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How long to choose for a car credit?

car credit

More and more consumers are preparing to apply for a car credit to finance the purchase of a new or used vehicle. Faced with the term of the loan. When faced with the choice of the duration of the loan, buyers often find themselves in difficulty, especially when, for example, it is a question of comparing the loan offer with a lease. What are the advantages of short, medium or long term financing when it comes to financing the purchase of a car? All our explanations and advice.

 

Why choose a credit and not a lease?

car loan

If the solution of a leasing is today the most popular method for the purchase of a vehicle, the choice of the private loan increasingly attracts the buyers. But let’s see in detail this method of financing:

  • It allows to finance the vehicle in whole or in part. For example if the buyer already has funds, he can apply for a private loan to complete the missing amount for example.
  • It ensures total freedom for the buyer in terms of the make and model of the vehicle, but also as regards insurance (full or partial helmet), and also allows you to resell the car at any time.
  • Avoid having to re-purchase the vehicle at the end of the contract (or to resume a lease).
  • Finally, it allows tax deductions that can prove interesting.

 

Buying a car with a credit, all the benefits

Buying a car with a credit, all the benefits

As explained by the Lite Lender company on its website in the section dedicated to auto credit, choosing to apply for a loan to buy a new car has numerous advantages. Consult the section of this site to find out more.

 

Financing from 12 to 24 months

financial loan

A short-term loan is in principle reserved for customers who have a sufficient budget to guarantee a high monthly repayment and therefore allow to reduce the interest to be paid. It is also a good solution for people who are looking for a cheap vehicle or already have their own funds. Indeed a short-term credit:

  • It allows to reduce the total interest and consequently the “cost” of the credit
  • Monthly installments are higher

 

Financing from 36 to 48 months

Financing from 36 to 48 months

This type of medium-term financing is one of the most balanced solutions, because it avoids excessive total interests and at the same time guarantees a controlled monthly invoice:

  • Total interests balanced
  • Balanced monthly installments

 

Financing at 60 months and more

Financing at 60 months and more

Choosing a longer repayment term allows you to decrease the monthly cost, but it implies a very high total interest cost. For a type of long-term loan, it is therefore important to benefit from the lowest rate possible. This type of financing

  • It allows to reduce the monthly cost
  • It has a higher total cost

 

Who to contact?

car loan

As always, the best solution is to appeal to a specialist. Lite Lender also offers auto credits at the best rate, guaranteeing the free analysis of each applicant’s dossier. More than evaluating an offer, it is particularly important, for example, regarding the choice of the repayment period, to have a real consultancy service.

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How to find a good mortgage loan broker?

Mortgage broker to redeem your loan

Mortgage broker to redeem your loan

The profession of mortgage broker is not yet known to everyone, and yet it is a necessary service the day you want to take out a loan to buy real estate! He is a professional, who competes with many banks among themselves in order to obtain the best financing offer on the market.

On the other hand, if you bought a property a few months or years ago and the current rates have dropped significantly, you will also need to contact a mortgage broker to redeem your loan and benefit from it. a better rate. The sole objective of this professional: to save you money and ensure that you benefit from the best possible conditions for your loan!

But how and above all where do you find this brokerage professional?

But how and above all where do you find this brokerage professional?

As in any specific situation where you are looking for a professional (whether a painter, a site manager, a dentist …), you are not sure where to start but one thing is certain, you want to make sure to come across the right person!
Several options are available to you: you can search the internet for a mortgage broker in Paris or in the Paris region. Unfortunately, you will come across many proposals, with fairly equivalent presentations, thus not allowing you to make a choice.

Then, you will try word-of-mouth (certainly the safest): your entourage, friends or families, may have already used this type of service and can then recommend a broker in a mortgage that they already know and in which they have complete confidence! It is always reassuring to know that a person you know has been satisfied by a professional.
If unfortunately you do not find around you or conversely, you have been advised not to go through such and such a broker, you may then end up looking near your home or your workplace! There too, it is quit or double!
Anyway we will be there to receive you but know in advance that all of the customers who have used the service of Lite Lender, have recommended this mortgage broker to their entourage!

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Car loan despite credit

Some consumers pay off a loan when they need a new car. What needs to be considered when financing a new car despite an ongoing loan?

Borrowing from existing loans

Borrowing from existing loans

In principle, it is possible to borrow again despite existing loans. The new lender compares the total of the monthly charges with the disposable household income. If the result indicates that proper repayment is guaranteed, there is nothing standing in the way of a new car loan despite a loan. Dealer banks obviously make the necessary assessments differently than commercial banks and more often come to the conclusion that financing the car purchase is possible.

The interest of the bank belonging to the vehicle manufacturer’s group in good sales figures certainly contributes to this. Consumer loans are particularly critical when it comes to borrowing new vehicles, while existing real estate financing is not an obstacle to vehicle loans due to rent savings.

Influence the credit decision with the loan structure

Pay attention to alternativesPay attention to alternatives

If the traditional form of car financing is not possible due to an existing loan, alternatives are available. The vehicle buyer can agree on partial financing of the car and a final installment to be paid later. This reduces the loan amount. At the end of the contract and the due date of the final installment, he agrees a date on which the existing loan will be repaid so that it is easy to take out a new loan for the final payment.

A variant of vehicle financing with a final installment is three-way financing. In this case, the buyer can choose to pay or finance the final installment or return the car at the end of the term. Despite a loan, it can only be used for a car loan to a limited extent, because in addition to the loan amount, the term of the loan is also reduced, so that the loan rates are only marginally lower than if the car was fully financed.

Pay attention to alternatives

Pay attention to alternatives

Anyone who needs a car loan despite a loan can obtain approval for the loan by choosing a vehicle other than the one originally intended. A cheaper car compared to the favorite model significantly reduces the loan amount. Demonstration vehicles and vehicles with day registrations used by the dealer were only moved a few kilometers, so that despite their formal validity as used vehicles, they have the quality of a new vehicle. Annual cars were driven by employees for about a year.

They may have an unusually high mileage for the short period of use, but they have been cared for reliably and, thanks to their attractive price, represent an alternative to a new car. Special offers are another way of reducing the monthly charge on car loans. Interest-free or extremely cheaply financed vehicles are mostly discontinued models and later only achieve low used car prices.