Used Car Financing is coming back with Guaranteed Approval

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For much of 2009, there was a noticeable shortage of used car financing. While dealers adjusted their inventories to account for fewer new cars being available for sale, their stocks of used cars increased dramatically. But to the frustration of many potential recently new car buyers, competitive financing was very hard to find. This seemed to fly in the face of what the dealers were trying to do which was to bolster the sales of used cars to offset the sharp decline they were experiencing in their new cars.

Fortunately, there are encouraging signs that used car financing is making a revival. This will make a huge difference in the number of used car loans that can be sold by dealers. Everyone recognizes that the best auto buys today are in the used car market. The sticker prices for most new cars, there are a few exceptions, continues to escalate and pretend that the economy is not in a recession. Even with 0% financing, a new car is still a very expensive proposition. What makes it even more depressing, is how much value the new car loses in just a few short years. The car that costs $40,000 new, and many do, particularly the SUV’s, often drops within 2 years to the mid to low twenty thousand dollar range. That’s an enormous negative change.

Smart buyers have learned that a car several years old can still look and drive like new but can be acquired with a substantially smaller investment. This is where the importance of competitive used car financing comes back into play. With readily available auto financing, many car buyers will choose the used car. Fortunately for these buyers the financing market looks like its coming back. Where this is very noticeable is on the internet which has become the place of choice for most used car buyers to start their guaranteed auto financing.