The moment you decided to take a car loan for the purchase of a new or a cheap Aston Martin used car, you must know that you have committed to paying more than the value of the car. It is then a question of limiting this damage by negotiating hard with lenders for the lowest interest rates.
You can do that if your credit score is high and you have no adverse remarks on the credit report. Lenders would prefer to deal with individuals who have been regular in their previous repayments and in these troubled times are willing to offer special rates of interest to such people. They would rather deal with a safe customer and give him or her benefit of low interest rates rather than deal with somebody with a dubious credit score and get higher rates of interest which is on the riskier side.
However, one advantage of opting for a cheap used car, especially if you buy it within a couple of years is the depreciation factor that would already have played out and as long as the car is in good condition, it would be a great buy for you.

published: 29/06/2010