Purchasing a new car is quite exciting! So don’t be disappointed finding a new car without first knowing if you can afford the car. Talk to us first.
- A car loan is a termed personal loan where you borrow the money that you have to repay within a certain time frame.
- The type of car you buy and if you have any savings will determine how much you will need to borrow and the repayments you will need to make.
- The repayments are usually fixed and you know how much has to be paid on a certain date usually monthly and usually the same amount for each repayment.
- A personal loan term can vary from 12 months up to 5 years.
- Personal loans are usually a fixed rate loan and the interest rate is locked in for the term of the loan.
- Fees and charges apply for the personal loan.