If you are left with no option and have to go for a used Reliant car to buy option along with a used car loan, then you can make it easier for yourself if you can communicate and present facts to the lender of the used car loan such that he gets the confidence to lend you the money at the best possible interest rate. This is all the more relevant if your credit score happens to be one that does not inspire much confidence in you let alone the lender.
You can do this in two ways. The first is by putting up collateral and while this could be the used car itself, sometimes, the lender may not get convinced due to the lower value of the car and you may have to beef up your collateral. Remember that any default on your part can lead to seizure and you can do nothing about it.
The second is to make down payment that is attractive enough to justify a lower interest rate due to much lower exposure for the lender and also bring down your monthly repayment obligation proportionately.

published: 14/07/2010