Used Car Loans

Car is a necessity, though expensive investment. New car depreciates by 20-30 percent annually, prompting consumers to have second thoughts on buying one. At the same time, purchasing a used car is a difficult decision. You need to ensure it has no serious problems, needing a lot of money for repairs, in which case you’ll end up paying more than it’s worth. If you decide to go for a used car, the next question is of its financing.

Considering Loan for Used Cars


In the absence of adequate savings, you have no option but to ask for a loan. If the rate of interest is low, paying interest on the loan may be less than what you may be earning from the funds invested elsewhere. In such a scenario, it makes better sense to borrow even if you can afford to finance it.

Share This Post

2 Responses to "Used Car Loans"

  1. I have done this when I was in a tight spot and needed just $2,000 for the car loan. The car was worth about $6,000 so it was nothing to get a loan from my local bank to cover that for just 12 months.

  2. Getting a used car loan through your local bank is not that hard. You just have to make sure that the value of your car is higher than the loan amount and in most cases the money is yours. You might deal with a high amount of interest, but at least the loan will go through.


Post Comment