Important considerations for when taking out a car loan

19 August 2013 - Which Way To Pay

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Hints and Tips: How to decide which car loan to take out?

If you are buying a car then you should take the time to research all your options carefully and ensure you get a loan that is suitable for you and your needs. What is suitable for your friends or family might not be the perfect solution for you. Never rush your decision and you should always shop for your car loan before your car this way you will know your budget and any terms or conditions that are set out.

What should I look out for when researching car loans?

  1. Car loan interest rates

    Interest rates can vary enormously depending on the term of the loan and the institution offering the loan. Things to consider is the loan amount and whether you would benefit from a fixed rate or variable loan

  2. The term of the car loan

    Most car loans have a term of between 1 year and 5 years, although some can run up to 7 years. You should consider this carefully, you will have this debt hanging over you for the duration of the term so it is important that you think about this carefully and ensure you will be able to make the repayments.

  3. Fees and charges

    Read the terms and conditions so you are aware of any additional fees that might apply. Double check any fees for repaying the loan back early or defaulting fees.

  4. Repaying the car loan

    Always make sure you are able to make the repayments monthly or fortnightly. If you are in any doubt you should seek independent financial advice. It is important to take this seriously.


Related Links:
• Pros and Cons Of Car Loans


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