Home - Mortgage Loans | Personal Loans | Bad Debt Loans | Foreclosure Loans
Apply for a Loan | Best Auto Loans | Best Bad Credit Auto Loans | Best Bad Credit Loans | Best Bill Consolidation Loans | Best Cash Advance Loans | Best Credit Cards | Best Credit Repair Tips | Best Debt Consolidation Loans | Best Free Credit Reporting Tips | Best Home Equity Loans | Best Mortgage Loans | Best Pay Day Loans | Best Personal Loans | Best Products on the Internet | Best Unsecured Loans
Great Financial Advice
Apply for a Loan
Latest Financial News
Rate Lock Advisory
Best Products
Join Our Mailing List
Contact Us
Loan Articles Index
Auto Loans
Bad Credit Auto Loans
Bad Credit Loans
Bill Consolidation Loans
Cash Advance Loans
Credit Cards
Credit Repair Tips
Debt Consolidation Loans
Debt Reduction Loans
Foreclosure Loans
Free Credit Reporting Tips
High Risk Loans
Home Equity Loans
Home Loans
Lawsuit Loans
Mortgage Loans
Pay Day Loans
Personal Loans
Products on the Internet
Real Estate Services
UK loans
Unsecured Loans
Loan Article Index
Loan Articles A-G
Loan Articles H-Q
Loan Articles R-Z
Mortgage Calculators
Mortgage Calculator
Mortgage Amortization Calculator
Rent vs. Buy Calculator
How Much Can I Afford Calculator
Auto Payment Calculator
Click here to Sign up for Email and Newsletter


redhotloantips fat loss

Used Car Loan Tips

Written by: Steve Wilson

Finding an financing for the purchase of a used car can be a little more difficult then getting an auto loan to by a new vehicle but is not impossible. Most of the same requirements that apply for a new car loan also apply for to a used car loan.

One of the biggest advantages of buying a used car is the cost saving. If you have less than perfect credit than buying a used car can save you hundreds of dollars in interest and help you rebuild your credit while providing an asset that a lease wouldn't.

As with any major purchase, the first step as always is to ensure you have a source of financing and are away of your budget limits. Everyone should do a credit check once a year to ensure that the information on his or her credit file is accurate. On average one out of four people have mistakes on their files that may be hurting them by lowering their credit score.

Once you know your credit standing it is time to look into your personal finances. How much can you afford as a down payment? What can you afford to repay in total and monthly? What will the insurance and maintenance costs be? Make sure you very closely examine these questions. If you are trying to rebuild your credit the worst thing you could do is to take on too much and start to get behind or miss payments.

After you know where you stand financially you can begin to shop around for a loan. Depending upon where you are applying for a loan you may need to know how much the loan will be for first, meaning you must do your car shopping first. Either way it is best to know how much you will be approved for so you know what price range to be looking at.

If you have had past credit problems that have affected your credit score, you will have a difficult time obtaining auto financing from most banks. In these types of situations your best option is to apply online for an auto loan.. Websites like Car Credit Center allow you to apply for a used car loan 24 hours a day and will help you find financing from a lender or dealership in your local area.

The criteria for an acceptable used car loan are tighter than for a new car. Typically a used car should be about 3 years old, have low mileage and should have a warranty. Other cars may still be acceptable but cars that fall into this category have the highest resale value and therefore make your auto loan more secure.

When financing a used car often the interest rates will be higher perhaps by 2%. The higher rate is due to the greater risk of a loss for the lender. Over the term of your loan you may find that the interest on a new car would be greater than the extra 2% on a used car meaning you are getting a better deal.

A very good place to shop for a used car is a dealership. The best option is to find a car that someone leased or returned. Purchasing a fairly new car from a dealer will make the financing much easier.

If you elect for this option you will want to get an extended warranty. Most new cars are very dependable, some not ever needing servicing for 50,000 miles or more. As the mileage and age of a vehicle increase so does the odds of having expensive repair bills. Being a used car you do not know how the previous owners drove the vehicle so the best option for you is to get an extended warranty. It only makes sense to protect your asset.

If you are looking to rebuild your credit without having to take on too much debt then perhaps financing a used vehicle is a good option for you. You get a new car, great terms, a smaller loan to repay and a warranty to protect you if anything goes wrong.

For more information on used car financing pr to apply online for an auto loan visit Car Credit Center

About the author:

About The Author: Steve Wilson has been working in the used car buying And Financing industry for over 15yrs and is currently working for Car Credit Center

Other Related Articles:

Who is your Commercial Loan Broker
What can your commercial loan broker do for you? That all depends on which broker you choose to do business with. As is the case for most things in life, there is a variety of financial institutions to choose from. However, not all...read more

Home Mortgage Loan Refinance Benefits To Refinancing Your House Online
Here are some of the benefits to doing your home loan refinance online: Everything seems to happen faster - Online, when looking for a mortgage loan you can search around, fill out an application and a few minutes later, you can be receiving a...read more

Credit Scores and Loan Applications
Keep Your Credit History Clean - Remove A Negative Credit Record From Your Credit Report It can make a difference of up to 18% in loan repayment costs. For example, on a 30-year, $150,000 fixed rate mortgage, a borrower with the best credit score,...read more

Return to Home


Best Auto Loans, Best Bad Credit Auto Loans, Best Bad Credit Loans, Best Bill Consolidation Loans, Best Cash Advance Loans, Best Credit Cards, Best Credit Repair Tips, Best Debt Consolidation Loans, Best Debt Reduction Loans, Best Foreclosure Loans, Best Free Credit Reporting Tips, Best High Risk Loans, Best Home Equity Loans, Best Home Loans, Best Lawsuit Loans, Best Mortgage Loans, Best Pay Day Loans, Best Personal Loans, Best Products on the Internet, Best Real Estate Services, Best UK loans, Best Unsecured Loans
Subscribe to Mailing List | Private Policy | Unsubscribe | Site Map