Used Auto Loans vs. New Auto Loans

Did you know getting a loan for a used automobile is just as easy as getting a loan for a new one? Many people think suitable auto loan financing is reserved for new car buyers, but that's not the case. People buying a used automobile have many of the same loan options available to people buying a new automobile.

The loan process is essentially the same whether you're looking for a new or used automobile, so do your research on both to see what's right for you. The one potential difference between new and used auto loans depends on your credit. If you have excellent credit, a new auto loan may have a slightly lower loan interest rate than a used auto loan.

Why Get a Used Auto Loan?

Many people need to realize the advantages of buying a used automobile. Ever notice the significant price difference between a new automobile and one two years older? That's because of depreciation.

The best reason to buy used is that most of a new car's depreciation occurs during the first two years. Buying used cars gives you more value for your money; someone else has already absorbed the automobile's depreciation. Another consideration is that the Fed has lowered interest rates, and opportunities are available to be seized.

If you choose an automobile that is in good repair and it keeps its value well, a used auto loan could save you lots of money!

Used Auto Loan Interest Rates

There is no need to be overwhelmed when looking for an outstanding used auto loan. myAutoloan.com offers a range of tools to help you make an informed decision. Your first step is to decide what kind of automobile you want to buy.

You probably have an idea of your dream car and just want to see if you can afford the loan payments. To start, create a budget for your monthly expenses before applying for an auto loan. Knowing what you can afford each month is crucial; be realistic yet optimistic. One of the great things about buying a used car is that you usually get more car for your money. Auto Loan Calculators

Once you know what kind of auto you want to drive, it's time to think about loan rates. Research the price of the auto you like, whether it is new or used. Once you know what the automobile will cost, you can start determining what you'll pay in interest on your loan.

Auto loan calculators make math easy. Enter the auto's expected price, your desired loan length, and your expected loan interest rate, and the calculator will estimate your expected monthly auto loan payment reasonably. Here are three tools that will save you time and money!

Interest Rate Estimator: Find out what type of interest rate to expect. Use this tool to enter your zip code, the loan type you want, and your credit information -- then simply click calculate to see rates in your area.

Loan Amount Calculator: Calculate how much you can borrow with the myAutoloan.com loan amount calculator. This tool is provided for your convenience. The actual amount you can borrow may differ depending on the actual terms of your loan.

Payment Amount Calculator: Calculate how much your payment will be for a specific loan amount. This tool is provided for your convenience from myAutoloan.com. The actual amount of your payment may differ depending on the actual terms of your loan.

myAutoloan and Used Auto Loans

Once you've determined what you can pay, the kind of used car you want, and your potential monthly loan payments, use myAutoloan.com to apply for your auto loan. It's easy and safe, and you can get up to four real loan offers from national lenders. These are offers that let you compare lenders and their respective terms and rates. Its great to be able to choose which offer best suits your needs!

Getting competing loan offers will help you determine what you can expect to pay for your used auto loan wherever you apply. myAutoloan.com is a great resource that can provide you with up to four real loan offers. Think about that you get to choose! Having several competing auto loan offers is an outstanding way to choose a loan that fits your needs and saves you money in the process.

Good Luck and Happy Shopping!