of used vehicles from BMW, Audi, Honda, Toyota, Ford, GMC, Jeep, Land Rover, and Mercedes. Not only that, but you’ve got them at all different price points. Where are the chances better that you find the perfect used car for you at the perfect price? At that new car dealership? Or right here at Major World? Come on now. 

Why you should finance a used car instead of a new one:

• Getting financed to buy a used car is often easier than buying a new car. 
• Used cars are a better value — someone else already ate the depreciation. 
• Financing a used car gives you more choices in one dealership AND more value.
• Buying used means you don’t have to give up features you want to get the price down.
• Your new car is used the minute you drive it off the lot anyway.

Major World Gives You More Vehicle for Your Money

More New Yorkers are buying used SUVs and cars than ever and it’s easy to see why. Major World delivers more value for every dollar. We also have a huge selection of luxury SUVs, performance cars, and sports sedans ready for you to test drive. 

Check out our unparalleled stock of used vehicles through our online search portal. Our easy, no-BS financing process is second to none. You can even start it right now and it won’t ding your credit, so you’ve got no excuse. Get on that! 

Why mess around? Major World is the very best used vehicle dealership in Long Island. You deserve the Major World standard of customer care. Give us a call now at (866) 614-2884.