Buying New Versus Buying Used
There are two ways to use your low interest auto loan rate. You can use it to buy a new car and you can use it to buy a used car. Either way, the decision is yours. Give yourself the best opportunity to get this right. The following is some help for your low interest auto loan rate.
Advantages of a New Car
Other then the fact of it being completely new you also get a warranty with the car. This will help you in case something begins to go wrong, and you need repairs. You also know that the safety features you are getting are top notch and that everything is up to date. A low interest auto loan rate is very worthy of a new car. In the end you know what you are buying. There were no previous owners so you do not have to worry about any troubles that might have come with that.
Advantages of a Used Car
One of the great things about used cars is the price. They will be significantly lower then new cars, which could ease some of the burden on your low interest auto loan rate. If saving money is something you want to do then a used car is for you. If you want that BMW but cannot afford the new one then look to a used. Do not be shy; many people are doing it. Another good thing about used cars is that they do not lose value as quickly as new cars do.
Disadvantages of a New Car
When you drive your car off the lot you could lose 40% of the value right away. What this does is also ensure that you are locking yourself into long term ownership. If you do not want this long term ownership them you should not use your low interest auto loan rate on a used car. Also you need to worry about theft in new cars, because they are more of a target then used cars. This is why you need to check on insurance on new cars and make sure it is not too high.
Disadvantages of a Used Car
The negative of used cars is that you do not always know the vehicle history. You might find that some f the repairs are hidden from you. You also are not guaranteed a warranty with a used car. Most people like to know what they are getting in all situations when they use their low interest auto loan rate. This is why they do not opt for a used car. You can also try shopping online for a new car.