Have you ever heard of a balloon payment at the end purchase to buy used car?

A balloon payment is usually associated with auto financing for buying a new car, but it's possible to have a balloon payment with used car loan if the loan agreement specifically outlines its inclusion and how it works for that loan. A significant upfront sum may be due after regular scheduled payments. The buyer can refinance to cover the remaining amount, trade-in the car to pay off the final part, or pay it in full. These specifics often depend on the lender, loan length, credit history, vehicle condition, down payment and more. Carefully reviewing an used car loan that involves a balloon payment and making an informed, responsible decision as part of comprehensive financial considerations are crucial aspects when negotiating such payment plans for purchasing and owning pre-owned vehicles.