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I don't think there is even a single person on this planet who doesn't dream of owning a car one day. Even the ones that already own cars want to own something better in the future. But, with the economy in such bad shape, owning a car has become almost impossible unless you can get an auto loan. But even if you do manage to jump through hoops and get approved for an auto loan, the cost of a new car might still be too much. Now there's no point buying a new car if you can't afford to repay the loan is there? So what do you do? You get a used car. That's right; nowadays there are many lending companies that are willing to give auto loans on used cars as well. In this article, I am going to tell you everything there is to know about taking loans on used cars in Portland.
First, let's take a look at some of the advantages of buying a used car instead of a new one:
1. The price of a brand new car depreciates at a very high rate. The rate of depreciation on used cars is much lower.
2. Used cars are a lot cheaper than brand new cars.
3. There are many lenders that offer instant approvals on used vehicle loans.
As far as used car auto loans are concerned, lenders offer two different types of loans depending on where you buy your used car from:
1. Purchasing from dealers- When you buy a used vehicle from a dealer, you get a wide range of options. The paperwork is also more or less complete and you can rest assured you will be over and done with all the legal formalities in no time.
2. Purchasing from individuals- Here, you will be buying a vehicle from an individual. You will get the benefit of first hand information on the car, but the absence of a dealer will mean that all the paperwork will have to be done by you.
Now, let me discuss the most important part when it comes to getting a car loan Portland, the rate of interest. Isn't it obvious that we all would want as low a rate of interest on our auto loan as possible? Here are a couple of tips to help you get what you want:
1. Your credit score is the most important thing when it comes to getting a used car auto loan. If you do not have a good credit score, you might not be eligible for a loan altogether. But if you have a high credit score, you can get pretty some pretty great deals in terms of interest. Do not think that your credit score will only determine your eligibility for a used car loan. It can just as easily determine your interest rate too.
2. You can consider making a down-payment on the used car you are buying as well. This will reduce the amount of money you need on loan and will therefore, reduce your overall interest costs. Another great way of reducing interest rates is by adding a co-signer to your loan. This is even more helpful if the co-signer has a great credit score.
Used Car Loans
A quick Guide