Types of Vehicle Finance

Types of Vehicle Finance 2018-05-07T16:04:01+00:00

We all need something to get around town, but getting a good vehicle can be tricky. The world of car finance isn’t one that most of us want to deal with, even if we’d love to get out of our old junker and into something new and more attractive. So, what can you do if you’re stuck walking and vehicle finance has got you down? Here’s a look at your financing options, and the best way to get yourself into the new car of your dreams. Vehicle finance doesn’t have to be a nightmare – as long as you know what you’re doing.

Picking the wrong financing option for your new or used car can be a real disaster. You’ll end up stuck with a payment plan you have to scramble to afford, or with unfavorable terms you don’t deserve. Taking the time to learn about the different types of car finance available can keep you from ending up in this nasty situation. There are several major choices.

Consumer car loans – These types of loans are specifically for cars, and are best when you’re getting a personal vehicle. They consider the car itself your loan security. Make sure you know all the fees before you sign, and be aware of what you’re signing.

Basic personal loans – Some people use these instead of consumer car loans. That’s because they offer a few more options and a little more freedom. They may be used to buy cars older than a decade, imported vehicles, or other unusual cars. Just know that this kind of vehicle finance requires you to have other loan security options.

Business car finance – There are also special vehicle finance options available for businesses. If you’ll be buying a car for business use, you’ll want to go over your financing plan with a fine toothed comb. Make sure that everything is in place and that you know what you’re paying. Some businesses choose to lease instead of buying, to allow upgrades later on.
 

What To Do If You’re Blacklisted

People with bad credit may end up finding themselves blacklisted and unable to purchase a car. There are options, however. Check out agencies with an existing fleet of pre-owned cars. Many of them won’t do credit checks and will help you get behind the wheel in under a day. Just like any other paperwork, read carefully, and know what you’re getting into. However, this could be the vehicle finance option you’ve been waiting for.

Take the time to learn a little bit more about car finance, and think about what’s right for you. A car is an important purchase that could make a huge difference in your life – for good or for bad. Having the right finance options can be a huge help.


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