current auto loan rates : Certified Pre-Owned

2008-03-19 10:26:08

( Financial )



You might be informed about current loan rates or current mortgage rates, but do you know about current auto loan rates?

Are you thinking of buying a car? Is it worth the extra money to buy a certified pre-owned car in terms of current auto loan rates?

Are you a prospective car buyer? Then you might be asking yourself a few questions about current auto loan rates. Like, for instance, what car is available for the depreciation and low price of a used car, and yet the warranty and reliability of a new car? A certified pre-owned car, of course.

Well, that’s what the auto industry says. But is it true? What is a certified, pre-owned car? Taking into consideration current auto loan rates, should you consider buying one – what are the disadvantages and advantages?

But what exactly is a CPO (Certified Pre-Owned)?

The automobile industry uses this term to describe low mileage, late model used cars that have a factory warranty, have passed an inspection and have a service contract. Usually they are in a better condition than the normal used car and have been accident free and regularly maintained. This fact is verified through a reputable vehicle tracking service.

Where do these CPO’s come from?

Most cars with this label have a history of being leased new and not sold. This means that the owners took care of them to avoid wear and tear charges at the end of the lease period. CPO programs were begun by automakers in the 1990 leasing boom as a way to sell off-lease, low mileage cars. Since then there has been a great increase in the sales of these cars because the cars are perceived to have a new-car reliability at a used-car price.

But most importantly for you the consumer is that the manufacturers of the CPO’s offer a warranty as well as an inspection and they give you the option to return it if something doesn’t go according to expectations.

However, specifically what you get for the extra money you spend can vary.

Some only offer a warranty for a certain period of mileage, while others also offer an inspection and return policy for a warranty of a very brief period or mileage.


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