Is it Possible to Get a Decent Used Car Loan Rate Even If You Have Bad Credit?
It’s common knowledge that a new car loses value very rapidly. A lot of people like to joke that a car goes down in value the second you drive it off the lot but the fact is that it loses value as soon as you sign the paperwork. If you choose to go with a used car you’ll save a substantial amount of money. Buying a car that is just one or two years old can be as much as 50% less expensive than buying a new car. Because a preowned car is less expensive, your loan payments will also be much more reasonable. There are a number of different factors that will affect your used car loan rate. The dollar amount of the loan you need, the length of time you need to pay back the loan, and your credit score are all things that go into determining your loan rate. You will have to determine the dollar amount you can afford to spend on a used car. If you’re able to make a significant down payment then the amount of your loan will be smaller and so will your monthly payments. If you don’t have a lot o
