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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:

  • Simple Interest Loans: Simple Interest Loans are the most ../common type of auto financing available. The interest rate is based on the outstanding balance of the loan. Borrowers can save on interest costs by paying more than their standard monthly payment.

  • Pre-Computed Loans: Pre-Computed Loans refer to financing where all interest and principal payments are pre-calculated before the borrower and lender agree and sign the paperwork. Although this loan was widely used in the past, most people don’t opt for this restrictive method of financing because it doesn’t allow for early repayment of the 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