subject: Car Loan-finance For Your New Car [print this page] Car loans are simply personal loans used to finance your new car. Usually the car is used as collateral to secure the loan, giving the lender some assurance and yourself a lower rate. A CAR LOAN is a common and simple solution for most people who are buying a new or used car. But before you sign the dotted line, make sure you have shopped around and investigated the other options available to you to ensure that you have found the best deal available.
Make sure that you don't rush into a decision and that you have considered these points which can save you on your repayments:
* Interest rates - Your initial and probably final decision will be based on what the interest rate is. You are able to choose from a variable rate or fixed. If you are intending to pay off your debt as soon as possible or would like to make additional repayments a variable rate could be the best thing for you. Having a fixed rate allows you to budget and means that your rate will be safe from any Reserve Bank rate rises that may occur.
* Hidden fees and charges - Read your product disclosure statement (PDS) and make sure there are no added fees that you're unaware of. This could include establishment fees, early repayment fees, annual fees or extra charges if you miss your payments.
As different cars are available on different interest rates, decide which car you actually want to buy . The second step involves your fixing an amount for the loan you need. For instance, if the cost of car is $30,000 and the customer is willingly making a down payment of $8,000 then the amount of loan should be fixed at around $22,000. This amount also determines the rate of interest at which you will receive the loan.
You can get a lot of quotes from different companies and compare the rates of each. After finding a company with the most suitable rates of Car loan, & then you will be getting a new vehicle without stressing about financial distress.
At iLoans we offer you the best rates in the business, Let us do the leg work for you & we will provide you with the appropriate CAR LOAN
CAR LOAN is typically fast approval loans that can have you driving away your new vehicle in the same day. However, keep those impulses in check and do the research before you reach for those shiny keys.
author: Pearl.s content writer for idealcarloans CAR LOAN
