Want A New Car But Canít Afford One?

07 March 2013 - Which Way to Pay

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Want A New Car But Canít Afford One?

It is annoying having to be caught up in debt because you took out a car loan for buying a vehicle of your choice.  People in need of a car often do not have any other choice this is especially the case with people who cannot afford to get what they need by paying ready cash. Therefore for these people a car loan can be incredibly useful.

The main advantage of a car loan is that you can own the car of your choice today rather than having to plan something for the next few years. If you wait, by then the rates may have increased or the vehicle will be out of market. Moreover even if you have bad credit you are still able to get a car loan with higher rates of interest and the vehicle itself is a security for the lender.  On top of this if you decide to get a car loan you are able to get the latest model car that is brand new on the market and you can purchase it immediately.  There is a lot of competition with finance companies so certain companies offer interest free car loans which are very useful and economic.

However as always there are disadvantages. It is common that people find repayments on a monthly basis difficult, especially when you have some unavoidable family or household bills to settle in a particular month. This will mean you become a defaulter and may be considered a bad credit client. Furthermore car loans are a strain on households. The repayment amount is huge and unless you are earning enough it will not be conducive to make family budgets to balance.  In addition to this a lot of bankers and lenders including private financing institutions are constantly trying to get consumers to take loans from them because the interest rates that they charge are high and benefit the company more than the borrower.

So even though car loans can be useful and it feels great driving around in a hot new car, watch out and make sure you are able to manage your finances well enough to keep up with your payments.


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