Car Finance

We can get you the car finance you need

Using finance instruments to purchase your car is the best decision most times. Whether it is a personal vehicle or for business purposes, we can help you get the car finance you want. Car finance is quite popular, and this only goes to show how great it is. Without it, many people would not be able to own a car. Car finance ensures that even when you don’t have the cash at hand, you can still get the car you want and pay for it over a period. Even if you have the cash needed to buy the car, it is rarely advisable to use it for that purpose.

Car finance can be 100%, in which case the financer will cover the whole cost of buying the car. However, there is car finance that only covers part of the cost of the car while you have to pay for the rest. Before buying a car, it is always advisable that you have savings in place such that if, in the end, you don’t get a 100% finance deal, you will be able to cover what is left. There are also instances where the lender will request deposits, and the savings you have can be used for this purpose.

Another area where the savings you have can be very useful is with after purchase expenses. While the cost of purchasing the car might be the highest, there are other costs that you still have to bear. This includes the cost of insurance and registration. Thus, it is important to have savings that will convert all these.

 

Hands of young manager of car center holding clipboard with document of sales

There are several kinds of car finance, and they include;

Car Loans

This is no doubt the most popular form of car finance. In fact, it is what most people think of when they hear of car finance. In this type of car finance, the lender simply gives the borrowers the money they need to buy the car, and it is the borrower that buys the car themselves. Most times, car loans could be the whole amount of money needed to buy the car, or it could just be a substantial part.

Several lenders offer this form of car finance, and a borrower doesn’t have to look too far to find a lender that will give them the perfect car loan. Car loans also come in a variety. It is either a secured car loan or an unsecured car loan. A secured car loan is one that comes with security as an important condition for getting the loan. This means you have to present collateral, a property of yours that is equivalent in value to the loan you are seeking. In the case of a default, the lender will take possession of the property you have used as collateral. On the other hand, an unsecured loan is one where all you have to do is present all the necessary documents for the loan, and the lender does not ask you for collateral before giving you the loan.

Lease

This is simply hiring a car for your use. It is perfect if you don’t need the car for permanent use like when you are in a new city and just need a car for your time there. Also, if you are someone who prefers to use the latest models of cars, a lease will work for you. With this, you are essentially paying for the period during which you are using the car, and in most cases, it rarely exceeds a few years. It is not the same thing as a hire purchase because you are not obligated to buy. But some leases give you the option to buy if you wish to.

Hire Purchase

This form of car finance is something you will usually get from the dealership, but there are lenders who also specialise in doing it. It is generally used to finance a business vehicle purchase, and with this form of finance, the lender owns the vehicle and gives it to you on lease. You are then expected to pay a stipulated amount monthly which is spread to cover the lease and the cost of buying the car. The borrower must buy the car under this agreement, and once you complete the terms of the agreement, the car becomes yours. You will only be in possession without ownership before then, but the car’s ownership transfers to you once you complete the payment.

 

Man in car

When we help you with car finance, we make sure we get you the best deal. We are familiar with the lenders we work with and leverage this relationship to get you a Favourable finance deal. If the terms of the finance agreement from a lender are not good enough, we help you to find another lender l that will offer you a better deal. The lenders we work with are quite flexible and offer competitive interest rates.

Our transport finance brokerage services are necessitated by what we have observed in the market. Many of those seeking finance do not understand fully what they need and how best to get it which, in most cases, lead to them ending up with a bad deal. By helping you with your financing, we ensure that you have a seamless process from the point you decide to get finance to when you get the vehicle or equipment you want. We work with lenders who offer competitive finance terms in all aspects, from the interest rates to the repayment structures. Our lending partners are flexible, which means you can renegotiate the terms of the finance agreement to have a more flexible one that will be suitable for whatever you have in mind.

© stjosephsoatley. 2021 All rights reserved.