Car Loan
A car loan is a personal loan that allows the potential buyer to pay the vehicle off in monthly payments instead of having to pay the full price all at once. ... To qualify for an unsecured loan the borrower must have a very high credit score and also issue a higher interest rate on the loan as well.
What is Car Loan?
A car loan is a personal loan that allows the potential buyer to pay the vehicle off in monthly payments instead of having to pay the full price all at once. This means that a lending servicer or bank will pay off the car in full, while in return the borrower pays off the debt in monthly payments with an interest fee included as well..
Types of Car Loan:
Why Should i Take Car Loan?
Flexible
Flexible contract terms, or length are available (ranging from 2-10 years)
Reducing Instalments
A residual can be applied to the loan, reducing the monthly instalments
Easy Interest Rates
Borrowers have a choice of fixed or variable interest rates
Tax Benefits
A tax deduction may be applicable if the vehicle is to be used for business purposes
High Security
Lower interest rates are available as the loan is secured against the car