Buying a used car can be easier on the budget than purchasing a new one, but the vehicle’s age has a major impact on financing. Lenders consider how much life a car is likely to have left, its resale value, and the chance that it may soon need expensive repairs. Those factors influence key parts of an auto loan, including the interest rate and the repayment period.
Pearl Hawaii Federal Credit Union has served Oahu for nearly 90 years and provides used-car vehicle loans with terms that vary according to the model year. Knowing how lenders use age in their decisions can help buyers enter the dealership with clearer expectations and a stronger position when negotiating.
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