subject: Fast Ways to Get Used Car Financing [print this page] Author: Jack Spencer Author: Jack Spencer
As time passes more and more people are beginning to consider buying a used car rather than a new car. Though that may be due to a number of reasons, the biggest reason is that most people simply can't afford to buy a new car or their budget and cannot support the extra burden of new car financing. Purchasing a used car has a number of advantages, one of the biggest being the ability to also get used car financing. Getting used car financing is a pretty manageable job since there are a number of used car financing lenders out there willing to sanction loans to people who meet their rather flexible criteria.
Most people can be eligible for a used car financing loan as long as they are above 18 years of age. People with not so stellar credit history are included as well. People who have filed bankruptcies cannot apply until their bankruptcies are dismissed. Therefore, used car financing is open to almost all people no matter how bad their credit history is. In fact, many people use used car financing after their dilemmas in credit history to rebuild their credit score up from scratch.
Just like other car financing options, used car financing also comes in two main types: secured used car financing and unsecured used car financing. Though an unsecured used car financing may seem like a better option because of the lesser effort it requires, many people fail to notice that an unsecured car financing loan costs a lot more in terms of long-term overall payment. For people with bad credit it is recommended to choose secured used car financing.
A secured used car financing loan produces a lot more trust between the lender and loaner and therefore results in better and lower interest rates. With a little effort like pledging your old car as collateral or giving a modest 10% down you can drastically reduce the interest rates being offered. Even the lender will be willing to consider your payments and negotiate better rates with a secured auto loan.
Remember to shop around and get the market bearing before you settle for a deal. Finding just the right car as well as the lender that offers you the best rates, may seem like a pretty hectic job, but you are sure to find your effort well rewarded.About the Author:
Jack Spencer has been a part of the car loan industry for many years and writes and publishes articles to help consumers better understand the car loans and bad credit car loans. Jack answers common questions consumers have about car credit in his articles and news posts. To read more about Jack and his other car loan articles or if you would like to apply for a car loan or a bad credit car loan, just visit his website: crestcarloans.com.
