More and more Danes are choosing to buy their new car on installment. When you buy a car on installment you get more air in the economy and are not forced to have all the money for the car before you buy it.
When interest rates are low and the prices of cars fall, many car dealerships are subject to longer repayment schemes, such as the allows paying on his car in e.g. 10 years. Good Credit helps you get started when you choose to buy a car on installment so that you get the most value for money.
Buy a car on installment without payout
When you want to buy a car, you can choose to buy a car on installment without payment. This means that you get your car loan financed 100%. On the other hand, had there been a payment of e.g. 10%, then you would have to pay 10% of the car’s value yourself in order to get the rest on installment.
The 20% down payment is your dealer’s assurance that you have the finances in order and thus also better pay for the entire car in the end. So if you choose a car financing without a payout , you do not have to pay anything to start with to be able to take advantage of the payment option.
If, on the other hand, you choose to finance your car using cheap car loans, you may have to pay a down payment here. However, this can be avoided by applying for your loan outside your car dealership. In that case, you can for example. Contact a finance company in the form of your bank or loan company.
Save money with the right maturity on your installment
By buying your car on installment, you choose to pay for your car over a longer period of time rather than the moment you get the car. That period is also called maturity and it is a period that you set yourself. You thus decide how many months or years you want to pay for your new car.
When deciding how long your maturity should be, you should consider how long you expect to have your car. For example, are you The person who drives many kilometers every year and therefore changes your car every 5 years, you should not have a 10-year installment. If so, over a period of 10-20 years you will end up paying for a lot of cars that you no longer own.
The more kilometers you drive a year
The faster you should pay for your car. This is because your car decreases in value the more you drive in it. Therefore, if you want to sell your car after a number of years, you are best placed to pay the full price for the car.
Otherwise, you are left with a down payment on a car that you no longer have available. Remember your car insurance and compare prices to save money in the budget.