When considering vehicle finance it’s highly recommended to look at all the different packages available. In the current economic climate the rates will be very competitive. Finance companies understand that people want a decent reliable car, if the potential borrower meets certain criteria it could be as simple as going out and choosing your dream car, with no need to settle for just a basic one.
An application for a loan can be approved within an hour in some cases. The loan terms can range from 6 months to 5 years. An older car will have a shorter loan term.
The loan can however be paid off earlier, in these cases an early settlement fee will normally be charged.
If you plan to get a car in a particular price range then the finance will be able to pre approve the amount before you start looking. This makes the selection process easier. Whether you choose a motor vehicle dealer or a private seller the fees will be transferred directly.
It’s normal for companies to have a minimum loan amount of $5,000. The borrower must be at least 18 year of age. Some borrowers will need a guarantor who will be held responsible for any default in payments. Interest rates will often vary considerably depending on a variety of factors. For those with bad credit history the process will be longer and the rates will change.
Specialist finance companies will be able to offer excellent rates and will be able to tailor details specifically to clients needs.