Pros and Cons Of Car Loans

18 July 2012 22:00 - Phoebe Robinson

Email Article Print Article
    


Pros and Cons Of Car Loans

Taking out a car loan is a quick easy way of purchasing a nice new car. Saving for a car can take years and this is a quick alternative to saving. Taking a car loan allows you to buy a car today. There is even such a thing as bad credit car loans. If you have missed your monthly repayments you might still be able to get a bad credit car loan. The interest rates will be high but the option will still be there as the vehicle that you purchase will be used as collateral for the lender. Moreover if you are saving for a car it may mean that you buy a cheaper second hand vehicle. But if you get a car loan it is likely to mean when you buy the car you invest more as you want a vehicle that will perform well and last longer.

However as with all financial products there are always some cons to look out for. For example making monthly repayments on a car loan can leave less money available to cover the cost of other essential household bills.  Also you must not forget that whilst a car loan is better than a large credit card balance, it is still personal debt and will be a strain on your finances.  On top of this it must be remembered that having bad a bad credit rating can mean that you will have higher monthly repayments and interest payments and also you will be charged a high APR. 

75x75_news_02.jpg
 

PRODUCT RANGES:

CURRENCY EXCHANGE
Compare Foreign Exchange and Currency >>

INVESTMENT TRADING
Compare Investment and Trading >>

LOAN PRODUCTS
Compare Loan and Debt Products >>

CARD PRODUCTS
Compare Cards Products >>

MONEY PRODUCTS
Compare Money Products >>

Starting to worry about the cost of student life . Look no further a Student credit card is your answer.
31 August 2018
Which Way To Pay
Student credit cards. When starting your student life it can be a worry over the financial side of things
Read More >>
Getting stung with large veterinary bills can prove to be a struggle . That's why Pet Insurance cover is so important.
30 August 2016
Which Way To Pay
Making sure all our family's favourite pets are covered on a insurance plan is very important.
Read More >>
Legal Services are a very scary words , make sure your dealing with things correctly .
16 July 2015
Which Way To Pay
s we all know when dealing with anything legal it can always be a little bit daunting . This is why many people across Australia use some form of Legal Service guidance. This helps to make sure all those legal requirements are dealt with in the correct way.
Read More >>