What are the benefits of choosing a used car loan over a new car loan for farmers?

Here are some potential benefits of choosing a used car loan over a new car loan for farmers:

• Used vehicles generally have a significantly lower purchase price than new ones, allowing farmers to finance a lower principal amount, which means lower monthly payments.
• For applicants who qualify, used car interest rates are typically lower than new on average. This also reduces the monthly payment.
• New vehicles may depreciate 20-30% in the first 12 months. A used car has already taken the big depreciation hit, allowing it to retain more value over the loan term.
• Full coverage insurance is required during a financed loan term in case of a new car. Insuring a used vehicle is less expensive compared to covering a brand-new vehicle.

The lower overall costs of buying and financing a quality used vehicle can make a used car loan a practical option for farmers looking to save money while keeping reliable transportation.