A car loan also known a vehicle loan is taken out for the purpose of purchasing a car or any other motor vehicle. If you do not have enough savings to purchase your chosen vehicle but you can afford monthly repayments then you should consider taking out a car loan to finance your new set of wheels.
Things to Consider:
- Hidden fees and charges on top of the interest rates.
- Take out a loan that lets your pay extra on top of your monthly instalments.
- Read the fine print so you really understand any additional fees and charges and how they will impact your total repayments.
Types of Car Loans:
- Unsecured Car Loans - A car loan where your vehicle is not used as security or collateral for the loan. However, a lender will assess your eligibility and creditworthiness.
- Secured Car Loans - A car loan where the lender has security over the car. This security makes the loan less risky for the lender, which means you might be able to get a lower interest rate than other loan types.
For more information on car loans, please contact us.