Applying for finance to purchase a car is something people do every day. Whether it’s through a personal loan from the bank, a leasing contract, or a hire purchase agreement – the options to finance your car purchase are countless.
While you evaluate every single option available to you, it is important to consider the long- term impact of the following considerations before you finalise the option you want to use:
The Affordability: Most financing agreements will require you to make monthly payments for the settlement of your acquired finance. These monthly payments should be calculated to include the principle and the interest amounts that should be paid. Also, make sure you have sufficient financial resources to pay off this amount on a monthly basis.
The Cost: Since you will be borrowing money, you need to calculate beforehand the entire cost of borrowing. This will include the cost of your car, the interest charged on the borrowed amount, plus any other fees and charges that the lender may require you to pay.
Additional Charges: If you’re opting for personal leasing or personal contract plans, make sure you know about any additional charges or early repayment clauses that may kick in if and when you exceed the projected mileage.
Compare Interest Rates: Pick the Annual Percentage Rate (APR) to compare the feasibility of different finance options for you. The APR is calculated after including all charges payable by you to the lender and is hence, a better assessment of value.
It is important to assess every single option at hand. Review the deals you are presented with by different potential lenders. Look closely at the terms and conditions; compare them with the others at hand, and make sure you take into account the long-term impact of each on your finances before making the decision.
There are a number of methods for financing a car. One can choose from utilising personal savings to acquiring a personal loan or entering into a hire-purchase contract. However, for people with bad credit and/or those who are bankrupt, most of these options are more or less unavailable. This is where we at DriveAwayAutos can help you.
If you have had your car finance application rejected over and over again by banks or other lending institutions, apply for car finance with us. We provide hassle-free car finance for driversS, despite their bad credit history. Plus, you can choose the car you want from the various top-tier brands in our range of cars.
Our Customer Care Promise
We are regularly praised by our customers for the customer care that we provide. It is second-to-none. Our customers love the fact that we keep the paperwork simple and brief and, after discovering their preferences we email them a choice of cars that exactly fit their budget and tastes. You will receive images and a write-up on the cars’ specification so that you can make an informed choice. You will also know that if you have any questions they will be answered fully, politely and promptly by our Customer Care Manager. You’ll drive your car away knowing that everything is in place for years of carefree driving!
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