Car loans are largely a private loan, but you have the car as collateral just as in a home loan . If you are considering buying a new car and need a car loan , we will help you find the best loan and advise you on a few things that are important that you know about. Let’s start with the best lenders right now and for the car loan we list below and then some smart tips that will make your car loan better. Compare the best car loan lenders below!
Important information about car loans
One thing that distinguishes car loans from other loan types is that many lenders only want to approve your car loan if you are going to buy a new car through an authorized dealer. That is, if you buy it from a friend, it will be a little harder to get through the car loan. Another security that may be required by some lenders is that there are at least two who apply for a loan over a certain amount. If you do not want these collateral that is added when you take out a car loan then you can actually instead apply for a private loan where you, for example, put the loan on the home and continue to pay off that loan while getting a paid Car.Last but not least, most car dealers require that you have 20% of the car’s value in cash, so keep that in mind when specifying the amount you want to apply for a loan for.
Car loan with note of payment
If you have payment remarks before and have a hard time getting a car loan then there is still the possibility of a car loan. This is partly about choosing lenders who are not as lenient with your previous remarks and debts but who look more at your credit rating today. One of these players is, for example, Freedom Finance. However, in order to get a car loan despite payment remarks, you must have reached the age of 20, have at least SEK 110.00 in annual income and you must not have any debts with the Crown Magistrate . However, this can vary depending on which lender you choose and if you cannot fulfill any of these requirements then there is the possibility to borrow anyway if you have a creditor, for example .
Important for your new car purchase
Just because you can get a car loan of SEK 300,000 does not mean that you have to buy a car for SEK 300,000. By that, I mean that when you buy your new car from an auto-corrected seller such as Mercedes , BMW or Audi , there are a number of different dealers around Sweden and even though they buy the same car for the same company, the price can vary. Therefore contact several of them and ask what your car would cost so you can find the same car for a cheaper rent so that you save money and that you do not have to borrow as much.
If you already have a mortgage loan with a bank, you can also choose to finance your new car with a private loan and then apply for one from the same bank where you have your mortgage to get a lower interest rate on the car loan. Last but not least, always make sure to go through the purchase agreement with your car dealer and figure out what the loan will cost you as well as how much you need to pay per month and then calculate all the costs incurred in a car ownership such as tax and petrol so you know that you can handle your new car loan.