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Debunking Common Myths Surrounding Used Auto Loans

Posted on May 21, 2024

Debunking Common Myths Surrounding Used Auto Loans

Buying a used car can be a smart investment, especially when you find the right financing options. However, myths about used auto loans often discourage buyers. At Expert Auto near Alexandria, we aim to clear up these misconceptions and help you make an informed decision. Here’s the truth behind some common myths:

Myth 1: Used Car Loans Have Exorbitant Interest Rates

Many believe that loans for used cars always come with high interest rates. While it’s true that used car loans typically have higher rates than new car loans, they’re not excessively high. Factors such as your credit score, the loan term, and the lender’s policies significantly influence the rate. At Expert Auto, we work with multiple lenders to secure competitive rates that fit your budget.

Myth 2: Only People with Perfect Credit Qualify

Another common misconception is that you need perfect credit to finance a used car. While a higher credit score does give you access to better rates, there are financing options available for all credit levels. We specialize in finding solutions for customers with diverse credit histories, ensuring everyone can drive away in a reliable vehicle.

Myth 3: Long Loan Terms Are Better

Opting for a longer loan term might seem like a good idea because of the lower monthly payments, but it’s not always the best strategy. Longer terms can lead to higher overall interest payments over the life of the loan. We recommend considering both the monthly payment and the total loan cost when choosing your loan term.

Myth 4: You’re Stuck with Your Initial Loan Terms

Many buyers think they can’t change their loan terms after they’ve purchased their car. However, refinancing is an option that can potentially lower your interest rate and monthly payment. At Expert Auto, we advise our clients about refinancing options when it makes financial sense.

Don’t let myths steer you away from exploring used auto loans as a viable option. At Expert Auto, we’re committed to helping you navigate the complexities of car financing, ensuring you get the best deal possible. Stop by our location near Alexandria or call (877) 751-2940 to discuss your financing options and find the perfect used car for your needs.

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Expert Auto Is Great!! If I Could Do It All Over Again I Would!! They Are So Helpful Patient & Very Kind!! GREAT PEOPLE!!! Thanks So Much, We Will Be Back Soon!!

Kamal was great he got me approved in no time. If you’re facing hard times and truly looking for a vehicle please come .

Expert Auto is a great place to purchase a purchase a car. I have came here two times with no disappointments. The staff is very friendly and helpful and will make sure they get you the best deal possible. Jahmad was my sales representative and he was very informative and made sure I understood the entire process. I am extremely happy with my deal and will always return…. 😊

Hossaui, and Azeim ste the best!!

Extremely helpful and easy to work with. They helped us get the car we wanted! Would 100% recommend to anyone looking to buy a car!

Wow first I would like to thank God and then thank expert auto most of all thank Hossain and Azeem for there great customer service I was so nervous didn't know what the outcome would be cause I know I don't have excellent credit but Hossain and Azeem work above and beyond they are the best I would recommend this store and Hossain and Azeem I will send people to them I ask if you are reading this just take the time out and go to them they will do there best thanks to them I am riding in my new car I am 🙂thank you so very much Hossain and Azeem

I had a great experience with Hassain the salesman and Kamal Store manager they got me into my new 2020 Mitsubishi outlander Sport will recommend everyone who’s in need of a car to check them out.

My unexpected encounter and experience with Expert Auto was nothing short of A1. Kamal treated me with so much patience and respect. Because my credit isn’t great, I was very doubtful but his sincerity and interest in helping me made me hopeful. Unlike other car dealerships, and I have visited a few, Expert Auto do Not make you feel like they’re only trying to sell you a car. By the time I met another pleasant young man working there named Dionte, I felt like we were all old friends. I am very grateful for people like Kamal whom you can tell truly cares and loves what he does. I definitely recommend Expert Auto to anyone who is looking for a vehicle. I WILL be returning and continuing to refer. 😊

I live it here …. I highly recommend

Great service always polite and fast service !! I never got let down this my third car !! Awesome team