Auto credit an ideal solution
Second-hand car loan is a loan formula granted by a credit institution to allow a borrower to finance the purchase of a used car or motorcycle without necessarily having to save money or waiting for the money to be paid. money saved may be completely collected in order to acquire the good solicited.
The loan amount varies depending on the nature of the purchase and the type of vehicle to be acquired, it can be between 1500 to 65 000 euros. The auto loan usually comes in the form of a personal loan and is repayable over a period of 1 to 7 years depending on the nature of the project financed and the amount of money borrowed. The overall effective rate of a car / motorcycle credit can generally vary between 3% and 20% depending on the duration and amount of the credit.
car / motorcycle credit and its benefits :
The subscription to a car loan does not require the constitution of a personal contribution, and the financing of the project can be totally taken in charge by the banking establishment, if the provisions of the contract foresees it including the fees of gray card, the vehicle accessories and insurance costs. However, being able to make a personal contribution allows the borrower to reduce the amount of the loan in the same way as the total cost of credit, while benefiting from more advantageous credit conditions.
How to choose your car loan
Taking a car loan certainly allows you to buy a car without necessarily having to wait for the time to have completely collected the sums saved in your savings account, but it is still sometimes difficult to find the most adequate to really meet his expectations.
Before subscribing to a car loan, it is important to carefully examine the different aspects that can have a major impact on the total cost of the loan, the loan term and the repayment terms. The Global Annual Effective Rate is one of the main indicators to compare several loan offers at the same time, but there are also other factors to take into consideration to choose the right car loan.