1. Car Loan, one of the trouble faced by
todayÂ’s individual. From how to get reliable
car loan till finally getting one is a long drive.
Let us try to make this long drive in to short
and sweet journey by discussing important
facts to considering before getting a Car
Loan.
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2. To begin with if you have decided on your amounts that you can
afford to pay back then you are on the right track Another important
thing is to look for loan before you walk on to the car yard This can
put you in a better position to negotiate with dealer and at the same
time you will not end up signing a car loan document wherein loan
amount doesnÂ’t meet your needs or interest fees are high and
inflexible

3. Different Types of car loans There are mainly two types of loans ie
secured loan and unsecured loan Usually Car loan is a secured loan
With secured type of loan - lender has this security to keep the car
until the loan is completely paid

4. Â This also gives lender an advantage to take back the car in case if
borrower cannot repay the said loan amount Whereas in unsecured
loan this is not possible Select the loan term that suits you The
duration of car loan repayment can vary somewhere between 1 to 7
years

5. If you plan to repay the loan in the span of 1 year then your
repayment will be high and interest amount will be less on the other
hand if you plan to take up long term plan say for 7 years then your
repayments will be lower but the interest amount would go up Use
the which will assist you in determining the interest rate you would
have to pay for the tenure you desire Car Loan Interest Rates The
most important factor to consider while taking car loan is to check for
car loan interest rates

6. Usually the interest rate depend on type of bank / organization from
where you are taking loan, type of loan secured/ unsecured, and
your personal credit http://loandirectorysg.com/ value If your credit
value is more then your ability for repaying it is higher and hence
there are chances that you can get lower interest rate car loan
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