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Recently updated on November 19, 2020 at 12:02 am
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How it works: The cheap car financing
If you want to buy a new or used car, you are usually not able to pay the purchase price in cash. Instead, car loans are used, which are financed through car banks, direct banks, commercial banks or car dealers. An online comparison can be used to determine which car financing is the cheapest.
Car financing: An online comparison is worthwhile
Car manufacturers often advertise car financing with low interest rates. This does not necessarily have to be the cheapest financing. The decisive factor is the total cost of car financing, which is the sum of the down payment, the individual monthly installments and the final installment. That's why it's worth it Credit comparison for personal loans at SZ Online, where the costs mentioned are listed separately and can be compared with each other.
The main features of a car loan
Car financing has a specific goal, namely the purchase of a motor vehicle. A car loan tailored to the purchase of a motor vehicle is therefore earmarked and can be used to buy a new or used car. Compared to installment loans, the interest on a car loan is usually cheaper. The reason is the type of collateralization of the loan, since with the car loan the vehicle itself serves as security. Therefore, the vehicle letter is deposited with the lender after purchasing the vehicle. The bank can thus dispose of the vehicle at any time and compensate for possible bad debts by taking possession of the vehicle.
Apply for a car loan
Car loans can be applied for from a normal commercial bank, car dealer, direct bank or online. The car dealers mostly use the financing offers of the respective manufacturer and their car bank. In this respect, these are usually very low-interest offers on a particular manufacturer or even on one specific car model limited. If the vehicle is a luxury and luxury class, individual financing models are negotiated between the contracting parties. Auto loans from normal commercial banks or direct banks can be used for any vehicle, regardless of model and brand, which may have an impact on higher interest rates.
What matters in online comparison
Anyone who compares the various financing offers online should pay particular attention to the effective interest rate, which takes into account all the factors relevant to the costs. The effective interest rate also includes the cost of taking out a car loan. In addition to the debit interest, it also includes other price-determining factors, for example the processing fee or a commission.
The final installment financing should also be taken into account when comparing car loans, which can be agreed instead of paying in installments. The advantage is that the installments during the term of a car loan are lower, with the result that a higher final rate remains. With the payment of the final installment, ownership of the vehicle is transferred to the borrower.
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Maybe you also want to read a report from other car brands? Apart from the above manufacturer, you'll wonder what vehicles these days Coilovers, alloy wheels, Chiptuning and the craziest foiling built in & attached. Take a look at the following manufacturers: ALFAROMEO, ALPINA, AUDI, BMW, CADILLAC, CHEVROLET, CHRYSLER, CITROËN, DACIA, DAEWOO, DODGE, FIAT, FORD, HONDA, HYUNDAI, INFINITI, ISUZU, JAGUAR, JEEP, KIA, LANCIA , LANDROVER, LEXUS, MASERATI, MAZDA, MERCEDES, MINI, MITSUBISHI, NISSAN, OPEL, PEUGEOT, PORSCHE, RENAULT, SAAB, SEAT, SKODA, SMART, SUBARU, SUZUKI, TATA, TOYOTA, VAUXHALL, VOLVO, VW and ALL others.
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