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CAR & VEHICLE FINANCE

Car/Vehicle Finance.

Car/Vehicle Finanace is any financial product which helps someone in obtaining a vehicle. These commonly come in the form of vehicle loans and leases. When it comes to financing a vehicle it is extremely helpful to have a high credit score. This will help you get the best deals when it comes to financing a vehicle as it shows the lender that you have a track record of paying any credit you take out in time. It is important to note that although you may be able to borrow a large amount of money it is important that you only borrow what you know you can afford.

Hire Purchase.

One of the most common forms of financing is through Hire Purchase. This is when you pay typically a 10% to 15% downpayment then fixed payments every month after until the end of the loans term. It is important to remember that the loan is secured against the car meaning if you miss payments you could possibly lose the vehicle. It is helpful to note that once you have paid a third of the total loan, your lender can no longer reposses your car without a court order.

Personal Loan.

A Personal Loan is a loan from a bank which lets you cover the cost of buying a vehicle over a one to seven year term. These types of loans are typically the cheapest way to borrow money for the use of purchasing a vehicle. It is important to note that it will be very difficult to get a loan if you have a poor credit score.