Editor's choice: Carvana
- Most credit types welcome
- 45-day preapproval
- Seven-day guarantee
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On the hunt for a car with a $20,000 price tag? You have plenty of new and used models to choose from, as well as a few financing options to consider. While secured car loans from a third-party lender might come with the most competitive rates, leasing or financing directly through a dealer can likely get you behind the wheel faster.
Here’s how your different financing options stack up:
When comparing your car loan offers, keep these factors in mind to ensure you get the best deal:
There’s always going to be a debate over which is better: new versus used cars. For many, there’s a certain peace of mind that comes with owning a brand-new car, like having a warranty, knowing there’s no possibility of previous damage and that enticing new-car smell. However, new cars decrease in value at a steep 40% after the first three years of ownership due to depreciation.
With a used car, you’re usually able to benefit from a lower sticker price. But it might not have the latest bells and whistles that the latest model has. And while there’s a risk of not getting what you paid for, this is less likely if you go through a certified preowned dealer rather than a private seller.
While $20,000 won’t snag you a new Benz, it can get you a pretty nice car — new or used. Here are some of the top cars in your price range currently on the market: *Prices as of November 2018.
Top cars under $20,000
While $20,000 won’t snag you a new Benz, it can get you a pretty nice car — new or used. Here are some of the top cars in your price range currently on the market:
*Prices as of November 2018.
Not sure a $20,000 car loan is right for you? Ask yourself these questions to help you decide:
If you have decent credit and want to get a loan as quickly and easily as possible, financing through a dealer might be your best bet. However, you might be able to score a more competitive deal by comparing your car loan options from banks and online lenders yourself.
Learn more about how they work and compare lenders with our guide to car loans.
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