Request an auto financing for bad credit 100% online today
In many cases, it is difficult to imagine living without a car today. Choosing the so-called auto financing for bad credit, it is necessary to check out Motor Lender here.
Future drivers also have to choose the type of lender – bank, loan company or car dealer cooperating with one of these institutions.
When choosing a car financing method, you should first decide on products from a specific group. Money for buying a car nowadays can be obtained not only from banks. Non-bank institutions have a rich offer of car loans, which can offer both loans and payday loans, whose repayment period usually does not exceed several months.
A quick car loan from a non-bank institution can be beneficial when it is covered by a special promotion. Sometimes, for new customers, these types of products do not actually require additional fees. However, you should be particularly careful, because the devil is in the details, and despite the positive marketing environment in the contract, which must be carefully read, there may be hidden costs.
You can also apply for a car loan or loan at a car dealership if you intend to buy a new vehicle. Then the banks or other companies cooperating with the car dealer present specially tailored financial products, which may often be more attractive than the standard offer.
After all, the most popular solution is a bank loan for buying a car. Under the supervision of the regulator, the Polish Financial Supervision Authority, with relevant rights under the Banking Law, banks seem to be the most reliable option. In the case of bank car loans, transparency also counts – from December 18, 2011, in accordance with the Consumer Credit Act, banks are required to provide all information related to the conclusion of a loan agreement on the information form. From October 22, 2017, it is required to provide information on the level of the Annual Annual Interest Rate – APRC (this requirement also applies to non-bank institutions).
Car loan calculators – comparison is the most important thing
Today, there are so many car loans offers on the market that self-verification of each product becomes a consuming and energy-consuming opinion.
The so-called car loan calculators and comparison tools – thanks to the current market offers, it is likely that the decision to choose the final lender will be more profitable for the household budget than the one taken in a hurry. When choosing a comparison engine, pay attention to the search parameters presented, reliability and impartiality of the website.
The most important parameters of a car loan
The choice of car loan de facto does not differ much from the choice of consumer loan. When selecting offers, it is worth rejecting those that attract users with colorful inscriptions “Best car loan!” , “The cheapest car loan on the market!” Instead of attractive numbers. What is worth paying attention to are the following parameters:
- loan interest rate (APRC),
- commission or fee for granting the loan,
- vehicle insurance
- mandatory additional services (if any).