Which is the Best Choice of Car and Car Loan for you?
- Car Finance,
- Aug 30, 2019
What kind of title is that? Obviously, an Audi, BMW, or a Lamborghini (among many other companies) is the best choice for you. Just kidding! Unless…
Your definition of the ‘best’ car for you might be different. It takes the type, model, company, top speed, acceleration, engine, specifications, and many other factors into consideration and then forms a result of more than one car from which picking just one is very difficult. Suppose the finalized result of your “best car evaluation” comes out to be a Lamborghini, a Cadillac, and a Mitsubishi. Which car would you pick? It will be near to impossible once the three or four top choices are presented before you (no matter what they are, it’s all dependent on your taste for cars). Worry not, however, we are here to help and tell you what is the best choice of car for you! Along with that, you will also learn about which car loan suits best to your needs. Buckle up folks, we got an interesting journey up ahead.
Know your credit:
You must always keep an eye on your credit before you jump and land on a car, a car loan and get ready to purchase it. It’s a really important step as it helps you avoid any serious financial strain and also helps you in the long run since anything can happen.
Before you decide on a car of your choice, you should know your credit and how much you are able to pay back. Do not make a decision way out of your bounds. For example, consider that you have $30,000 spare to buy a vehicle but instead of staying in the limits, you opt for a $78,000 Chevrolet Corvette Grand Sport. Now that is a really bad choice, and you should never consider doing that, especially if you have bad credit. You would end up in more trouble than you would want, and possibly handle.
If you are low on credit, you might want a car loan, and there’s no better option (in our opinion) than a secured car loan. This type of loan offers you an extended time period, usually have low interest rates, and are easy to manage, but the only downside is that your car will be held as security in case you fail to pay the lenders on time. This means that if you fail to follow the regulations, terms, and conditions you set on the agreement, your car will be taken from your possession and sold off to pay your debt. So, you need to be wary of your time limit and pay the repayment installments on time.
How much is the car going to cost?
This is a pretty obvious one, and you can find the price of the vehicle you want on the internet. All well and good, so shall we move on? No. You must always keep the other prices that come with the car in check. These include the secondary costs of insurance, damages and repairs, fuel, and (optional) upgradations. Also listen to the car salesman, there might be some good that comes out of it and you get a good car for a way cheaper price.
While you are keeping track of these costs, do learn to bring other household costs into play and calculate an overall total of all these to learn how much the car is going to cost you and ensure that there is no downside of this, or this isn’t going to backfire on you. One important thing to note here is that car finance or car loans are not as easy to get. You may get a secured car loan easily, but if you are heading towards an unsecured loan, it is really not easy to get and usually demands a high credit score and a good reputation with car finances.
What kind of car loan is best for you?
Since you may have a rough estimation on how you can find your best car, you can now move on towards trying to figure out how you are going to acquire the loan for your car. This can be done simply by keeping an eye out for two things:
1- Lowest Comparison and Interest Rates: Anything with the low interest and comparison rates is considered as the best when it comes to taking a loan. Look for a package that offers you the lowest of the comparison rates and the tenure is flexible enough for you to easily pay the money back. Learn about comparison rates here.
2- Lowest Risks: The car loan with the lowest risks involved is the best. You should never have to put your house up as security for the failure to pay your car loan back. It is a huge risk and house is much more valuable than a car. Therefore, when you are taking a loan, do not take huge risks and take the most affordable, convenient, and cheapest one of all.
If you take the above mentioned two points into consideration, the car loan you get will automatically be the best for you since there would be less interest rates and risks. But do note that sometimes, taking risks can prove beneficial for you but only if it is a calculated risk; do not jump or rush into these delicate decisions without any consultation of supervision from someone who is an expert in these matters.
What car is best for you?
Finally, we have reached the last part of the article and you get to know which car is best suited for you and your needs. To select the best car for yourself, take these points in front of you and then filter out the results and from the resulting car, select the one that appeals to you the most:
1- Usage: Know what you want to use your car for. You should never get a car loan without first taking into account the type of car you want. For business, you might want a van or a truck. For personal use, a regular 4-door car can do, and if you want to satisfy your luxurious desires, a sports car is the way to go. The type and usage of the car should always be the prime factor that you should choose before you decide the best car for yourself.
2- Price: Of course, the second one is the infamous and the most-hated factor; price. Look for the lowest, or if you don’t mind spending some extra money, look for the most affordable and convenient one. Know that you do not have to take a loan if you can manage without it. The price should not get you into further trouble, and certainly not cause trouble to begin with.
3- Worth: Is the car really worth the price? Look at the specifications and compare them with the price. If you can get the same specs and the same type of car from another company at a lower price, go for it. The branding on the car proves nothing if the two different products do the same work.
When you have finished deciding what car is best for you, consult different dealers and also the online websites to find out if you have made the right decision in terms of price and worth. Then, at the last step, you acquire the loan best suited for you and then, finally, get the car and enjoy! But if you are paranoid and want to run some checks on the car, consider QuickREVs as the primary option since they perform PPSR check, VIN number check, and car history check and have a good history of satisfying their clients.