If you’re like many Americans, you realize that buying and owning a car is a necessity. That said, buying a new car at premium market prices isn’t a necessity. You can often find something of equal or greater quality by looking to your local used car dealerships.
Even buying used cars can be costly, especially if you get stuck with a bad deal when trying to finance used cars. As the well known financial news website BankRate.com points out, the current interest rate for financing a used car is 4.86%, and that’s if you’re going to pay your car off in the relatively short period of 36 months. If you have to take any longer, you’re going to pay a lot more.