A car loan means you can get that set of wheels without having to pay the full purchase price upfront. You borrow an amount of money from a financer/lender like Simply Finance, and then throughout a planned loan period you pay back the full purchase price plus interest through a schedule of repayments.
One of the main benefits of a car loan is the flexibility. We can tailor your loan to suit you, allowing you to pay off your car according to your means; for instance, you could choose to pay it over one year, seven years or any number in between. Interest rates on car loans are generally more competitive than personal loan alternatives, which makes buying a new car even easier.
If you want a loan with faster approval and a lower interest rate, you can take out a secured loan. This means your vehicle will be used as security (guarantee) against the loan, making it less of a risk to the lender. An unsecured personal loan allows you to borrow a sum of money with no asset attached. Your Simply Finance consultant can talk you through the options and find the most suitable one for you.