Poor Credit Car Loan

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Save yourself money use a poor credit car loan to buy a used car

When you come to buy a new car and realize that your credit score only allows you to take out a poor credit car loan why burden yourself with thousands of dollars of unnecessary debt just because you buy a brand spanking new model from the dealer? Buying a used car can save you loads of money. Let us tell you how!

10 reasons why you should use a poor credit car loan to buy a used car:

  1. There are millions of great used cars available that come off lease that are in excellent condition, with a full service history and relatively low mileage.
  2. The lower selling price of a used car will equate to a lower fee for taxes.
  3. Used cars are less expensive than new cars. For example a new model of the same car may cost you $20,000 but if you buy a 2 year old used car you could purchase it for $15,000, making yourself an automatic saving of $5,000!
  4. This saving could outweigh the increased interest rates that you would expect with a poor credit car loan. An auto lender will inflate their interest rates by around 4% purely because of your poor credit history.
  5. You will have a smaller poor credit auto loan as a result of the lower car cost.
  6. This will mean that your monthly repayments will be lower and the poor credit car loan will be much more affordable.
  7. You may even be able to shorten the term of the loan so that you pay off the poor credit car loan far quicker than if you bought a new car.
  8. This could potentially save yourself thousands of dollars in interest payments, leading to a double whammy saving.
  9. By keeping up the monthly repayments on a poor credit car loan you will improve your credit score over time.
  10. Improving you credit score will mean that when you buy your next car you will probably qualify for a far improved auto loan rate, thus saving you money again.

At the end of the day it's entirely your decision whether you want to drive off in a new car, or want to take advantage of the great savings that a used car could bring when you need a poor credit car loan. If you see the $$$$ signs floating before your eyes then you may want to jump at the chance of saving yourself mega bucks