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Detroit MI and Ann Arbor MI area Used Car Financing FAQ |
Pre-owned or Used Car Financing information in the Detroit area -
including Ann Arbor, Plymouth, Canton, Stockbridge, and Ypsilanti.
At Victory we really
want our customers to feel comfortable when making a purchasing
decision. Understanding your options are key when buying a car. This is
never more true than when purchasing a preowned vehicle, where options
such as loan length, interest rates, loan conditions, extended
warranty, gap insurance and many other things come into play. Some
common facts for our customers in the Detroit and Ann Arbor
area are:
1) How long should I finance my preowned vehicle? Loan term and length of financing is often conditioned or regulated by
the bank or lender. If you are dealing with your credit union often
times they will limit the term to 36, 48 or 60 months, depending on
age and mileage. Used car financing is much different than new car financing. The
banks also condition the loan terms based on assessed value of the
vehicle, mileage and other factors, such as credit.
2) What is gap insurance and why do I need gap
insurance? Gap insurance is fundamentally designed to protect you. Gap
insurance on new or used cars is an inexpensive way to make sure that
if your vehicle is ever in a accident or total loss situation you can
be protected from large out of pocket expenses. For example - let us
say that you owe $15,000 on a preowned Altima you just purchased. If
you were to be involved in an accident and the vehicle was totaled by
another driver and fault is to be determined to be theirs, you are now
at the mercy of the other driver's insurance. As you can imagine,
dealing with another person's insurance company can be quite time
consuming. We have heard of many stories where the insurance companies
do not pay the full retail value of the car. And if you owe money on
the car, one could be left with a deficiency, many times thousands of
dollars. Here is where Gap insurance kicks in, and for a few hundred
dollars up front, gap insurance can cover large deficiencies.
We've heard of coverages in excess of $10,000. Wow, this kind of
insurance is really worth it. Ask your finance manager for more
details.
3) Does my used car that I'm buying from you have all
the maintenance services performed prior to my arrival ? While we make
every effort to take care of all services, sometimes vehicles are
traded in and we are not made of aware of all needed services. We
thoroughly inspect all vehicles and make sure they pass inspection
without question. We take pride in making sure our pre-owned and used
cars will serve our customers in Ann Arbor and Detroit
for many years to come.
We will be adding more information
soon but in the meantime, fill out a request or call us up on the
phone, we'll be glad to help.
Come see the preowned experts at Victory
Preowned in Ann Arbor, MI.
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