With all new developments in the automotive industry, it is a very good time to purchase a car. At some point, most people often need their own transportation. For example, it may be important to have a reliable car if you work in healthcare. Night shifts are also added and you do not want to be on the side of the road with a breakdown at midnight. Or your family gets bigger and the little car from your student days is really too small for the kids in the back seat.
It is therefore time for a new model and that is always a nice moment.
Who doesn’t like to look for his dream car. Because life is expensive enough and you need some money to cover unforeseen expenses, you can very easily take out a loan. The trick is to find the cheapest car loan, because be warned: there are countless lenders who offer car loans. So take advantage of this by comparing the providers and selecting the one that best fits your budget.
In principle you can borrow almost 40% of your net salary.
If you have other loans, this percentage will be lower. You may also want to include your partner’s salary; then you can go for a higher amount. Depending on the amount you want to borrow, you should try to keep the duration as short as possible. That way you pay the lowest costs and you have more money at the end of the month. Make sure you have enough left over to live on of course.
You can find the cheapest car loan by first looking at the supplier’s APR. The lower the APR percentage, the better for your portfolio. Choose a number of credit providers and compare them with each other. You do this by surfing to the websites of the lenders. Most providers have a simulation tool on their website, and with the help of this tool you can calculate how much your monthly repayment will be. The shorter the term, the less the loan will be.
Every legitimate provider has received a license from the Belgian government. So check whether your favorite lender has that license. Also read any conditions associated with the loan. Sometimes a low APR can be a promotion that is only valid for a few months. The APR could therefore rise somewhat afterwards. It can still be a good deal, but check this out in advance. You must be sure that you can also pay the monthly installment.
If all of the above is in order, you actually don’t stand in the way anymore. As long as you have a steady income and have always properly paid off your loans, there is no real reason for a lender to refuse you a loan. Discover the cheapest car loan here, and you will have that car at your doorstep in no time.