Buying a car is an important step that requires a large amount, often difficult to spend all at once, which is why you can almost always resort to car financing .
When you set your eyes on what you want as your future car, you must also look at the tag that hangs on it.
Cars are almost fundamental goods for everyday life and unfortunately they have prices that cannot be paid all in one day, as is done with shopping. However, this does not mean that you cannot buy a car, far from it in-house car financing services singapore.
To remedy the problem in almost all cases it is possible to resort to a car loan .
The car loan is an alternative payment system that provides for the total repayment of the amount of the car plus some interest through the most convenient monthly installments. For the entire duration of the payment you will be the owner of the car but it will not be completely your property until you have returned the entire amount. Ultimately, therefore, the loan is a loan that is made to the customer.
What is the nature of the loan and who disburses it?
The loan of the amount for the purchase of the car can be of two types: finalized and personal .
The first is a bonded loan that provides for the repayment of the amount through installments . In the case of the car, the loan consists of the car itself that you repay over time precisely through the monthly installments and is the most common in this case.
The personal loan, on the other hand, sees the disbursement of a liquid amount on the account of the person who is not bound to any use and can be used both for the purchase of the car and for other expenses. The personal loan is very popular with regard to the purchase of used cars, especially when the exchanges take place between individuals.
The loan, of whatever nature, can be disbursed through three channels. The first of these are obviously the banks , followed by the private financial institutions (which must in any case be authorized by the Bank of Italy) and finally there are the so-called captives , that is the financial companies of the car manufacturers that are activated almost always through dealers.
Other forms of loan can be the assignment of the fifth, where the repayment takes place directly on the salary or on the pension slip, withholding no more than one fifth from each envelope, and leasing.