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List: Posted: 12/10/10
Your car is on the fast track to the junkyard, and it's time for an upgrade. You want something shinier and nicer than your ride, but should you look into car financing for a new or a used car?
Car financing is a tough decision, whether it's for a new or a used car. When looking at car financing between the two, a new car might sound more appealing. New cars are more reliable and longer lasting. Plus, banks that deal in car financing will want to give you a loan for a new car because they assume you'll keep the car longer. However, their value depreciates by twenty percent in the first year, so that's always something to consider.
Don't walk off the lot with a new car just yet. Remember that car financing for used cars will always be cheaper. Unfortunately they too, have their drawbacks. A used car might not be as reliable. Additionally, car financing for a used car is a little trickier than for a new car. It will be harder to get financed because banks that deal in car financing assume since the car is used, you'll tire of it quickly and you'll be more likely to trade it in or to default on your loan payments.
It's really all a matter of personal preference when considering car financing for a new or used car. Getting car financing for a new car is much easier than for a used one. However, if you take caution when purchasing a used car, you’ll save more money.
The material in this article is for informational purposes only. The views expressed in this article are those of the author and do not necessarily reflect the views or opinions of Local.com. See Additional Information