Car Loans (PDF)

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					Title:
Car Loans


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429


Summary:
Buying a new car is one of the single biggest purchases most people are likely to make in their life. Other
than their home and maybe their education, there is not really much personal expenditure that can compare
in size to the purchase of a new car



Keywords:
Loan, credit, interest, lenders, financial, repayment, minimum, typical, borrowing



Article Body:
Buying a new car is one of the single biggest purchases most people are likely to make in their life. Other
than their home and maybe their education, there is not really much personal expenditure that can compare
in size to the purchase of a new car. Therefore it is not surprising that most people cannot afford to pay for a
car outright. This is so even if they have a very good income. It is a simple fact of life that to buy a new car,
most people will need to use a car loan to do so.


If you are considering taking out a car loan to finance the purchase of a new car, then you should make sure
you are completely aware of all the financing options that are available to you so that you get the best deal
available. It is highly likely that to car dealer that is selling you the car will have some sort of financing
options available to you. This may be in the form of a loan to purchase the car or leasing options that are
also available. You should be clear of the vital difference between a loan and a leasing arrangement. With a
loan, you are borrowing the money so that you can purchase the car. With a lease, you are only paying for
the use of the car, and at the end of the leasing period, you simply return the car and that is the end of the
arrangement.


There are some leases that will give you an option to buy the car at the end of the leasing period. If you
borrow the entire amount for purchase of the car, it is likely that your monthly repayment amounts on the
car loan will be higher than those for a lease, this is because you are paying for the full price of the car and
at the end of this time, after you have made all the repayments on the term of the loan, you will be the owner
of the car.


There are a number of factors that you should look at when deciding which car loan to opt for. First of all,
you should know that you do not have to accept the financing options that the dealer offers you. You can
also shop around with other lenders, such as banks, and make sure you get the best deal on offer. Car loans
are expensive and you should be willing to look into the various options that are available before settling on
any one option.




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