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Loans secured in this manner will usually come with lower interest rates, and any payments that you make may even be tax deductible. It is important to make sure however that applying for such a loan will not put you at risk of losing your home. If you are currently trying to make up your mind between buying a new car or a used car, you may want to consider the fact that new cars will often come with lower interest rates than used cars. Auto loans for the purchase of a new car will also generally have longer terms. This is why going for a new car instead of a used one may actually be a better alternative if you want to save some money in the long run.