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Used car financing may see uptick in near future

Posted on Wednesday, February 27, 2013 at 12:54:44 PM

Amid a bolstering national housing market and signs of sustained strength in the economy, Americans who are members of median-income households may still not be able to purchase a new car.

Used car financing could begin to see a related increase, as Interest.com recently announced average homeowners in just one in 25 metro areas nationwide have the funds necessary to buy a new automobile.

"What this research indicates, more than anything, is that a lot of Americans are spending too much money on their cars," said Mike Sante, managing editor of Interest.com. "Car costs are one of the most controllable parts of a household's budget."

Though many may aspire to buy a new car, there are a number of advantages to buying a pre-owned vehicle. Aside from lower cost, used car buyers can benefit from certified programs and history reports showing cars' dependability. In addition, used car owners can effectively avoid major depreciation during the time a car is owned, as most vehicles lose about 30 percent of their value in the first two years of ownership.

Those looking to obtain auto financing toward the purchase of a used car could profit from researching options with a trusted lender like Home Loan Investment Bank.