What are car loans? The loans are ways to finance the purchase of vehicles where there is no single cash payment of the total cost of the vehicles.
For those who do not have enough money to pay for the full price of the vehicle, they have several options to finance a car loan. However, for those who have resources at hand, they can choose to use their money or resort to car finance depending on several concerns.
It is best to purchase on cash basis if you do not have a very good credit rating. However, if you have the opportunity to invest your money and certain that return of investment is more than what you are going to pay for interest of a financing option, a car loan may be more desirable.
The most convenient among car loans is the option where a person can ask a relative or friend to finance the loan. This very personal service can be easy but takes the relationship at risk. Other options are through a dealership, through a bank or credit union, from other online financial institutions or from home equity loans.
Dealership generally involves fast processing due to high pressure but is generally not competitive. Banks and credit unions offer competitive rates for the loan but require more time to process the loan. Online financial institutions may offer competitive rates but one needs to be discrete because of the probability of being a victim of fraud.
Source: http://alittleofwhatyoufancy.com/finance/car-loans-finance-institutions-and-you/
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