Finding the best used car loans for your need is a fairly easy process if you’re purchasing a newer vehicle with low miles in good condition. However if you’re looking for used car loans for an older vehicle the process can become difficult if not expensive for what you actually get. Lenders will often place minimum loan amounts on their used car loans terms. These usually tend to vary between 7,500 to 10,000 dollars. If the amount you’re borrowing is greater than the minimum your lender has set the second hurdle can be the mileage on the vehicle. Milage caps on used car loans will vary between lenders just as the minimum loan amounts but most don’t like to go above 100,000 miles. The next piece of the used car loans puzzle is looking at fees associated with your used car loan. This will vary significantly from one lender to another, fees can be as high as $200 and are charged for various reasons from document preparation to application fees. Now not all lenders charge these fees but don’t base your decision solely on whether or not a fee will be charged. A fair amount of calculation could be needed when finding a balance between loan fees and interest rates. The interest rate of course can be the most important part in deciding which of the many used car loans is right for you. The interest rate can be affected by several factors. Most of the time this is determined by the term of the loan. The longer the term generally means the higher the interest rate. Another factor that can effect our interest rate is your credit. Currently used car loans can have rates as low as 1.99% but this can quickly change depending on your credit and if your credit is that poor you could end up at a buy-here-pay-here outfit that could charge you enormous interest rates and fees if you’re not careful. If you have no other option than getting your used car loan from a buy-here-pay-here or “No Credit Required” dealership then make sure that you review every detail of the loan terms and calculate your payment and total interest that will be paid with fees carefully.