Used cars can be an expensive investment, but new cars cost even more. With the recent ups and downs of the economy, it seems that there is a renewed interest in shopping around for the best deal on a used car instead.
It can cost about 21,000 dollars or more for a car. This is a lot of money even when times arent so troubled. Can you presently afford that much? The Auto Affordability Index set up by Comerica Bank in Detroit figured that in the third quarter of 2003, it took almost 20 weeks of an average familys income before taxes to buy a car. That is about five months of income on a car. In this economy, is that worth it?
Considering the above, you can see why so many people are now considering the used car option. In this market there is a growth of loan value choices available for used cars. Millions of cars come off their lease every year, so there are plenty of four to two year old cars available to choose from when you are shopping for a used car.
Lenders use Used Car Loan Value to Finance the Car
Cars are considered investments no matter whether they are used or new. However, most lenders will finance a used car based on its loan value...
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