If you are having bad credit, are unemployed or generally do not qualify for the typical bank loans for automobiles, then you are probably going to have a bad time. However, the good news is that this will happen only when you are ignorant of the different options available for car loans 4 U. There are a number of places where you will be able to get a great car loan without bothering about the extensive paperwork of the banks and the delay in getting your vehicle. Doesn’t that sound like a cool idea to get car loans 4 U? Certainly. Let us have a look at all the options that are available to you.
Home Equity Loan
This is one of the smartest ways in which you will be able to finance your car, regardless of your credit status. The interest rates of the home equity loan are quite less. You will be able to find a really great financing opportunity in this case. The best thing about these loans is that they are tax deductible under the mortgage interest. Therefore, you will not only getting a great financing opportunity, but also be a le to mitigate your expenses to the best possible extent. You don’t even have to think about the higher rates of interest of the bad credit car loan companies. Just go ahead and find the best way to get a home equity loan for yourself.
Buy Here Pay Here Car Dealerships
If you do not own a house or do not stand eligible for this kind of loan because of any reason, then you can get car loans 4 u from the Buy Here Pay Here car dealerships. They will be providing you an excellent opportunity to get an old car with the minimum hassles. Some of these dealerships will be providing sub-prime car loans 4 U. However, most of them believe in in-house financing. The rates of interest are really very high when it comes to such dealerships. However, it is all because of the risk involved. You just go and select a car, make a down payment and take the car home. You must always try to get in-housing car loans 4 U in order to get the best rates. In this case no third parties are involved and it helps in lowering down the interest rates. One more thing needs to be understood here. Instead of monthly bank transfers or checks, you will have to make weekly payments in cash. No other means of payment are accepted here.
All the loans that we review or recommend all have:
- Minimum period of repayment: 6 months. We do NOT recommend taking any loan with repayment period of less than 6 months, as you will have difficulties paying back
- Maximum period of repayment: 3 years
- Annual Percentage Rate (APR): less than 12%. Any rate higher than this will negatively impact your finance
- Below is an example of the loan mentioned in this article, with a loan amount of $20,000
|Flat Interest Rate||7.50% p.a. (Effective Interest Rate of 14.39% p.a.)|
|Total Interest Charged for the Loan||$20,000 x 7.50% p.a. x 3 years = $4,500|
|Loan amount + Total Interest||$20,000 + $4,500 = $24,500|
|Monthly Instalment||$24,500 / 36 = $680.56|