Understanding Your Used Car Financing Options

Understanding Your Used Car Financing Options

Are you searching for ways to acquire financing for a used car? Our Legend Motors dealership has the answers you're looking for. Continue reading this guide to learn what steps are required for you to secure an auto loan so you're able to start driving the vehicle that you desire in the Detroit area. 

Differences Between Traditional Auto Loans

We know you’re eager to get to drive the car of your dreams to Ford Field and enjoy a riveting sporting event. Before you invest in the vehicle you want, let’s go over some of the various auto loan types and how they differ. After you’ve completed a Finance Application, you should be eligible for assistance from a lender. More than likely, you will get a secured auto loan, which is funding specifically for the car you wish to purchase. It also requires collateral, which is a valuable asset, like another car or a house. If you receive an unsecured auto loan, you’ll have an option to get money from a lender without collateral. Some shoppers like direct auto financing, which is simply a loan from a bank or company that you’ve found to fund your vehicle purchase. Indirect auto financing, on the other hand, is when a dealership like ours finds a lender for you. 

Leasing Used Vehicles

While it’s uncommon, you have an option to lease a used vehicle. It’s similar to renting a new car from the dealership, except the monthly installments are significantly less expensive. That’s because leasing is based on the depreciation of the model’s value. Pre-owned vehicles are known for their lower retail price as compared to factory-fresh cars, so you can look forward to ground-breaking savings. Some drivers select a one-owner or certified version because they generally have a longer lifespan than other used vehicle types. Lease terms are usually the same as other cars, which means you’ll be able to keep them between two and four years. After that period is over, you’ll have the option of returning it or keep cruising on Interstate 75. If you decide to continue driving the leased car, you’ll need to apply for a lease buyout loan.

Buy-Here-Pay-Here Financing

Have you ever considered buy-here-pay-here-financing? This method is a simple process where you purchase a car from us and contribute all monthly payments to the dealership. Instead of going through the bank or lending company, your installments will be handled by our Finance Department team. We’ll lend you the money to buy the car, but you’ll be able to decrease the price of the model by providing a down payment. Supplement your saved funds by trading in your current vehicle, so you can use its fair market value to reduce the total balance you owe even further. To get a preview of how these deposits can assist you, utilize the online Payment Calculator tool. 

 

What Is the Difference Between a Secured and Unsecured Auto Loan?

  • A secured auto loan is funding for a car after collateral is presented, while an unsecured auto loan allows you to receive without an asset. 

Complete a Finance Application Online!

Contact Information

By submitting your information, you agree to our Privacy Policy.


Dealership Information

Testimonials

Julien Frazier
Julien Frazier
GOOGLE
6-5-2026
Full Star Full Star Full Star Full Star Full Star

Legend Motors Car Dealership HANDS DOWN 11/10!!!!!!! I just closed on my 3rd vehicle with excellent sales guy Cortez who goes above & beyond to work with you on all levels! This is me speaking on recent times 6/2026. Bro is a magician with these cars! Legend Motors treats you like family & cars fly in & out the lot everyday! So if u liking what u see, hop on it because it may be gone. If you do stop in, AGAIN ASK FOR ***CORTEZ**** ⭐️⭐️⭐️⭐️⭐️(5) star service

delaiah simmons
delaiah simmons
GOOGLE
5-28-2026
Full Star Full Star Full Star Full Star Full Star

Gigi and the whole team is beyond lovely 🥰 they worked very hard to make sure I got exactly what I wanted! Thank you guys!

Kristen Muehlhauser
Kristen Muehlhauser
GOOGLE
5-28-2026
Full Star Full Star Full Star Full Star Full Star

Gigi did a great job helping my friend buy a car. We appreciated her friendliness, no-pressure conversation, and help with the process.

darcelious simmons
darcelious simmons
GOOGLE
5-27-2026
Full Star Full Star Full Star Full Star Full Star

Bought my granddaughter a car from here. Excellent service! Salesperson GiGi is a delight 😊 I'll definitely be back.

Nathanael Wendel
Nathanael Wendel
GOOGLE
5-26-2026
Full Star Full Star Full Star Full Star Full Star

Excellent service. Bought a great car for a great price. Brendan and Jason were wonderful and very professional.

hunter ellis
hunter ellis
GOOGLE
5-23-2026
Full Star Full Star Full Star Full Star Full Star

Jason did his thang and hooked me up with this beauty. I’m so grateful for all the work Ceasar did over this weekend to get me rolling 💙

Dion Thomas
Dion Thomas
GOOGLE
5-21-2026
Full Star Full Star Full Star Full Star Full Star

Fire Employee 🔥🔥

Shaqila Battle
Shaqila Battle
GOOGLE
5-19-2026
Full Star Full Star Full Star Full Star Full Star

I had an amazing experience with Ronny at Legend Auto! He was extremely helpful, patient, and made the whole process of purchasing my first vehicle smooth and stress-free. I never felt pressured, and he took the time to answer all my questions and make sure I was comfortable with my decision. I ended up getting a 2018 Hyundai Sonata and I absolutely love it! If you’re looking for someone who genuinely cares and goes the extra mile, I highly recommend asking for Ronny. Thank you again for making this such a great first car-buying experience!

Marlena Conner
Marlena Conner
GOOGLE
5-14-2026
Full Star Full Star Full Star Full Star Full Star

I never leave reviews but if you are looking for a new vehicle this is the place to go. I have financed two cars with them. Both were in amazing condition. The owners are great and they have multiple locations. J and Jewels really looked out for me.

Antasha Malcolm
Antasha Malcolm
GOOGLE
5-14-2026
Full Star Full Star Full Star Full Star Full Star

Cortez hooks it up for me every time. Best sales person they have here, fast service, lots of financing options and a great selection of trucks. Been doing business with them for years.

Christene Gorgis
Christene Gorgis
GOOGLE
5-7-2026
Full Star Full Star Full Star Full Star Full Star

I had an amazing experience from start to finish. Jason in the finance department was fantastic—everything went smoothly, “I’m so happy with my new car I love it already! Thanks again for making everything easy.” and if you’re looking for a car, definitely go see Jason.”

Deonte Carter
Deonte Carter
GOOGLE
5-6-2026
Full Star Full Star Full Star Full Star Full Star

Thomas was a wonderful help he help so much

Crystal Brown
Crystal Brown
GOOGLE
5-5-2026
Full Star Full Star Full Star Full Star Full Star

Costumer service is amazing. They take their time and are patient. Ceaser and his wife Gigi are the the best.

Edina Rizvic
Edina Rizvic
GOOGLE
4-29-2026
Full Star Full Star Full Star Full Star Full Star

Ceasar Miller, the sale representative at the Ferndale location IS the go to person for buying a car. He has been so helpful with us on getting approved with a good bank, really great monthly payments, this guy is a HERO!!! God bless ceasar for being amazing and truly kind. We will most definitely recommend legend motors and recommend him!!!

Jason Zara
Jason Zara
GOOGLE
4-28-2026
Full Star Full Star Full Star Full Star Full Star

Excellent service great customer experience! If you need a new car, go to legend motors.

Marie Brown
Marie Brown
GOOGLE
4-24-2026
Full Star Full Star Full Star Full Star Full Star

I had a wonderful and great experience Ronny did me right

Oriana Morales
Oriana Morales
GOOGLE
4-20-2026
Full Star Full Star Full Star Full Star Full Star

Legend Motors put me together! Ask 4 Alvin for a great deal! When no one else could get me in something he could I’m happy with what he gotta me approved for Do not sleep on this place, they are the real deal. They try their best to have u drive off happy !!!!

Redd Luciano
Redd Luciano
GOOGLE
4-18-2026
Full Star Full Star Full Star Full Star Full Star

Alvin help us get a new car he was great with everything helping us find the best prices for our price range great communication great service we left with a car the same day I definitely recommend coming in to him if you looking to purchase a new car

nazar quiryaqus
nazar quiryaqus
GOOGLE
4-15-2026
Full Star Full Star Full Star Full Star Full Star
Shamere Duncan
Shamere Duncan
GOOGLE
4-14-2026
Full Star Full Star Full Star Full Star Full Star

I'm back at legend motors and upgrading my vehicle! Alvin & Cortez always make it happen. These guys are on their A game and they get results!

Ranchoel Pedernal
Ranchoel Pedernal
GOOGLE
4-11-2026
Full Star Full Star Full Star Full Star Full Star

We just had an amazing experience with Alvin at the Ferndale Legend Motors. He got us a very low interest rate and held the car till we arrived without hesitation. It was a no pressure experience and I've never been more comfortable making a purchase of this size. He was knowledgeable and worked with us while explaining the process during our time there. We will be back for our next car too.

PITCxAMG DaMob
PITCxAMG DaMob
GOOGLE
4-9-2026
Full Star Full Star Full Star Full Star Full Star

Go see Alvin for real results. No messing around and confusion. He is a strait shooter and gets you in a car same day! Too smooth with it!

Linda Seyler
Linda Seyler
GOOGLE
4-8-2026
Full Star Full Star Full Star Full Star Full Star

I just purchased a 2019 Mazda CX5 from Legend Motors in Ferndale, Mi (8 mile near Wyoming). Shopping for a used car can be a pain but Alvin Shammas made it pretty painless. Unlike the 2 other dealerships I visited, Alvin was a no-pressure salesman. He brought the car to my home so I could drive it and was very above board on what I was likely to get for my trade-in. He also worked to Make the prep of my new Mazda go smoothly.

Royalty Vision
Royalty Vision
GOOGLE
4-8-2026
Full Star Full Star Full Star Full Star Full Star

Alvin found me a bank to work with my budget. Not only was he responsive but was able to break down the process on how financing works. Everybody I went to previously did not only put me on the back burner, but they also wanted too much for a down payment. Ask for Alvin for a honest and proper deal.

Andrea Jones
Andrea Jones
GOOGLE
4-8-2026
Full Star Full Star Full Star Full Star Full Star

Alvin made it happen for us today! I have been searching for months for an honest and reliable car dealership. Ask for Alvin and he will take care of you like family.

Lowe Patterson
Lowe Patterson
GOOGLE
4-2-2026
Full Star Full Star Full Star Full Star Full Star

Alvin is the best! We chat this morning and he had me approved less than an hour later ! The best in the west!

Hannah Powell
Hannah Powell
GOOGLE
4-1-2026
Full Star Full Star Full Star Full Star Full Star

Ronny did an outstanding job helping me today!! 5 Stars🤝🤝

Chris Green
Chris Green
GOOGLE
3-30-2026
Full Star Full Star Full Star Full Star Full Star

Ronny is the best hands Dowb

Keiarrey Robinson
Keiarrey Robinson
GOOGLE
3-28-2026
Full Star Full Star Full Star Full Star Full Star

I’m so happy I made the decision coming here ! I got a car for reasonable price , low mileage and this all thanks to Alvin ! I found them on google and I’m so happy I did ! I would definitely recommend anyone to them because you will definitely find exactly what your looking for NOTHING LESS !!!

Tray G
Tray G
GOOGLE
3-27-2026
Full Star Full Star Full Star Full Star Full Star

I went through 3 other dealerships and couldn’t get approved legend motors was the only one able to get me into a nice car ask for Alvin he’s good at what he does

cheraye law
cheraye law
GOOGLE
3-26-2026
Full Star Full Star Full Star Full Star Full Star

Ceaser was very helpful and made everything work for me . Thank you again

Cash Hamlet
Cash Hamlet
GOOGLE
3-25-2026
Full Star Full Star Full Star Full Star Full Star

Ronny made it a pleasant easy experience. Thank you so much

Richard Mann
Richard Mann
GOOGLE
3-23-2026
Full Star Full Star Full Star Full Star Full Star

Great sales dept. Finance ppl are super nice and helpful. Got the Ford Edge I wanted and I’m happy. Thanks!!

Tiffany Massey
Tiffany Massey
GOOGLE
3-21-2026
Full Star Full Star Full Star Full Star Full Star

When no one else can, Alvin will! Go see legend motors for your next car and ask for Alvin!

Kristopher Shackelford
Kristopher Shackelford
GOOGLE
3-20-2026
Full Star Full Star Full Star Full Star Full Star
shimere Jefferson
shimere Jefferson
GOOGLE
3-20-2026
Full Star Full Star Full Star Full Star Full Star

Ronny helped me with my car he was AMAZINGGGG. The whole staff in its entirety was the best. Super friendly informative and extremely helpful. A great team and an awesome place to purchase a vehicle from. THANK YOU Legend Motors ❤️❤️❤️❤️

Diondra
Diondra
GOOGLE
3-20-2026
Full Star Full Star Full Star Full Star Full Star

Ronny was so helpful and professional He was the epitome of excellent customer service. Would buy from him again. We bought to cars and I was not planning on the on I got love it!

Sabrina Ferguson
Sabrina Ferguson
GOOGLE
3-19-2026
Full Star Full Star Full Star Full Star Full Star

Jordan reaves referred me to legend motors ! I had an amazing experience working with Alvin. He was extremely helpful from start to finish, making the entire process smooth and stress-free. Alvin took the time to answer all my questions, was very knowledgeable, and made sure I felt confident in my decision. His professionalism and friendly attitude really stood out. If you’re looking for someone who genuinely cares about helping you, I highly recommend asking for Alvin!!!

Ahjahnae Wilson
Ahjahnae Wilson
GOOGLE
4-15-2026
Full Star Full Star Full Star Full Star Empty Star

Ronny was a great help !!!!

Brittany Chisolm
Brittany Chisolm
GOOGLE
3-31-2026
Full Star Full Star Full Star Full Star Empty Star

I had a great experience working with Ronny at the dealership. He was transparent, helpful, and very patient throughout the entire process. He took the time to answer all my questions and made sure I understood everything without any pressure. I really appreciated his honesty and professionalism. If you’re looking for someone who genuinely wants to help you find the right vehicle, I definitely recommend asking for Ronny!

Read More