Bad credit car financing -Need to get a car finance loan for bad credit online
Do you need to buy or change your car? There are several solutions on the market that allow you to pay it in installments, both new and used. The interests of auto loans are generally convenient, even reaching zero interest.
There are in fact different types of loans for the car, the choice depends on your needs and the type of car you want to buy.
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So how to choose the best solution based on the interests of auto financing?
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New and used car financing: what changes?
The interests of auto financing do not change much if we talk about buying new or used cars, but these two types differ mainly in the maximum limit of the amount payable: it is lower in the case of a used car, and it is established based on the value flea. Let’s see what solutions you can consider for the purchase of the car.
Car loans aimed
The most common, especially for the purchase of new cars, are targeted loans. You can obtain them, after verification by the provider, also directly at car dealerships. Obviously they are bound to purchase the chosen car.
Usually, this type of loan includes a repayment plan in constant installments ranging from 6 months to 5 years and the financing does not cover the entire value of the car, but only up to 80-85%.
Personal car loans
These are non-finalized loans, disbursed by financial companies or banks. They are much more flexible, in fact, their main feature is that they allow you to obtain liquidity without having to justify the destination: with the money, obtained directly from your bank account, you can buy a new or used car (even from private individuals).
In this case, moreover, you will personally choose the financial institution to contact, and not necessarily the one with which the dealership has agreements.
It is a particular form of financing, which provides for a maximum deduction of one fifth from the salary or pension. It is not aimed at purchasing the car, but this also allows you to obtain liquidity, accessible also to those who are considered bad payers and therefore cannot obtain other forms of loan.
When do auto finance interests agree?
Before each decision, it is good to evaluate the impact of the installments on your monthly budget and the final amount of interest, which should not be underestimated.
How much will my car finance interests be? Agree?
Usually, the finalized loans provide an advance (at least 500 dollars). The payment methods can be different, based on the advance paid and the type of financing chosen. At the end of the repayment period, you will have to pay in a single solution the remaining amount to be paid, the maxi installment.
In some cases, you can decide to proceed with a second loan to pay the maximum installment amount in installments, or choose a new car and start a loan again from the beginning.
Of course, interest is added to the price of the car (unless you are talking about zero-rate financing ).
In this regard, to evaluate interest rates, you need to consider:
- TAN (Nominal Annual Rate): indicates the pure interest to be paid annually for the loan.
- APR (Annual Effective Global Interest Rate): indicates the total cost of the loan and includes all expenses. So pay attention especially to this index to evaluate what you are going to pay.
Even though these small tricks may seem obvious, it is good to have them in mind before signing a loan agreement.
Clearly the higher the advance, the lower the installments and the maxi final installment. The closer the rates are to zero, the cheaper they are.