Many car buyers have to finance the purchase. This is not only possible for new cars, but a loan can be taken out for the purchase of a used car. If you buy your car from a dealer, you can also finance it from the dealer bank. There is nothing wrong with that, but there are also comparison calculators on the Internet that can be used to find cheaper offers.
Credit for used car purchase
A comparison saves you money. This is not only the case with loans, but also applies to many areas of life. Whether at the electricity and gas provider, with car insurance or when shopping in the supermarket, everyone compares the offers. So why not with a loan to buy a used car? There is certainly a bank on the Internet that offers better conditions than the dealer bank. But what should you pay attention to?
In addition to the effective annual interest rate, the following points are important:
– Without processing fees
– Special repayment options are possible at any time free of charge
– Suspension of the rate once a year
– Redemption-free period for the first installment
These offers actually exist when the private credit checker is flawless. A repayment-free month in the year is particularly advantageous for car owners, because at the beginning of the year the contribution for car insurance is due and can tear a hole in the household budget. Those who do not have to pay any installments to the bank this month are well served. Not every bank is ready for this and only a comparison shows the corresponding banks.
Use the current account or ask the relatives for money
If the purchase amount is a low amount, a loan is often not worth it. The overdraft facility on the checking account can be used for financing under certain circumstances. However, this is very expensive, because up to 17 percent interest accrues when used. You should really only use it if it is already certain that a larger amount of money can be expected. The best example is the Christmas bonus that many of the workers still receive.
A loan for the purchase of a used car from relatives or friends is completely interest-free. At least they shouldn’t take interest. In addition, you can also suspend a rate here if the money is short.