Almost half of all car purchases in America are financed. Couple this with that fact that 30 million Americans have credit problems and you see why theres such an interest in bad credit car loans.
While carrying higher interest rates than prime loans, bad credit car loans are not hard to get. Even people who have filed for bankruptcy can find a decent deal on auto financing if they shop around. It doesnt matter if they buy new or used.
Bad Credit Car Loans – Buying New
For peace of mind, safety and hassle-free driving, theres nothing like buying a new car. When you buy new, you have more control over optional features than if you buy a pre-owned vehicle. You will also get a new warranty that lasts much longer than the extended warranty you can buy for used cars.
The danger in buying new is getting upside down on the bad credit car loan. One way to avoid this is to have a decent down payment20% or better. Another way is to choose a vehicle with high resale value. This will help slow down depreciation.
Depreciation is the difference between the Manufacturers Suggested Retail Price (MSRP) when you bought the vehicle and what its now...
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