1) The car has to be within 7 years old to enjoy a reasonably good rate with car used as security. 9 S8 B, y* s; Z/ N. f% K2) Depends on your credit history and credit score. . t, ~% f# M' P2 X; l- x3) Depends on your relationship with the financial institution. / L: }' x$ U) O" c0 Y4) The only advantage you have is that you pays the cash, and can discount that from the seller. G1 v" D x P/ ^
5) For cars more than 7 years old, the interest can be significantly higher because the collateral value is hard to assess. Good luck.