The Answers To All Your Questions
If you want to buy a car, but you cannot afford it at once, car finance is a way to solve the problem. Car finance is the arrangement between you and a lender through which the lender loans you a sum of money for the car. This borrowed money will be paid back over a period of time as agreed between the two parties.
For car finance, evaluate your car needs and the car you want. After that, choose the lender that can loan you the money.
There are various types of car finance you can take advantage of. These various types offer different arrangements and are suitable for different needs.
This is the most common form of car financing. It is straightforward with simple terms. The agreement is that you borrow money from the lender and once you buy the car, you assume ownership immediately. After that, you begin to repay the loan monthly over the specified period agreed between you and the lender.
Personal Contract Purchase
This form of arrangement is one where you pay your monthly dues while the ownership of the car remains with the company. With this arrangement, you will start with a deposit payment of about 10%, after which you will begin to pay your monthly fixed payments. This arrangement is good if you are flexible with what happens at the end of the loan agreement. This method is often used for purchasing new cars.
During the loan period, although you will use the car, the company still owns it. Once your contract with the lender ends, you will have three choices to make. You can pay up the remaining balance and take ownership of the car, you can exchange the car, or you can return to the supplier.
Car leasing suggests that you are borrowing the car and you do not have ownership. Also, it doesn’t offer the option to buy the car at the end of the lease. All you are doing is borrowing the car, and you pay your monthly dues while the lease lasts.
With Golden Era Motors, we offer everyone access to see their eligibility status within minutes. All you need do is give us a few pieces of info, and we will run your credit search to determine eligibility.
At Golden Era Motors, you can still get car finance with poor credit. We look at your conditions, such as your employment status and income to see how we can work out an arrangement.