Used Car Financing

When it comes to car loan financing, few names are as iconic as LA City Cars Car Loan Center. Known in Los Angeles for financing some of the finest automobiles, LA City Cars takes pride in having the largest selection of Pre Owned vehicles. Our reputation in the Los Angeles area is built on a commitment to transparency, a customer-friendly experience, and consistently exceeding expectations. It’s important to mention that our staff shows remarkable loyalty, with most team members being with us for 15+ years, and some for even 40+ years.  We’re a family-owned business, and we treat our customers and employees as extended family members. We are grateful for the support of our customers and eagerly look forward to serving our community to the best of our abilities.

How We Can Help

In a matter of seconds, you will receive the financing offers with individual annual interest rates from various banks. You can choose the best offer and apply for it directly.

What influences the cost of financing?

How high the financing costs are depends on the effective interest rate and the term. The interest rate is dependent on your creditworthiness.

Many banks make the interest rate dependent on the borrower’s creditworthiness. The higher the credit rating, the lower the risk of default for the lender. Banks reward this with cheaper interest rates based on creditworthiness, while they charge higher interest rates to customers with poorer creditworthiness.

Plan the loan term correctly.

When it comes to the term, consumers should make sure that the remaining debt falls faster than the residual value of their used car. In this way, you avoid having a remaining debt that is higher than the sales proceeds when you later sell the car. Buyers are on the safe side if their car loan is paid off by the time the vehicle is six years old.

The term should not exceed five years.

For a three-year-old used car, the buyer should spread the payments over a maximum of 36 months.
Ideally, you should adapt the loan term to the period of use and, in the case of a used car, to the lifespan of the car.

In addition to interest and term, the down payment and final installment also influence the interest costs of used car financing.