Financing a Used Car? Here’s What You Need to Know

At our dealership, we believe in transparency, honesty, and putting your needs first. When it comes to financing a used car, there are a few important things to keep in mind. 

Let’s dive into it:

1. Full Coverage Insurance: Beyond Car Payments

You’ve found the perfect used car, negotiated the price, and now you’re ready to sign the paperwork. But wait—there’s more! Full coverage insurance is a critical requirement. 

Here’s why:

• Understanding Full Coverage:

  • Full coverage insurance goes beyond liability coverage (which pays for damages to others if you’re at fault). It also includes comprehensive and collision coverage for your own car.

  • While liability coverage is often legally required, comprehensive and collision coverage protects your investment.

• Why You Need It:

  • Full coverage insurance provides peace of mind by safeguarding your car against accidents, theft, vandalism, and natural disasters.

  • Not only will it protect your investment, full coverage insurance is required if you have a vehicle on payments. Nothing is worse than paying for a car you cannot even drive.

• Our Advice:

  • Get a Quote Early: Don’t wait until you’re signing papers to find out the cost of insurance. Request quotes beforehand so you’re not blindsided.

  • Budget Wisely: Factor in insurance costs when planning your monthly budget. It’s more than just car payments.

2. No Refinancing! Know Your Monthly Commitments

Our lenders don’t allow refinancing, which means the terms you agree to are set. Here’s what you should consider:

• Monthly Payments Matter:

  • Calculate your total monthly commitment. Add up your car payment and the insurance premium.

  • Knowing this combined figure is crucial for managing your finances effectively.

• Plan Ahead:

  • Life changes—job transitions, unexpected expenses. Ensure your monthly commitments align with your financial reality.

3. Part Availability: The Hidden Cost

Now, let’s talk about parts. If you’re eyeing a rare or hard-to-find car, be aware of potential challenges:

• Aftermarket vs. OEM Parts:

  • Finding parts for uncommon cars can be tricky. Often, only aftermarket parts are available.

  • Case in point: We once bought a 2008 Pontiac G8 that needed struts. Without proper research, we paid $1200 for just 2 struts. Meanwhile, a 2008 Pontiac G6 has struts available for $250.

Remember, we’re here to guide you through the process. Our caring team ensures you make informed decisions without pressure. Happy car hunting! ???

Do you have financing?

We do have financing available through banks and lenders. Meaning, we have outside financing. We can discuss it further with you what this means, but we do recommend trying to get your OWN financing/bank just because you'll get a better interest rate than with our people. WE HAVE NO PROBLEM trying just saying, you'll get a better deal on your own.

Do you do Buy Here Pay Here?

Certain vehicles with half down. Please contact us with more questions.

Do you accept cash?

YES! Yes we do, we also give deals on used cars if you come cash.

Can people outside of Lebanon buy used cars from you?

Yes of course! We have plenty of customers who come looking for used cars for sale that are from Indianapolis! We get people from Kokomo and even people out of state. I did not realize how far people will drive for a good deal but there are people out there, and we always appreciate you making the trip out to us!

Can we get the vehicle inspected before purchasing?

100 million times, yes! We have no problem with you taking extra time to check out the vehicle. The only thing we ask is your timeframe + to take it to an insured mechanic and not a backyard mechanic. You can bring anyone with you to check it out at the lot!