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Term options: Car loans are available for 24-84 month period. Used car loan rates 60 months are also available at many places online. Borrowers can choose different term loan option for used car and save their money. Even with poor credit score they can get different loan term option and save their money easily. By choosing a short term loan, borrower can easily save on the interest.
Rates: Rates are usually based on the loan term the borrower chooses. Rates up to 60 months are favourable as they are the most lowest and competitive. Thus people normally prefer 60 month used car interest rates. People cannot qualify for low rates if their loan term is above 60 months. Thus the lower the shorter the loan term, the lower would be the car loan rates and vice versa.
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Loan to value ratio: Used car lenders usually have their own lending guidelines. They don’t permit to borrow more than the car value. For e.g. a buyer cannot take a six year loan on a ten year old car with 10,000 miles drive. Thus the loan to value should be considered before buying any used car. New cars with less mileage warrant a long term loan easily. People with good credit rating can easily afford high loan to value ratio as those compared to people with poor credit.
Choose the best lender: There are various types of lenders available in the markets that are ready to provide loans for used cars. These lenders can be easily located online. Borrowers just need to find them and fill their loan application form. Soon the lender would contact the borrower with loan quotes. Comparing the loan quotes can help the buyer in deciding the lowest rate car loan deal. By this way, borrowers can easily secure the best loan deal from the market. Borrowers who wish to get low used car loan rates may visit CarLoansBadCreditHistory.