Buying a used car is a great idea. They're kept in good condition, display a similar style and many of the same features as the latest model year, and are usually a bit more affordable than new cars. Once you decide to buy a used car, your next step is figuring out how you're going to pay for it.

Most drivers choose to finance their vehicles. To help drivers around Ithaca, Elmira, Binghamton, and Cortland, NY, get prepared, Maguire Volvo has put together a list of some tips for financing a used car.

Set a Budget

Before you start negotiating, apply for financing, or even before you begin browsing through our inventory, you should set a budget for your used car. Knowing how much you're able to put down and what sort of monthly payments work for you will make everything easier going forward.

Know Your Credit Score

Getting approved for an auto loan is essential to financing your used car. The kind of rates you're approved for is based on your credit score and credit history. It's a good idea to go shopping for a used car with that in mind.

If you don't know what your credit score is right now, don't worry. That's what reputable, user-friendly sites like Credit Karma and Experian are for. They can show you your current credit score and credit history in little time.

Raise Your Credit

Whether your credit score is in a good place or it's not quite where you want it to be, it never hurts to take some steps to improve your credit. You can start to raise your score by paying off any outstanding bills, loans, or debts. 

Consider Getting a Co-Signer

In addition to paying off other loans, another great option to increase your chances of getting approved for a favorable auto loan is to get a co-signer. It makes your application more reliable by including a second line of credit to apply with.

Hold Off On Other Big Purchases

Another move that can go a long way towards getting a good rate is to refrain from taking out any other loans or making big purchases until after you've been approved for an auto loan.

Consider a Larger Down Payment

When you buy a car, you'll make a down payment and then start making monthly payments until the full value of your used car is paid off. To reduce your monthly payments or pay off the vehicle sooner, consider making a larger down payment. That'll cover more of the cost from the get-go.

Value Your Trade-In

If you're not planning on keeping the car you're driving now, why not trade it in? Trading your car in is one of the best ways to cover some of the cost of your used car. Our finance team will be happy to apply the value of your vehicle to the purchase of your new one.

Plus, it's easy to get started. Check out our Value Your Trade tool to get an estimate in only a few minutes.

Finance a Used Car at Maguire Volvo in Ithaca NY!

If you have any questions about these tips for financing a used car or you're ready to get started, visit our finance center. At Maguire Volvo, we're proud to help drivers in Ithaca, Elmira, Binghamton, and Cortland, New York, get a fair rate on the used car that's right for you.

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Maguire Volvo Cars of Ithaca

370 Elmira Road
Directions Ithaca, NY 14850

  • Sales: (607) 257-1515
  • Service: (607) 357-1515


  • Monday 8:00am - 8:00pm
  • Tuesday 8:00am - 8:00pm
  • Wednesday 8:00am - 8:00pm
  • Thursday 8:00am - 8:00pm
  • Friday 8:00am - 6:00pm
  • Saturday 8:00am - 6:00pm
  • Sunday Closed