Vehicle loans are designed to help you pay for your vehicle, be it a car, motorcycle, motor home, van and many more vehicles besides. Many vehicle dealers offer their own financing when you go to make your purchase, but these may not have the best rates or overall benefits that a vehicle loan may have. Before you sign the dotted line and drive away your new car make sure you go away and compare the dealership's offer with ones like those listed below. A vehicle loan could give you another great advantage, you may be able to take ownership of the vehicle immediately, while a financing offer may mean that you are essentially 'hiring' the car until you have paid it off in full. Use the chart to compare the main features of each offer. Look at the available loan amounts and the basic requirements (you may need to prove your income). If you are ready to enquire further or make an application, simply click on the blue More Info button.
Compare Vehicle Loans
If want that dream car but canít afford it a vehicle loan can help
What is a Vehicle Loan?
Buying a car is one of the biggest purchases you will ever make. Cars and other vehicles can be very expensive. Car loans can help you finance the vehicle that you want if you donít have the finances to do so. With a car loan you can take home the car you want straight away. Some lenders also offer some great incentives with their loans such as free or discounted breakdown cover, vehicle insurance and offers on car accessories.
What about your credit rating?
How much can you borrow?
The exact amount you can borrow and the interest rates will vary from lender to lender which is why it is really important to research the market. In general you will find that the better your credit rating the better loan conditions you will be offered. However, this does not mean that those with a bad credit rating will be unable to find a competitive deal.
With some lenders you can have the security of fixed regular payments and you can choose an interest rate that is either variable or fixed. A fixed interest loan protects you from changes in interest rates and is suited to those who are looking for set payments. Variable interest rate loans are suited to those who want to benefit from times when interest rates may be low.
Choose the right loan for your vehicle.
There are a wide range of loan options available. You need to choose a loan that fits your budget. Make sure if you are given a choice in repayment options that you choose one that suits you. The amount you can borrow can depend on a number of aspects including the type of car you want to buy. You will find that used cars will have higher interest rates than newer models.
It is important that you take the time to research the market to find the loan that best suits you and your finances. You can use the table above to compare different types of car loans available in Canada.
What are the risks with vehicle loans?
When you are researching vehicle loans be sure to check for any restrictions which could be imposed on the loan. You might not get the best rates unless you agree to purchase a car from a particular retailer, i.e. an approved car dealer. Always compare headline APR rates to ensure that you can get the specific loans available. Always remember that if you default on your repayments you run the risk of losing your car. Not only this, but you will find it could have a negative effect on your credit score.
24 January 2012
Which Way to Pay
Purchasing a vehicle can be a daunting experience. Vehicle Loans are designed to help you pay for your vehicle.