Go Online to Get Your Used Auto Loan

Most people do not need a new car. Unless you have tons of money to waste you realize that the smarter investment is in the used car market. Let someone else pay the depreciation that all new cars go through that first year, and you take the deal when they are done with it.

Perfect example – Betty and her husband go to by a minivan with TV, bucket seats, power doors, etc. They pay $28,000 for the car and drive it off the lot. They have that car for almost a year and decide that they want to get a different car. They sell it and move on. Along comes Susan and her husband and they are looking for a minivan – they find Betty’s old minivan and it looks like new. They purchase it for $16,500 and drive it off the lot. Who was the wiser purchaser?

But sometimes the car dealerships don’t want to give you a great deal on the auto loan for the used car. Sometimes they try and make it seem more difficult because they want you to get the new car – it has a higher markup. But there are plenty of places you can go before you head to that lot - credit unions or online car loan companies – to get that used car loan.

Online auto loans are a great way to go shopping for a loan. You can put in your information and get a quote online. This lets you compare and contrast their terms to see which one is a better fit for you and your budget – and you only have to talk to the ones that you are interested in if you want more information. 

Back to  July 2009  Archives