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You’re not into the brand new Honda’s. A shiny new Toyota isn’t really your deal, either. What you really want is that beautiful two year old Infinity you saw for sale yesterday. You drive by the used car dealership every day and yesterday, there it was. It’s still $15,000. Which is more than you’ve got, so you still need a loan. You rationalize that it’s a great investment, because it’s a good quality car that will last you a long time and your overall cost will be lower. You’re probably right, but a lender may not see it that way.

Right now, most lenders want to deal primarily with new cars and new car sales. That two year old Infinity has already been sold once and dealerships all over are suffering with inventory they can’t move. Needless to say, this could be a tough sell.

This isn’t to say that used car loans aren’t out there, they are and if you go through a dealership, they might be able to increase your chances of getting financed for your new used car. Your financial institution is a good place to start for a used car loan, however, as they can give you a lower interest rate if you arrange to have your payment automatically withdrawn from your account each month.

? Start your search for a used car loan in the same way you would a new car loan. Talk to your lender, shop online and at the dealership. Get pre-approved for any loan, as it increases your buying power.

? When shopping for a vehicle, consider purchasing a certified pre-owned car. Lenders like to know that their collateral is going to maintain value for at least the life of the loan.

? Don’t settle for a higher interest rate just because you’re shopping for a used car loan. If you have good credit, this shouldn’t be an issue. Most financial institutions typically offer higher rates on used car loans as standard procedure, but the rates aren’t that much higher. So, if you suspect that the lender you’re looking into is trying to charge more interest than is typical, make it a point to shop around a little more.

? As with any major purchase these days, have a decent down payment. You should be willing to part with at least $1000 for a down payment. Remember that the more you put down, the shorter the term of your loan and the lower your payments.

Also remember that before you accept any used car loan, you want to see if the final amount of the loan will exceed what your new Infinity will be worth. Make sure to review the interest and term of the loan and don’t agree to any used car loan where the payments are too high for you to comfortably afford.

With a little shopping and research, you can get a used car loan that not only has you driving that used Infinity you’ve been dreaming of, but doesn’t drive you broke in the process.