Having trouble coming up with the cash for your next car purchase? We’ve compiled the top 5 ways to finance that new or used vehicle of your dreams, from online car loans to dealer finance.
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A secured loan is a great way to finance your next car purchase if you have some savings you can use as collateral. This type of loan is often offered by banks for between 3 and 10 years. You will be able to drive away in your new or used car the same day while repaying over an agreed period of time at a fixed interest rate.
Secured loans can be a good alternative to personal loans, for people who have no credit history or bad credit and do not want to go through the process of applying for a new loan. An unsecured loan is more expensive than an unsecured one because you are putting your savings on the line as collateral in case you default. Secured loans are normally used on newer cars (ie: 2013 or newer).
Unlike secured loans, unsecured ones do not require collateral. If you have good credit this type of loan may suit your needs. It is usually offered by financial institutions for between 1 and 7 years. The interest rate varies depending on the lender, but rates are normally higher than with a secured loan because you do not put any assets at stake. Unsecured loans tend to be used to finance older cars (ie: 2012 or older). Apart from this, you can find some affordable car for teenagers on this site.
A personal loan can be an inexpensive way to finance your purchase, but you’ll need excellent credit to get approved for a large sum of money at low interest rates. You can often finance up to 100% of the car’s value however there may be a maximum age limit on your vehicle. Personal loans are available from both banks and credit unions, as well as other financial institutions. An unsecured option is also available for those who have poor or no credit.
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If you have an existing relationship with your bank, they may be willing to work with you on a best car loan. Not only are there usually lower interest rates than other types of loans, but also the application process is often easier. However, it’s important to remember that this option is not available at all financial institutions or banks.
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Getting pre-approved through a dealership for an auto loan is another way to go, but you’ll want to make sure you do some comparison shopping before signing on the dotted line. You should be able to get a rate that is comparable to other car loans. Dealers might also offer special finance deals for their preferred customers.
So there you have it – five of the best ways to finance your new set of wheels if buying it outright isn’t an option for you. If you are interested in getting a car loan of your own, we recommend comparing car loans online.