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.
Dealership Information
Testimonials
“ If you want the car that YOU choose, and not something the dealership chooses for you.. GO To Legend Motors Ferndale and ASK 4 ALVIN Al in sold my family and I our last 5 vehicles ”
“ 10/10 place Cortez was amazing and helped us get a great deal on our Chrysler 300 along with Insurance. Would definitely go see him again and would recommend people to go see him! ”
“ I had a great experience purchasing my car! From start to finish, the staff truly met my expectations and made the process smooth and stress-free. They were very knowledgeable and took the time to explain everything clearly. What really stood out to me was how they educated me about structuring my credit and making smart financial decisions moving forward. They didn’t just focus on the sale. I appreciate the honesty, professionalism, and support I received. I would definitely recommend them to anyone looking to buy a vehicle! Thank you John Jason Gigi and the legend motors family ”
“ Great service thank you guys highly recommend Gg and Jay got us in the truck we wanted thanks so much ”
“ Gigi and Jay helped me so much with getting a vehicle! It was some easy plus they was welcoming and offered refreshments and donuts during our time there. ”
“ LOVED THEM!!! ”
“ Gigi and Sam are awesome ! Fast , helpful and directly to the point . Thank you so much ”
“ Big Thank You to Alvin for my New Cadillac! This is the 4th car my family and I have purchased from him! Thank you to Legend Motors … their cars Rock! Ask 4 Alvin for the best deals and service! ”
“ Don’t sleep on Legend Motors. Alvin and the team get you what you want! ”
“ Gigi and Jason was so nice and made sure I was taking care of. If u looking for a car go see them!!! ”
“ Lovedd the service here my credit is so low yet gigi,john and staff worked everything out and found the perfect vehicle for me. Rapport here is immaculate highly recommend coming here.❤️ ”
“ Great service and great people! Ask 4 Alvin for the best deal in the country ”
“ My daughter was in the market for a decent used car and after reading the reviews I recommended Legend Motors in Ferndale. We had the pleasure of working with Gigi and she could not have made the experience any easier for her. Gigi and the whole team up front were wonderful. However, after she purchased we found that there was an issue with the transmission and had to return it for service. After a couple attempts at fixing the issue, they made sure she drove home in a safe, reliable car. As a father, I cant tell you how happy I am with the service team at Legend. The whole dealership is top notch and even though I typically lease new cars, this dealership has me wondering if I should just buy a used car knowing what kind of care and attention they give their customers, even after the sale. I could not recommend a better dealer...thank you Legend Motors! ”
“ I just want to thank Gigi and John at Legend Motors Ferndale for helping me get into a new car within 2hrs of walking in after work. If you're in need of a car they have options.Btw this is my third time purchasing from them. ”
“ Gigi and the whole entire crew is amazing 🤞🏾🥹 god is great ”
“ My sales person Alvin came through on all his promises. Before I was even ready to purchase a few weeks ago and committed to anything he was ready to help and was not pushy. Ask 4 Alvin for your next vehicle ”
“ The best dealership ! Period! Ask 4 Alvin!! ”
“ Go See Alvin for the best deals in the D! ”
“ What great experience! Alvin Shammas and the whole team were professional and friendly. They went the extra mile to make sure I got into the vehicle I wanted. If you are looking for a new vehicle and a hassle free experience, Alvin at Legend Motors is the man to see!! ”
“ Gg wonderful and helpful ”
“ Gigi was amazing the best sales rep and also the nicest thought I couldn’t get a car but she said she got me and indeed she did that much love legend motors clean and ride like brand new ”
“ I have been coming since I was 24 I’m 38 now. It’s always an easy process. Gigi and Caesar got me what I needed. Cortez the coldest with getting you the insurance at a good deal. John the owner has always been good to me and is so knowledgeable when it comes to this credit thing. I love it here i promise lm going to listen this time john . ”
“ Caesar and John were amazing and gave me a good deal!! No drawn out process and very fast. Highly recommended! ”
“ Alvin is the guy the to ask for, I got more than I expected and under budget! ”
“ Come see Alvin for the car you want, my daughter and I both got the trucks we wanted today! ”
“ My visit was the absolute best my girl Gigi did her thing she got me in a car with no money do she does not stop she will make sure your loving with your dream car ”
“ AMAZING!!! Caesar and Jason and Gigi were amazing and made my dreams come true!!! They were Quick , welcoming and over all a blessing . Words can’t express the level of respect and gratitude I have for them ! Putting me and my children in a position to be safe . ”
“ Gi Gi was nice and helpful ”
“ S/o to Jason the Finance Guy. He Made It Happen. Did Everything In His Power To Get It Done. Very Cool Guy ”
“ Mike here not just a guy who sold me a car but also became a friend of mine, loved the service Jason helped me get an insurance and great overall service ”
“ Alvin was the guy guy. Got me together with wheels! ”
“ You need a dependable used vehicle. Legend Motors of Ferndale is the spot. Ask for Ceasar he will make it happen. And the finance guy Jason no his stuff. Satisfied Customers . That got my Queen together! ”
“ Alvin did his thing with my new Acadia! Ask for him for a grat customer experience ”
“ Gigi was wonderful!!!! Her and Jason worked really hard to ensure that I not only I got the truck I wanted but it was a GREAT deal!! This is my second car with this company. Highly recommend! ”
“ ALVIN IS AMAZING! He helped me get a a beautiful car and I so grateful for him! He gets a 1000/10. I will definitely recommend to a friend or family 💕💕 ”
“ It was a pleasure to work with Gigi! She listened to me and what I wanted I did her very best to get me in a vehicle dispite my situation. I would highly recommend Legend motors ”
“ Alvin is the TRUTH! The process was worth the time it took to get me in the truck I wanted. Ask for Alvin, you won't be disappointed ”
“ Best place to finance your vehicle, and Ask 4 ALVIN! He made the buying process easy and arranged it for my budget! 🫶🏾🫶🏾🫶🏾 ”
“ Shout out to Ceasar on an excellent job ”
“ Very helpful from both owners, I have bad credit right now and they moved a lot of stuff around and thank you to my sales rep Caesar ! ”
“ Alvin was amazing customer service and coordination. ”
“ Left a review on Waterford Location for Cortez, but he indeed secured my vehicle fast, was in and out in under an hour n a half total, and explained all vehicles looked at in great detail. thanks again! ”
“ This dealership was very friendly and tentative to all our needs and concerns. We want to give a very special thanks and kudos to our super sales associate *Alvin Shammas* for all his care and attention to detail in orchasting our new purchase. Thanks Legend Motors Ferndale. You Rock.... ”
“ I appreciate Cortez for making the process smooth and getting me in a great car. I appreciate Jason as well for getting me right on my insurance. I did have to come back because my engine light came on but Mike was helpful and hopefully this issue gets resolved soon. ”
“ Gigi and sam was awesome they took very good care of me. I highly recommend ”