Interested in getting finance for a car? Often, car loans can feel overwhelming. Here is some expert advice on the benefits of a car loan and how to get the best deal.
Benefits of a car loan can include:
- Flexible contract terms, or length;
- A residual can be applied to the loan, reducing the monthly instalments;
- Borrowers have the choice between fixed or variable interest rates;
- A deposit can be used (cash or trade in) to reduce the loan amount;
- Tax deductions may be applicable if the vehicle is used for business purposes; and
- Secured car loans often have lower interest rates available.
How to Get the Best Deal
- Check your credit score – Knowing what your credit rating is before submitting loan applications can go a long way in helping you make the best decisions to get the best deals.
- Shop around for the best rate – Don’t just accept the first offer that comes your way. Compare loan offers, shop for better interest rates, compete offers against each other to get better deals. iCREDIT’s experience as a financial loan company means we have access to the best resources to better help you with this process.
- Shorter is better – Choosing the shortest loan you can afford will reduce your total loan. Longer terms have smaller monthly payments, but in the long run makes you pay more. So, decide carefully what you can afford and choose the shortest term you can comfortably manage.
iCREDIT offers many different types of car finance options, including: secured car loans, prestige car loans, car loan re finance and car loans for pensioners. Our dedicated finance consultants can help you find, compare and choose car finance suitable to your budget and requirements.