Finding the right car loan
Purchasing a car, whether its new or old is always very exciting. Most people will do research on the model and have a list of features they want in their vehicle.
But choosing the right type of finance can be just as important for a few reasons, the main one being the right finance will ensure it is the most cost effective solution for you. Other consideration include:
1. Do you plan on selling or upgrading the car in a few years - some lenders allow you to do this while other impose penalties
2. Do you have a balloon payment - this is a large payment at the end of the term which is above your standard payments
3. Do you want to make additional repayments - some lenders have no penalties for paying off your loan sooner, therefore saving on interest
There are many products available in the market so if you would like a comparison please contact me and I'll be happy to discuss the options with you.