Everything You Need to Know About Financing

If you’re financing a used car, it’s helpful to understand what may impact your approval. When you meet with one of our trusted Sales Consultants, they will walk you through each factor, so you can make informed and confident choices.

Down Payments

A down payment is how much you pay at the time of purchase. The higher the down payment, the lower your monthly payments.

What is the average down payment on a car?

According to Edmunds, the average down payment for used cars is about 10.9%.

Why should I consider putting money down?

Edmunds outlines a few reasons, including:

Your monthly payments could be lower, depending on the term and interest.
You may pay less interest.
You could improve your ability to qualify for financing.

TIP: If you trade in your car, you may be able to use the amount you receive for it as your down payment. See how much it’s worth.

Credit Score

Your credit score plays a role in determining your auto financing options. Typically, those with high credit scores will be offered better terms and lower rates. Credit scores range between 850 and 300 and are determined by your credit and payment history.

What credit score is needed to buy a car?

According to Experian, buyers with credit scores of 661 or higher will qualify for the lowest rates and best terms. Those with scores below 660 may have to pay higher rates.

Can I finance a car with bad credit? No credit?

Possibly. Different lenders will offer different rates, so shop around for the best ones. Also, work to increase your credit score by paying down debt and making on-time payments. Enterprise offers great financing options for first-time buyers and college graduates who lack credit history.

Can I buy a car on a credit card?

Sometimes. Credit card companies and dealerships often have policies about credit card use for car purchases. For example, dealerships may allow only part of the purchase to be made by credit card, such as the down payment. It’s best to check directly with your credit card company and dealership.

How can I check my credit score?

Federal law allows you to obtain one free credit report each year from each of these three companies: Experian, Equifax and TransUnion. Your bank or credit card may also provide you with a free credit report.

Rates

Qualifying for a low rate may help you save money each month.

What is the finance rate for a used car?

Typically, the annual percentage rate (APR) is between 3% and 10%. However, your rate may depend on your credit score, down payment, age of the vehicle you’re financing, and the financing term.

Does Enterprise offer financing?

Yes! Enterprise Auto Finance™ can help you find financing that fits your needs.

Financing Term

The financing term is the total number of months you wish to pay for your car.

What are the best financing terms?

Most lenders offer payment plans between 36 and 72 months. Short-term contracts can offer better rates but come with higher monthly payments. Long-term contracts may mean smaller monthly payments, but ultimately result in you paying more money over time.

TIP: Use our car payment calculator to help estimate your monthly payments and set a realistic budget.

Loan vs. Financing

Though they may seem like the same thing, there is a difference between car loans and car financing. Car loans are set up directly between you and a bank, finance company, or credit union. Conversely, you may apply for financing through a dealership. The dealer will sell your financing contract to a bank, finance company, or credit union, who will service your account.

Lending Options

Different lenders offer various rates, terms, and advantages. We can help you find one that’s right for you.

Banks

Banks have set rates and terms that vary widely. You can shop around at multiple banks and choose the best offer for you.

Credit Unions

Credit Unions generally offer lower rates and fees and more flexibility with payment plans than banks. They require a membership, which may be limited to certain locations and organizations.

AT ENTERPRISE, WE CAN HELP YOU GET ON THE ROAD WITH THE RIGHT FINANCING.


Terms & Conditions
1	Price includes all costs to be paid by a consumer, except for licensing costs, registration fees, and taxes; also not included are title registration, tag, governmental fees, electronic filing charges (excluding CO), any emissions testing and/or state inspection fees, transfer fee, and any finance charges (if applicable). Price does not include processing, administrative, dealer conveyance fee, closing, dealer and handling, or similar fees of $399 or less, except in the following states where the advertised price is inclusive of this fee: CO, GA, IA, IN, KY, MA, NE, NH, NJ, SC, and TN. In WA state, a documentary service fee in an amount up to $150 may be added to the purchase price or capitalized cost. Vehicles subject to prior sale. We make every effort to provide accurate information including but not limited to price, miles and vehicle options, but please verify with your local Enterprise Car Sales location before purchasing. Current mileage may vary due to test drives and vehicle relocation. Used vehicles were previously part of Enterprise short-term rental and/or lease fleet or purchased by Enterprise from other sources including auto auctions, with previous use possibly short-term rental, lease or other.
2	EPA fuel economy ratings are provided by the vehicle manufacturer and may vary with vehicle use, condition and driving habits.
3	Payment based on amount financed for month term APR chosen when customer estimated payment using the site calculator. These calculators are for educational purposes only. Calculator results do not include tax, title, tags, governmental fees, and emissions testing charges. Calculator results does not include processing, administrative, closing, dealer and handling, or similar fees of $399 or less, except in the following states where the advertised price is inclusive of this fee: CO, FL, GA, IA, IN, KY, MA, NE, NH, NJ, SC, and TN. Terms do not necessarily represent actual available credit terms. We do not guarantee the accuracy of the credit figures, or their applicability to your circumstances. We encourage you to seek advice from qualified financial service professionals regarding all your personal finance needs. We encourage you to seek advice from qualified financial service professionals regarding all your personal finance needs.
4	Copyright © 2024 by Kelley Blue Book Co., Inc. All Rights Reserved. Blue Book is a trademark of Kelley Blue Book Co., Inc. The specific information required to determine the value for each used vehicle is supplied by the dealer (or by a third party on behalf of the dealer). used Vehicle valuations are approximations and vary by vehicle, region, mileage, condition and vehicle options. Kelley Blue Book assumes no responsibility for errors or omissions.


Terms & Conditions
1	Price includes all costs to be paid by a consumer, except for licensing costs, registration fees, and taxes; also not included are title registration, tag, governmental fees, electronic filing charges (excluding CO), any emissions testing and/or state inspection fees, transfer fee, and any finance charges (if applicable). Price does not include processing, administrative, dealer conveyance fee, closing, dealer and handling, or similar fees of $399 or less, except in the following states where the advertised price is inclusive of this fee: CO, GA, IA, IN, KY, MA, NE, NH, NJ, SC, and TN. In WA state, a documentary service fee in an amount up to $150 may be added to the purchase price or capitalized cost. Vehicles subject to prior sale. We make every effort to provide accurate information including but not limited to price, miles and vehicle options, but please verify with your local Enterprise Car Sales location before purchasing. Current mileage may vary due to test drives and vehicle relocation. Used vehicles were previously part of Enterprise short-term rental and/or lease fleet or purchased by Enterprise from other sources including auto auctions, with previous use possibly short-term rental, lease or other.
2	EPA fuel economy ratings are provided by the vehicle manufacturer and may vary with vehicle use, condition and driving habits.
3	Payment based on amount financed for month term APR chosen when customer estimated payment using the site calculator. These calculators are for educational purposes only. Calculator results do not include tax, title, tags, governmental fees, and emissions testing charges. Calculator results does not include processing, administrative, closing, dealer and handling, or similar fees of $399 or less, except in the following states where the advertised price is inclusive of this fee: CO, FL, GA, IA, IN, KY, MA, NE, NH, NJ, SC, and TN. Terms do not necessarily represent actual available credit terms. We do not guarantee the accuracy of the credit figures, or their applicability to your circumstances. We encourage you to seek advice from qualified financial service professionals regarding all your personal finance needs.


Enterprise Car Sales - We Transfer Cars
The ZIP code you entered indicated that is your nearest location. We'll be happy to transfer any vehicle from another location to .
Local Transfers We offer free transfers of any vehicle within the metro area to , your nearest location. To start the transfer process, just give us a call at and an Enterprise representative will assist you. Certain restrictions apply.
Non-Local Transfers Any vehicle outside the metro area can be transferred to , your nearest location by following this simple transfer process.
Contact , your nearest location at and an Enterprise representative can answer any of your questions about the vehicle and the transfer process. If after speaking with an Enterprise representative you determine that you would like to transfer this vehicle, a non-refundable transfer fee is required to begin the transfer process. Bring your transfer payment to , your nearest location. Once transfer fee is paid, the request to transfer the vehicle will be completed. Please note the time it takes to transfer a non-local vehicle varies by distance.

Everything You Need to Know About Financing

Down Payments

Credit Score

Rates

Financing Term

Loan vs. Financing

Lending Options

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Terms & Conditions

Terms & Conditions

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Terms & Conditions
recent-model year:75% of vehicles available for sale are 1-3 year old model vehicles & include at least 250 makes and models.more passenger vehicles:Based on IHS Markit Commercial New Registrations for January to December 2018.Kelley Blue Book®:Kelley Blue Book Trade-In Values used by Enterprise are obtained from ©2018 Kelley Blue Book Co.’s website KBB.com. Kelley Blue Book Trade-In Value is based on accurate condition rating & mileage of vehicle. Accurately appraising the condition of the vehicle is an important aspect of determining its Kelley Blue Book Trade-In Value. Kelley Blue Book valuation adjustments for vehicle mileage disproportionate to the age of the vehicle may be capped by Enterprise Car Sales at 20% of the vehicle’s base value. If a Kelley Blue Book Trade-In value is not available for customer’s vehicle Enterprise will provide a fair & competitive value for customer’s vehicle. Customer is responsible to any extent vehicle pay-off exceeds Enterprise offer. Customer must provide required proof of ownership/registration & all other necessary paperwork to transfer title. Restrictions apply. See a Sales Consultant for details or call 1-888-227-7253. Offer void where prohibited.CARFAX Vehicle History Report™:A free CARFAX Vehicle History Report™ is available for every vehicle we sell.limited powertrain warranty:Limited warranty begins on vehicle purchase date and extends for 12 months or 12,000 miles, whichever comes first. Restrictions apply. For details, see an Enterprise Car Sales Manager or call 1-888-227-7253.roadside assistance:Enterprise 12-Month Unlimited Mileage Roadside Assistance Package is provided by RESPONSE, a Florida Entity. Some limitations & restrictions apply.change your mind:For a period of 7 days after the date of purchase or 1,000 miles beyond the odometer reading at purchase, whichever comes first, the vehicle may be returned for the exact price originally paid minus a $200 restocking fee, (as allowed by law). Restrictions apply. See a Sales Consultant for details.Our customer service rating has an average of 4.7 stars:According to Reputation.com over last two years, 1/1/17 – 9/19/18