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Car Loans Compared

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Car Loans Explained

Buying a car can be expensive, if you are buying a new car, dealers will usually offer finance which can be very expensive in terms of interest. A cheaper alternative to dealer finance is taking out an independent car loan.

Banks which offer car loans lend you money to buy the car and spread the repayment of the debt over a term of your choice.

Regular Personal Loans Vs Car Loans

There are two types of debt that can be used to finance the purchase of a new car. One way is to take a regular personal loanand spend the cash the bank lends on purchasing a new car. Secured personal loans tend to offer lower rates of interest than unsecured personal loans.

Specialist car loans lend the borrower cash to finance the purchase of a car and secure the debt against the car itself rather than the borrower’s house. This means borrowers who fall behind on their car loan repayments may have their car repossessed.

Specialist car loans offer flexibility allowing the borrower to defer payments if necessary or structure the debt so they pay lower amounts initially followed by a lump sum payment at the end of the term loan.

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