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Used Car Loan

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Used Car Loan – A Greater Affordability

Used Car LoanIf you need a car, but you do not have all the money in the world to spend on one, you must think practically about your options. Put away the magazines displaying images of cars worth more than a hundred thousand dollars and turn instead to the classified ads that display used cars for sale. There is nothing wrong with buying a used car. In fact, it is often considered a much wiser move than buying a new one because a new car will decrease in value the moment it is driven off the lot. Because of this fact, you can secure a used car loan for a much more affordable vehicle because of the depreciation it has experienced.

Whether you are in a financially tight situation, or you simply want to make a wise choice in saving your money, getting a used car loan is the best choice for you. Still, with this option, there are two possible things that might go wrong during your application for a loan to buy your new car. The first is that your application could be denied. The most likely reason for this is that your credit is poor. The other possibility is that you are approved, but the interest rate you qualify for is far too high. These are both very real problems in hard economic times.

To help prevent either of these situations from happening, you should determine what you can truly afford. Take a look at your financial situation and bring everything to the forefront that needs to be unmasked. Decide what you might need to forfeit if you are going to enjoy getting that used car. Calculators for used car loans, which are easily accessible online, can help you decide what you can truly afford based on your monthly income and other expenditures. You may need to reduce your monthly spending on entertainment and eating out to better afford your new monthly car payments.

During this exciting time that you are shopping for a car, you should not become discouraged because of the costs associated with getting a car. Thanks to a used car loan, you can obtain the proper financing you need. There are many lenders online who are willing to work with situations of bad credit, but you should make sure you know what you can truly afford first before you go through with taking out a loan. The last thing you want is buyer's remorse on such a large purchase like this.

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Do I Qualify?

18 years old or older?
Sorry, you need to be 18 years or older to qualify.
Earn $1,600 or more each month?
Sorry, you need to earn $1,600 or more each month.
Stable in your job and residence?
Sorry, you need to have a stable job and residence.
No repossessions within 1 year?
Sorry, you can't have repossessions within 1 year.
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Rates in as low as:

Source: Informa Research Services, Inc. New car loans rates are based on a 36 month term and $25,000 finance amount. Used car loan rates are based on a 36 month term and $20,000 finance amount. Applicant must have a Fico score > 760. Not every applicant will qualify.