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Zuto is a credit broker, not a lender. Our rates start from 8.9% APR. The rate you are offered will depend on your individual circumstances. Representative Example: Borrowing £9,000 over 60 months with a representative APR of 20.9% the amount payable would be £234 a month, with a total cost of credit of £5,047 and a total amount payable of £14,047.

Zuto Limited. Registered in England under number 05722976. Registered office: Winterton House, Winterton Way, Macclesfield, Cheshire SK11 0LP. Zuto Limited is acting as a broker and not as a lender. Authorised and regulated by the Financial Conduct Authority, registration number 452589. Zuto can introduce you to a limited number of finance providers, based on your credit rating, Zuto won't charge you anything for this service, but do get a fee from the lender which varies based on the product or amount borrowed.

Should you finance a used car?

Used cars don’t have the negative reputation they once possessed. With many car buyers now updating their vehicle two to three years after purchase, there are plenty of used cars on the second hand market in great condition.

If you’re looking to buy a car through some form of finance agreement, you may be wondering ‘should you finance a used car?’. If the reason that you’re choosing the route of finance is your affordability, then choosing a used car over a new one is probably a good idea.

Ultimately, it must be your decision, but if costs are a concern, financing a used car might be worth considering. Buying a used car with finance is still the most cost-effective method of obtaining the use of a vehicle when you require it.

Used vs. brand new cars

When trying to decide whether to finance a used car, it’s worth looking at the main alternative –  financing a new car.

For those in the market for a car, there are plenty of advantages in choosing a used model rather than a new one. The price of a new car is always considerably greater than that of used car. This can limit your choice on the model and make in your price range, not to mention what additional features you can afford to include. When buying a used vehicle, you can often find you’ll be able to afford a much better car than you could if you bought new.

A used car costs less overall, which means that your monthly payments will cost less as well.

Finally, in the initial two years after buying a brand-new car, it’ll depreciate in value by around 20-30%. If you purchase a used car however someone will already have taken the hit as used cars will not depreciate at this rate.

Affordability and your credit history

If you’re concerned about the likelihood of being accepted for finance, choosing a used car can be a good choice. Monthly repayments on a finance agreement for a brand new car will be far higher than on a used car and lenders may not trust you to be able to make repayments in a number of circumstances, such as poor credit, irregular income, or payment problems in your past.

The older the car, the lower the monthly payments are likely to be, which means that if you’re on a low income, you may be more likely to be considered a good applicant by lenders.

If your credit history is limited or poor, it can also sometimes make it difficult to obtain credit. If your monthly repayments are smaller, however, finance companies may be satisfied that you can cope with them suitably.

Available warranties for used cars

Some car buyers might be concerned about how to protect a used car but it’s now perfectly possible to purchase a warranty for a pre-owned vehicle.

There are a number of extended warranties readily available for used cars, so even if your vehicle is not brand new, you can get a warranty, which covers unexpected mechanical and electrical failures. These warranties aim to offer used cars with a warranty with a comparable level of cover to a new car warranty.

Finance agreements for used cars

If you’re looking for a car finance agreement for a used car, or would like some advice on the options open to your individual circumstances, you can get in touch with us here at

Our continuing goal is to offer a resource for car buyers with information on all aspects of car finance, and we’ll be happy to help with your questions and concerns.

Other related FAQs

Looking for more related content to this? We’ve picked a selection of related topics that you may find helpful

The maximum age of used cars eligible for finance agreements tends to be 10 years, although there are exceptions to this.

Your ‘settlement figure’ is the amount that the car finance company require to pay off your finance in full. Since this changes as interest is added and as payments are made, requested settlement figures are usually only valid for a short time.

Car finance agreements can be a great option for a wide range of people. Before committing to a deal though, it’s always important to read the terms carefully and consider the pros and cons.

When you’re applying for finance for a used car, it’s useful to have the relevant supporting documents such as information on your vehicle of choice, your financial details and proof of address and income. You may also need a deposit.

In most cases, car finance providers pay for or provide your vehicle after you pay a deposit. Then, over the course of an agreed repayment period, you’ll pay off some or all of the price. The product you choose will decide what happens at the end of the agreement – but common options include taking ownership of the car, handing it back, or upgrading it.

Yes, certain lenders will consider offering finance for a vehicle that is sold privately.

The number of years banks will finance a used car for depends on the particular agreement you enter into. Usually, agreements are available for terms of between 12 and 60 months.

Car loans can be secured or unsecured, depending on the type of agreement you get.

A guarantor car loan is an agreement in which a third party (usually a family member or friend) agrees to guarantee the repayment of your loan if you fail to keep up with your payments.

Yes, you can refinance your car loan. However, you should carefully assess the pros and cons of doing so before you make a decision.