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Finding the best used-car loan
Buying a used car can be a smart choice. If you choose well, you can get a nearly new car for about half the price of a new vehicle.
For the used-car buyer, shopping for a good loan is important. There are no low-interest deals like those car makers offer to buyers of new cars. Here are a few good moves to consider when financing the car:
* Your bank or savings and loan are on the next rung up in your search. Consider opening an account if it means you can get a lower rate. Always comparison shop. Competing banks charge different rates, some lower than others.
*Check with your credit union. It may offer lower rates to members.
* Ask the car dealership. Sometimes they can offer attractive financing arrangements.
* Consider a home equity loan. The rates may be lower, and it would come with the added benefit of interest being tax deductible.
* Finance the loan for the shortest time you can afford. A three-year loan for $12,000 at 9 percent costs $1,737 in interest. A four-year loan would cost $2,334.
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