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What is Used Car Financing?

calculator next to a toy blue car on top of money with a notepad towards the bottom of the photoAre you tired of driving around during one of El Paso’s hottest summers in a car that has no AC, or one that constantly breaks down and just isn’t cutting it anymore? If this is the case, it’s about time you upgrade your vehicle. While many people opt to buy a brand new car, it’s often better to choose a used car. Not only can you get a car in great condition, you can get one for a great price. Another great thing about buying used? “Buy here pay here” used car financing, which can help you get financing to buy a car that may be above your price range without having to worry about things like your credit history. At Express Auto Credit, we have used car financing options available for you. First, let’s discuss what used car financing is and how it works.

What is Used Car Financing?

Used car financing is loans and other financing given to you to help you can purchase a used car. As a “buy here pay here” used car dealership, you can drive away in a quality vehicle the same day you purchase one and then continue making payments to us, the dealership, without having to go through a third party. This way, you don’t have to worry about your credit history getting in the way of your eligibility for a loan.

How Does it Work?

When you purchase a used car from us, you have two options. If you have a strong credit score, you can opt for direct lending, which is when you get loans and financing from a bank or credit union. However, this option isn’t always viable since many of us don’t have the best credit (we’re only human, right?). This is where the “buy here pay here” option comes in. We’ll assist you with finding a car that meets your needs and budget. Once you pay the down payment, we’ll finance the rest. Then, you’ll pay your monthly payments directly to us, instead of the bank.

Frequently Asked Questions

We often hear bad things and concerning questions about used car financing that derive from myths a lot. The biggest question we hear concerns interest rates. There’s no set interest rate that you are charged at all used car dealerships. We use your credit score to assess what interest rate to charge you.

We also won’t overcharge you for the down payment, another misconception about “buy here pay here” used car lots. We charge you a rate based on the age of the car and other factors instead.

Visit Our Lot Today!

With our used car financing options and “buy here pay here” methodologies, you can drive away in the car of your dreams today! Call or visit us today!

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