Having your own car can be a dream many people who want to turn it into reality. Therefore, it is important that you choose the car after doing proper though and deliberation. When you have shortage of funds and it is not possible to buy a new car then you should go for the used car.
There are many things which you should consider while deciding that whether you should choose a new car or used car. There are very less people who are financially secure for affording a car without any loan. If you are caught in a dilemma of whether you should select a used car or new car then it is necessary to read on the blog, which would in turn help in taking a quick decision-
• It is possible to obtain new car loan at a low interest rate in comparison of a used car loan. The main reason of this is that lending institution may always fears of getting a default in repayment of EMI in case of the used car loan. However, in case of a new car loan, though the cost of the loan can be come out more but here the rate of interest will be less.
• In case of a used car, the down payment is generally more in comparison of new car of the same model.
• Generally, lending institutions charge high interest rate from all those who have bad credit history. Lenders consider them as highly risky and in order to cover risk, they are charged with high interest rate.
• You can find difficulty in finding a loan for a very old car but you can easily get it in case of new car.
There are many things which you should consider while deciding that whether you should choose a new car or used car. There are very less people who are financially secure for affording a car without any loan. If you are caught in a dilemma of whether you should select a used car or new car then it is necessary to read on the blog, which would in turn help in taking a quick decision-
• It is possible to obtain new car loan at a low interest rate in comparison of a used car loan. The main reason of this is that lending institution may always fears of getting a default in repayment of EMI in case of the used car loan. However, in case of a new car loan, though the cost of the loan can be come out more but here the rate of interest will be less.
• In case of a used car, the down payment is generally more in comparison of new car of the same model.
• Generally, lending institutions charge high interest rate from all those who have bad credit history. Lenders consider them as highly risky and in order to cover risk, they are charged with high interest rate.
• You can find difficulty in finding a loan for a very old car but you can easily get it in case of new car.
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