Have you ever wondered what exactly is up with
best used car loan rate
Auto Loans Should You Buy a New or Used Car After Bankruptcy?
Getting an auto loan after bankruptcy can help you to get your credit back on the right track. However, you will want to make sure you choose the auto that's right for you and your current financial situation. This article answers the common question: Should you buy a new or used car after bankruptcy?
When shopping for a vehicle, one of the hardest decisions to make is whether to buy a new car or a used car. This is especially true after filing for bankruptcy. You want to make sure that you purchase a vehicle that is a worthy investment, but you also want to avoid payments that are so high they could get you back into financial trouble. Here are two tips that may help you make the decision:
Consider the Rates You Will Pay on a New Car vs. a Used Car After Bankruptcy
Anytime that you take out a loan, you are required to pay interest on the money you borrow. The interest rates you pay after filing bankruptcy are typically higher than average interest rates. This can sometimes make the total amount that you pay for your car over the life of your auto loan higher than the car's value. In other words, you run the risk of purchasing a bad investment.
To make sure this doesn't happen, you will need to consider the interest rate you will be paying in addition to the purchase price of the car. There are many auto loan calculators online that can do the math for you. Be sure to make comparisons on rates for both new and used cares before making any decisions.
Make Sure You Can Afford the Payment
Because new cars are so expensive and average a purchase price of over $20,000, payments can be quite high. Used cars, on the other hand, have lower purchase prices and can be much more affordable on a monthly basis. However, used cars are often devoid of any warranty, so you run the risk of buying a lemon. No matter what you decide to do, the bottom line is that you need to make sure that you can afford the monthly auto loan payment. The goal of an auto loan after bankruptcy is to improve your credit, not make it worse.
For a list of recommended After Bankruptcy Auto Loan Lenders Online, visit http://www.abcloanguide.com, an informational website about various types of loans.
More Useful Resource and Updates on best used car loan rate
- Economic Conditions Stall Central Indiana Car Sales (WRTV Indianapolis)
Central Indiana car dealers are feeling the effects of the economic downturn.
- George Monbiot: Green subsidy for car makers is disguised corporate bail-out (Guardian Unlimited)
While all eyes were fixed on the banking bail-out, a bucketload of public money was quietly sloshed into the pockets of another undeserving cause. Last week, George Bush agreed to lend $25bn to US car manufacturers. It's a soft loan, which will cost the government $7.5bn. Few people noticed; fewer fought it. The House of Representatives approved the measure by 370 votes to 58. The great ...
- Two men arrested in Naugatuck bank robbery (Republican-American)
NAUGATUCK -- A Naugatuck Valley Savings and Loan branch on New Haven Road was robbed at gunpoint early Monday afternoon, and two New Haven men were arrested after a high-speed car chase from Naugatuck to Seymour on Route 8.
- Credit Crisis Adds Pressures To Car Dealers (WCVB Boston)
Car dealers face increasing costs for the credit they use to keep inventory in their showrooms.
- Car buyers looking for loans It's not as easy to get financing for vehicles in the current financial crisis, but it's ... (Yakima Herald-Republic)
Yakima Valley residents who want to purchase a new or used car will be able finance their purchase if they have a decent credit record. Make that a great credit record and a decent down payment.
- Tighter credit market squeezes car buyers (Asheville Citizen-Times)
NEW YORK ? Dismal September auto sales may be one of the clearest signs yet that faltering consumer confidence and tighter credit are squeezing consumer spending.
- How to buy a car - even now (CNN Money)
Auto dealers are hungry for customers: Worried consumers are putting off buying big-ticket items, and buyers on the market are finding it harder to get a loan. So if your credit is solid, now is a great time to say, Let's make a deal.
- US Auto Loan Delinquencies On The Rise; $25 Billion Past-Due Study (Nasdaq)
DETROIT -(Dow Jones)- Auto loan delinquencies are on the rise as cash-strapped Americans increasingly struggle to repay car and truck loans, according to a study out Monday, the latest sign that the nation's economic woes are bleeding into the automotive finance business.
- Bonus QOTD: Would You Consider Buying A New Car Now? [Bonus QOTD] (Jalopnik)
Despite a financial rescue plan, things don't seem to be getting better right away (the dow dipped below 10,000 points for the first time in three years), which will likely cause a dip in consumer...
| 
