To finance the purchase of your new or used car, car loans are a royal solution: it represents more than 40% of new car purchases. This is an affected loan, therefore conditional on the purchase of a car, thanks to which you can send a strong signal of confidence to your bank and obtain attractive rates.
How to prepare your loan application, compare rates, perform auto credit simulations, and above all, find the best auto loan offers of the moment ... we tell you everything!
Reminder bite: what is auto credit?
Auto credit is a loan specifically obtained for financing the purchase of a new or used vehicle. This type of credit can be offered by an independent lending institution, a bank, a concessionaire, an agent or a builder.
What are the advantages of auto credit compared to other types of financing?
In fact, it is a consumer loan used to purchase a car and therefore cannot be used for other expenses (the funds are paid directly to the seller). It gives access to preferential rates compared to a personal loan, that is to say, a consumer loan not allocated to a specific purchase. Why? Because it increases the level of confidence of your lender to the extent that he knows the destination of the funds: a car is an investment that is added to your capital, it can be necessary for a professional context, profitable in itself - even (rental) or even resold, even in the process of borrowing.
Auto loan, personal loan, leasing, balloon loan, rental with the option, long-term rental ... you still hesitate on how to finance your car purchase? Discover the advantages of auto credit to finance your car.
Car loan characteristics
The maximum amount of a car loan is 75,000 dollars and the minimum repayment period is 3 months.
Since this is an assigned credit, the funds released are paid directly to the seller upon delivery of the car, the date which marks the start of the reimbursement.
You have a withdrawal period provided for by law, which may, however, vary depending on the method of release of funds for which you have opted. In addition, in the event of cancellation of the sale at the last minute, your credit is automatically cancelled, with no costs to cover on your part.