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About Car Loan

Everyone’s dream is to be a car owner someday, but sometimes our financial situation might get in the way that is why an easy way has been made by penny solvers. Here is our guide to car loans, we make sure to help you get the best deal. We make it quick easy as possible. It’s a loan taken out for the purpose o getting or buying a car. It is done in a way that the cost of the car can be spread through, which definitely comes with interest rate and some extra charges.

Who Is Eligible?

To be able to get a car loan, you have to be over 18 years. Lenders also have their specific requirements, and be sure to go to a place where you will be accepted, rather than be rejected. This might affect your credit history report

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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Different Types Of Car Loans

  • Hire Purchase: It is the most commonly used form. In this type of agreement, you hire a car and make monthly payment to the car finance company. A deposit has to be put down first which might be up to 10%. In this, the more the payment you put down, the lower your monthly payment.
  • Personal Loan: This are unsecured loans either by banks or other financial institution, you can easily sell off the car but the monthly repayment has to be made. As the car dealership gets the money fully, this simply means you own the car.
  • Personal Contract Purchase: It’s like leasing vehicle out, where you become the owner of the leased vehicle for a fixed period of time after which you can choose to buy the ca after or hand it back. Regular monthly repayment is made over 3-4 years. This type of loans, the repayment is much lower than other options. After the leasing period, you can decide to take out a new personal contract purchase

Factors To Be Considered Before Applying

  • Applying so as to prevent rejection Be sure if you want the car for a while or permanently. This would help to know the type of loan to opt for.
  • The amount of money you can afford to purchase a car. Don’t go more than your limits.
  • Penny Solvers helps in the search of car loans that will make you get accepted rather than rejected. A thorough search should be made before

 

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What does Lorem Ipsum mean?

Lorem ipsum, in graphical and textual context, refers to filler text that is placed in a document or visual presentation.

What does Lorem Ipsum mean?

Lorem ipsum, in graphical and textual context, refers to filler text that is placed in a document or visual presentation.

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