Nowadays it is very normal to borrow money for a car. Buying a new car also costs a lot of money. Most people do not have this amount at once and therefore borrow money to buy a new car.
It can of course also be that you have already saved some money, but that you want to buy a car that just does not fit your budget. The question then is what you are going to do. You can still save, but it is of course also possible to take out a loan. By doing this you can purchase the car quickly and in one go.
Yet it is wise not to make a decision within a day. You can engage a financial adviser to make an informed choice. This can calculate exactly how much money you can borrow without running the risk. It is best to request a free quote for engaging a consultant. When the lender has received your application, it will be determined how much money you can actually borrow and how much the loan will cost you. You then know exactly how much you have to pay off each month to pay off your loan.
If you want to borrow money for the purchase of a new car, you can also take out a loan with a car dealer. You can take out an interest-free loan or purchase an installment car. This seems like an ideal solution, but there are still some snags. For example, it is often not entirely clear how much you really have to pay.
Borrow money from a car company or dealer?
You can take out a car loan with almost all major car dealers. There are even a number of major brands that have a kind of bank for this. A good example of this is the Bank. Although it seems very attractive to take out a loan with a private bank, it is often very expensive. So you often lose much more money than borrowing money from a bank or other lender.
According to the FMA, it is wiser to take out a revolving credit or a personal loan for the purchase of a car.
Taking out a special car loan brings some risks with it. If you cannot meet the financial obligations set, this may have some consequences:
It may be that:
- You have to sell the car again to pay off the loan
- You have to take out an extra loan or a new financing.
To prevent financial problems, it is therefore advisable to take out a personal loan with a reliable lender. You know exactly what you have to pay back each month. You then have much more certainty and clarity.
Before you take out a loan, it is always wise to first compare various loans from different lenders. You can do this by requesting quotes from various lenders. By comparing the offers well with each other you can choose the most advantageous loan. In addition, it is of course also nice to know in advance how much money you must pay back each month, including interest. Through our website you can request different quotations for free and compare your customized request with various providers. Very handy!