Certified used financing

Anonymous · ‎07-04-2019

Does anyone know if certified cars tend to have a little better financing than a non certified used car?

I’m looking at certified Lexus or Acura.

Anonymous · ‎07-05-2019

excellent choice looking at certified pre-owned. Not sure how it works with Lexu and Acura but my Audi came with remainder of factory warranty plus 1 year but unlimited miles. That's huge for me and for anyone who drives 15,000 miles a year or more.

I just refinanced my car and where the CPO helps at least with my credit union is with the loan to value. Most lenders will loan up to 110-120% of the value of the car. As it was I was a little upside down about $1,400. Had it not been a CPO with warranty I would have been futher upside down.

I don't know that it counts for much but in my case it definitely helped with the LTV.

Look at financing through a credit union local if you have a good one or maybe DCU if you don't. I just refinanced mine at 3.75% for 6 years. In my opinion that's pretty good for a used car and for 6 years. My goal is simply to be right side up when the warranty expires. That's why I don't mind the longer term as I am not planning on keeping it another 6 years. I may but given German cars have a reputation to be expensive to maintain I want the option of trading it in prior to warranty expiration without being upside down.

Anonymous · ‎07-05-2019

@Anonymous wrote:
Does anyone know if certified cars tend to have a little better financing than a non certified used car?

I’m looking at certified Lexus or Acura.

Many factories offer finance incentives on certified pre owned cars because many of those cars are lease returns. Those finance specials tend to vary based on region and the stock levels, of course the more CPO cars the higher incentive they have to move them. In the case of BMW from time to time you can get 1.9% financing on a CPO car.

I am a fan of always bringing in a credit union approval before I go to a dealer. If they can beat it, great if not I am fine. Most of the time credit union financing is so good they know they can't beat it but if there are incentives then giving them permission to run your application to their captive lender can be worth the HP.

Let us know how it works out.