Blog / Should I Use a Personal Loan When Buying a New or Used Car?

Blonde woman stands proudly next to her purchase of a new or used vehicle thanks to the help of a personal loan

Are you in need of a new or used vehicle? Maybe it's time for your first car. Maybe your old car has broken down a few too many times to be trustworthy. Or maybe you were in an accident and the old car was totaled.

Either way, it's time to make some decisions as to how you'll get yourself behind the wheel of a vehicle you can feel confident in while driving. But do you currently have the funds to purchase one outright?

When it comes to purchasing a new or used vehicle, many buyers simply go through the traditional method of financing through the dealer. But what some consumers have come to realize is the benefits of financing their vehicle purchase through the use of a personal loan instead.

Personal loans can be acquired through a variety of lenders. Some are more strict on who they lend to, like banks and credit unions. Lenders that specialize in the personal loan process, like Atlas Credit, are far fairer on their loan qualification terms and tend to offer personal loans even to borrowers with bad credit.

One of the best uses for personal loans in relation to car purchases is when trying to buy an older model vehicle. Often times, banks see older model cars are more questionable purchases than newer models and may be hesitant to lend money to consumers unless they have terrific credit or a lengthy borrowing history already established. If you want to buy a used car, applying for a personal loan through a lender like Atlas Credit may be your easiest option for putting your keys in the ignition and driving your purchase off the lot.

Many people also worry about the threat of banks swooping in and seizing their vehicles because they were unable to pay the often steep monthly payments. Banks want to be sure they get their money back and rarely stick their own necks out on what they perceive to be a risky purchase. But through a personal loan lender, you'll have the peace of mind knowing that you're on a repayment plan that you choose, with rates that are more affordable for your specific situation.

Another great aspect of using a personal loan to purchase an automobile in Longview, Waco, Fort Worth, or even Austin, Texas is the feeling of having the cash in hand when you approach the dealer. By applying online or in person through Atlas Credit before you go to the dealership or seller, you'll have the money ready, instead of walking up empty-handed. This looks better to anyone selling you a vehicle and will give you the confidence to make the right choice.

If you're in the market for a new or used vehicle, consider using a personal loan from Atlas Credit. Qualifying is easy, even if you have bad credit! Apply online through our easy loan application form, or contact us today to learn more!

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