Used Car Loan

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A Used Car can be a Good Thing

Getting a used car can be a trying experience because there is no MSRP or set asking price on any given car. Although Kelly Bluebook ( can be a valuable resource when shopping for a used car, you just never can tell how much you should really be paying for a used car. Not only is it hard to pinpoint a price on a used car, but interest rates are typically higher on a used car loan so you end up spending more money dollar for dollar than with a new car loan.

The best reason to buy a used car is for extra transportation. You definitely don't want to rely on a used car as your primary transportation if you don't have to. The biggest reason that you pay more for a used car loan is because lenders don't like lending on risky situations. A lender has no idea how the car was treated before it fell into your hands or if the engine is about to blow. You can assure yourself by buying a certified used car or buy having it checked out by your mechanic before purchasing.

Getting a used car doesn't sound like such a good idea anymore!

Again, it's not always the best option, but it can be. The major plus that drives most of us to buy a used car is that they cost less. If this is the sole driving factor (no pun intended) to buying a used car, don't forget to take into account the extra interest you will be paying on a used car loan. More often than not, buying a 1 year old car at a dealership can actually be more expensive than just buying the current new model available.

You mentioned using a used car as secondary transportation, why?

Well, if you only want to add the convenience of a second car and don't plan on driving it into the ground, you can buy a much cheaper vehicle used and despite the higher rates on a used car loan it would be a much better option than buying a used car. That is if you plan on only using it a little bit. On the other hand, if you need reliable transportation, the best option is always a new car because you know it's been taken care of and free from problems.