Cars are pricey items, and it’s often an impossible mission to compile enough cash to buy them outright. Thankfully, there are plenty of financing options available in today’s world that will allow you to get some wheels under you so you can hit the road without worrying about extra padding in your bank account.
Las Vegas used car dealerships typically offer a range of financing options, which means some choices may work better for your unique situation than others.
Bank vs. Credit Union vs. Dealership
Like anything else, there can be advantages and disadvantages to any of these options.
Credit unions often offer competitive rates, but it’s not uncommon for them to require loan applicants to be members of their companies before they’ll consider lending money. This could mean you might have to have a checking, savings, or other account in order to obtain the loan.
Banks can often be great resources, but it’s important to know that the wait times for approval can vary greatly. If you’re looking to drive off the lot with a car on the spot, bank loans may not work well for you.
Most Las Vegas used car dealerships have finance teams onsite with professionals who are skilled in the auto industry. These people are experts at finding the best options for their customers, and the loans are usually signed, sealed, and delivered when a consumer finds the car of their choice. With fast approval, and efficient paperwork, this is often the way to go if you’re ready to put the keys in the ignition.
Longer vs. Shorter Terms
Paying your loan off quickly with a shorter-term loan will usually save you from paying excessive interest in the long run, but the monthly payments are typically higher. Longer loans, which are usually available for up to 60 or 72 months, will offer you a lower monthly payment, but you will be paying interest for the duration of the loan.