If you want to buy a new car, you may find that you do not have the wherewithal to finance yourself. For many people, it is not even possible to buy a new car without a loan. Car loans with bad credit, which redirect to compariloan site are particularly suitable here. Direct and online banks also offer corresponding products for car financing. But in addition to financing in the form of credit, there is also the leasing option. This is particularly popular with car salespeople themselves.
Anyone who is in the car dealership and has already found a vehicle of their choice will provide information about their payment options a little later. If the car seller receives the answer that external financing is necessary, this automatically points to the leasing model.
Of course, there are special offers that, among other things, guarantee a very quick and uncomplicated checkout. Anyone who decides on a leasing offer should not choose the first best offer from the car seller without comparison.
It may also be advisable not only to compare the leasing offers but also to think about taking out a loan. You can take the car seller’s leasing product with you, put it off for the next day (or next week) and visit your house bank or your own bank manager. This will try to offer a car loan that is far cheaper than the leasing option.
The interested party can also obtain various financing offers online, which (almost) all surpass the car seller’s offer. A good bank advisor will also provide information about various advantages and disadvantages – not only from the leasing model but also from the car loan.
Anyone who wants to buy an older car with external financing will need a loan anyway. Many banks no longer offer leasing options for older cars, so the classic loan option is the only option for those interested in car financing. As a rule, the borrower receives a classic personal loan or installment loan with a term of several months.
This loan is managed with the purpose of “car loan”. This means that the loan amount must be used to finance the car. Those who opt for the appropriate financing can sometimes get a so-called “cash payer discount”.
This means that the customer very well gets percentages if he pays the car in cash on site. If you prefer to transfer the money or opt for leasing, you should still negotiate the price on-site. Often it is possible to extract a few percents to make the car cheaper.
The difference to the usual personal or installment loan lies in the securing of the financing. Because safety is the car you have bought, practically the car value. When leasing the type certificate is deposited with the lender.
This can also be the case with a car loan. If the borrower does not pay his monthly installment, the bank has the option of withdrawing the car and thus selling or using it to repay the outstanding amount.
A small disadvantage: Anyone who takes out financing for the new car must also take out comprehensive insurance. Ultimately, the bank could lose its security in the form of a car in the event of a self-inflicted accident and resulting in total loss.
It is important that in the case of longer terms of a loan, a request is made after a certain time as to whether partial comprehensive insurance is possible. Fully comprehensive insurance on car loans is only economically sensible if it takes place in the first three years.
After three years there is no economic advantage if the vehicle has comprehensive insurance. Whenever the contract documents are changed, however, the bank must be informed in advance. In the end, the lender decides whether changes are accepted or not.
Of course, the following also applies to car financing: The comparison is worthwhile! Only those who compare the different offers will ultimately find the right product for them and conclude cheap financing for the car.