Although there may be many used cars that you find appealing, finding one that is affordable is a whole new challenge. That's why a growing number of buyers are seeking the help of loans. These options aren't just reserved for high-priced new models, as more motorists are using them to land behind the wheel of a quality used car. 

Loans keep getting bigger
According to Experian Automotive, the average amount of a used car loan has been steadily increasing. In the third quarter of 2014, it even hit a record high of $18,576, which is a $676 increase from the same time in 2013. While the average loan amount has grown, so too has the average loan term. Drivers are striving to keep their monthly expenses down, and as a result, they typically sign up for longer terms that spread out the payments. 

"Car buyers tend to shop with a monthly payment in mind. As a result, we are continuing to see them turn to leasing and longer loan lengths as strategies to keep payments down and make vehicles more affordable," said Melinda Zabritski, senior director of automotive finance for Experian. "As car values continue to reach new heights, these insights will help dealers, lenders and consumers become more aware of the options available to them to keep people buying cars, all while staying within their budgets."

Good news for subprime buyers
People who are facing a tight budget can find some good news relating to car loans. According to Experian's data, the average credit score for used vehicle loans only rose two points to 650. That's relatively steady, especially considering the fact that more than half – 54.1 percent – of all used vehicle transactions involved some kind of loan. 

Interest rates have also been decreasing throughout the year. Although the average rate has risen from the same time last year, it's down when compared to previous months, Experian reported. 

Find the best deal for you
Selecting the right loan and the perfect used car can be an uphill battle. That's why it helps to have a team you can trust, just like the crew of experts on hand at New Jersey State Auto Auction. This lot is home to hundreds of Carfax-certified vehicles, as well an in-house financing team dedicated to helping you afford the car, van or truck you want.