Can You Finance a Used Car?

2021 Buick Encore on the road

Can you finance a used car? The answer is yes, especially when you team up with White Bear Lake Superstore. We offer flexible used car financing options on the vehicles in our pre-owned inventory, as well as plenty of tools to make it easy. Since we work with a number of lenders, the experts in our finance center can secure the terms and rates that are the best fit for your budget. Learn more about how to finance a used car and how long you can finance a used car, then visit us in White Bear Lake to get behind the wheel of an affordable, high-quality pre-owned vehicle today!



How to Finance a Used Car

The process for financing a used vehicle is essentially the same as financing a new car. Some of the things you can do before you begin shopping for a used car near Minneapolis include:

  • Take a close look at your budget to determine how much you can afford to pay for a used vehicle. You can use our convenient online payment calculator to see how much your monthly payments will be.
  • If you plan on trading in your current vehicle, our trade-in estimator powered by Kelley Blue Book will give you an estimate of the fair market value of your vehicle. Note that the final amount you will be offered for your car will depend on a physical appraisal at our dealership.
  • Get pre-approved by completing our online credit application.

How Long Can You Finance a Used Car?

So, how long can you finance a used car in terms of years? While, on average, how many years you can finance a used car is 5 years to 6 years, most lenders have some restrictions on how long you can finance a car. While there is no set limit on the maximum amount of time to repay a car loan, there are a few guidelines that banks and other lenders follow. It’s best to contact your preferred lender and ask about their restrictions on used car financing before taking the next step.

It is important to add that some lenders have a policy on used cars that prevents buyers from financing vehicles over seven years old and with over 100,000 miles on their odometers. Again, you should contact your lender to learn more about their policy on how many years you can finance a used car. Fortunately, at White Bear Lake Superstore, we carry a fine selection of low-mileage used vehicles, so you’ll have options that will be agreeable to your lender.

What Are the Pros & Cons of Short-Term Loans?

Short-Term Loan Pros:

  • Low-Interest Expenses: A shorter loan term will come with a higher monthly payment, but you’ll pay less interest over time. 
  • Faster Pay-Off: The higher monthly payment will allow you to pay off the loan faster. 
  • Refinancing: If your credit score is strong, you may have the opportunity to refinance your loan later down the road. Generally, it’s easier to do this with a short-term loan because your loan will spend less time being upside down. 

Short-Term Loan Cons: 

  • Higher Monthly Payment: The higher monthly payment of a short-term auto loan could have a negative impact on your budget. Make sure that you are financially able to meet your monthly payment obligations. 

What Are the Pros & Cons of Long-Term Loans?

Long-Term Loan Pros: 

  • More Affordable Monthly Payment: A longer loan term allows you to pay less every month, so you’ll have some leeway if your financial situation changes at any point. 

Long-Term Loan Cons: 

  • Higher Interest: Long-term loans come with higher interest rates. The longer the loan term, the more interest accrues. 
  • Vehicle Depreciation: Cars depreciate over time, although depreciation rates slow down as a car gets older. That being said, the longer the length of the auto loan, the more time your car will spend as “negative equity.” This is when the car’s cash value is less than the balance of the loan. 

Explore Your Used Car Financing Options at White Bear Lake Superstore! 

We make used car financing as easy and hassle-free as possible for our valued St. Paul-area customers by making it easy to understand how to finance a used car. In addition to our flexible financing and a wide assortment of used vehicles to choose from so, you can find exactly what you’re looking for, for your Twin Cities commutes. 


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3880 Hwy 61 N 3900 Hwy 61 N, White Bear Lake, MN, 55110
White Bear Lake Superstore 45.05818, -93.02725.