About Car Loan

A car loan can help you in buying the car of your dreams. Deciding how to pay for the car is the biggest challenge. A car loan can help you in overcoming this challenge by managing the cost of purchase. A car loan is secured loan. If you fail in making the repayments, the lender may repossess your vehicle.
You need to be above 18 if you want to apply for car loan. Most of the car loans are repayable over a period of 1-5 years.
A few things to consider to get a best car finance:
• The amount you need to borrow.
• The time frame within which you can repay the loan.
• The interest rate you will have to pay for your loan.

Frequently Asked Question

Which is cheaper a loan or a car finances?
The interest on car loans is lower than personal loan, mainly because auto loan is secured, and personal loan is not secured, sometimes dealership financing can be the best deal in some situations.
How long should I finance a car?
It takes mostly 72 months to finance a used car compared to new cars, it takes almost the same amount of time to pay off the loan.
Is it better to finance your car through dealership or bank?
Your bank can help with the negotiation of your car, and sometimes can be favorable due to lower interest which transfers from lower payment to shorter loan terms. So it’s preferable you finance though your bank or credit union which will ultimately results to paying less.
What credit score must you have to qualify for car loan?
It all depends on the credit union some use as low as 350 points and some ranges from 350-800. So if have a bad credit score, you can still qualify for a car loan

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You can avail car loan in three forms:

  • Hire purchase: Under the hire purchase agreement, you can hire a car from a financing company and make monthly payments to them. Initially you pay the upfront deposit, thereby paying the rest of the amount in equal installments. You will own the car after the final payment. If you miss the repayments, you may end up losing the car.
  • Personal Contract Purchase: Under PCP you pay the deposit and make monthly payments for the remaining amount, to pay off the loan. At the end, you can pay the remaining balance and keep the car, hand it back or exchange it for another one.
  • Personal loan: You can also go in for an unsecured personal loan to buy your car. You can borrow the money and make monthly repayment to settle the loan.

How much you’ll have to pay for the loan?

There are a lot many factors which determine the price of the car loan. Your credit history being one of them. The stronger your credit profile, the less you will have to pay for your loan. There may be different fees and charges attached with the loans which you will have to pay. A higher deposit means you will have to pay less every month.

Drawbacks

  • If you miss out the repayment, you may end up losing your car.
  • Non adherence to the leasing rules and limits may lead to certain additional charges.
  • You may face a difficulty in getting the loan if your credit history is not good.

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