Get the car you want sooner.

 

You put a lot of time into finding the right vehicle. Getting the right car loan can be just as important, potentially saving you thousands. There are hundreds of loans to choose from for all types of new or used vehicles. It’s Simple Finance will help you drive away sooner with a no-cost, mobile service saving you time and money.

We can also help you stay in control with fixed rates and repayments for the life of the loan.

Frequently Asked Questions.

While it can be harder for a non-resident to receive a car loan it is not impossible. Some lenders will overlook your residency status as long as you meet other criteria.

A personal loan can be used for anything you like, while a secured car loan can only be spent on a car. Having a secured car loan tends to be cheaper and easier to get approved as they are typically deemed a lower risk than a personal loan by most lenders.

The amount you can borrow will depend on the type of loan and the lender, but also your borrowing power. Lenders will assess your credit history, current income, and a variety of other things that will help them determine how much you can borrow. For example, with a secured car loan you might be able to borrow more as the car will be used as collateral.

There are a few advantages to taking out a car loan:

1. You can borrow as much as you need for the car you want

2. You have about 5 to 10 years to pay off the loan

3. The average interest rate of car loans is lower than the average rates for personal loans and credit cards.

4. If you have a fixed rate loan, you can budget more effectively from month to month.

There are not many as many disadvantages as there are advantages but there are a couple, and you should know them:

1. You can’t increase the amount of debt so you have to ensure that you can pay all of the regular running costs associated with a car, like fuel.

2. You cannot miss a single one of your monthly payments or you could lose the car if you have a secured loan. If you have an unsecured loan, you could face court action.

A secured loan will give you a lower interest rate. The downside though is that you could lose the property you put up as security if you miss your repayments. An unsecured loan has a higher interest rate, and you will probably end up paying more in interest over the course of your loan.

Bad credit history does not automatically mean you can’t get a car loan, but it does make it far more difficult. Your credit history is only one factor that lenders look at to assess a loan application. The factors included are your income, your expenses, any other debt, the loan amount, and yes, your credit history. Every situation is different.

Plain and simple: yes.

This is a one-off lump sum that you pay the lender at the end of your car loan’s term. This payment is typically a large portion of the car loan itself, so the rest of your repayments could be reduced as a result.

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