Belgians are increasingly choosing to finance their new car with a loan. The news medium RVT reports this. A survey among car dealers shows that it is sometimes about two in three buyers. The low interest rate is thought to be the reason for this. Now that borrowing money has become more attractive, people are opting for a loan faster than before.
Need a car loan
Also ready for a new car? Brand new or second hand, a car can be a major investment. But if all goes well, it is an investment that you can enjoy for many years. Of course you want to be able to pay for the car in one go. A loan can offer a solution if you do not have the full amount available immediately. You then have the choice of a Payday loan and a revolving credit.
Payday loan for car
With a Payday loan you borrow a fixed amount at a fixed interest rate. Because the term is also fixed, you know exactly what you spend on your loan every month. Great for buying a new car, because with this purchase you know exactly how much money you need. You can easily adjust the duration of your Payday loan to the expected life of your car. In this way you ensure that the loan is repaid by the time you need a new car.
Car finance with revolving credit
The alternative to a Payday loan is the revolving credit. With a revolving credit you opt for a more flexible loan. You can withdraw money from your loan as soon as you need it up to an agreed maximum. Do you have a financial windfall? Then you can repay your credit without penalty. But repaid amounts can always be withdrawn again. Ideal to finance (part of) your new car. And in this way you also keep money behind for any additional costs.