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Basically, a loan for a car should be divided into two alternatives: loans from the auto bank and from a normal Cobey bank. In terms of conditions, there are often big differences here, which you want to consider in your own calculation. Of course, a loan from the car bank, first of all, presupposes that you, as a customer, have already decided on a manufacturer or a specific make, because automobile banks usually only finance vehicles of the respective manufacturer. A circumstance that should not be surprising, because financing offers should ultimately promote sales.
However, this restriction has the advantage for the customer that car banks often offer more favorable terms. This is especially noticeable in the interest of credit for the car. One feature that makes it easy to match each loan and, above all, very fast with similar offers is the effective interest rate. This acts as a measure of the total cost of obtaining a loan. Thus, for example, the ubiquitous and sometimes well-hidden processing costs are already factored in here.
However, if the customer has not yet committed to a specific model or wants to stay flexible, then a car loan from a regular cobey bank is more likely than a car loan. Technically speaking, this is a normal installment loan, which, however, is also cheaper than a various instant, direct or consumer loans. The reason for this is the type of credit protection. The car remains the property of the sponsoring institution until the loan has been fully paid off. This retention of title is ensured by the retention of the registration certificate Part II (formerly called Motor Vehicle Letter).
Compared to the credit for a car from the Carmo bank offers the offer of the cobey bank an important and therefore often decision-relevant advantage: The customer can pay the desired vehicle immediately and completely in cash at the dealer, which the latter like to take advantage of price rebates in the form of bonuses or discounts leaves. Since these bonuses are usually more than one bottle of middle-class champagne, this is an aspect that should be considered in your own calculation. Benefits of this kind can outweigh the interest advantage in a loan for a car from the Carmo bank namely whole or in large parts.
A particular advantage in terms of vehicle financing can often be found in the various financing options, which refer to a repayment per final installment. This special variant can usually be found in a loan for a car at auto banks, but can also be offered by normal banks. Due to the closing rate, only relatively small installments are required for repayment during the term. At the end of the term, the customer then has the choice: The final installment can simply be paid off, which means that the vehicle passes directly into his ownership. The final installment can also be financed, which increases the overall term (but also the total cost of the loan). As a third and final option, both the payment of the final installment and the wagon itself can be waived by simply returning the latter to the dealer. This is particularly suitable for customers who place a high value on being always on the highest standard.