Plain and simple, getting a loan for a used car is hard. Unreasonably hard. In fact, customers tell us that used car financing is one of the biggest hurdles to buying used at all. Why is that?
For the bank, it’s all about risk
For banks, used cars are pretty risky. The bank doesn’t have the knowhow or the time to verify that the condition of a car is worth the loan its underwriting. So, if they needed to seize a car they made a $10k loan for, only to find out it’s one breakdown away from the scrapyard, they don’t want to be left holding the bag.
Whereas banks can be relatively certain that a new car will retain a large amount of its value, there’s no such certainty with a used car.
An easier way with Shift
To make a used car purchase easier, we knew we had to provide some solution to this problem. Our answer? Inspect the cars we sell to make sure they’re in great shape, and use that to forge our own relationships with banks. Then, bake a seamless financing experience right into our product.
If you’re in the market for a used car and need a loan, you’re no longer out of luck. Check out our inventory and click “Start financing” to get the process started. Happy driving!