Finance

5 Reasons Why You Should Consider Getting a Car Loan

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Head-turning looks. Cutting-edge technology. Powerful ride and drive.

Still dreaming of owning a sleek and stylish car but do not have enough funds to do so? Turn that dream into reality by getting a car loan that is simple, fast, and easy to secure.

Life Made Simple

Driving the car of your dreams is now made easier through simplified bank loans that offer attractive packages for different kinds of personal finance products. There are banking institutions that are fueled by their commitment to make these dreams a reality in the most convenient way possible.

For example, a commercial bank in Abu Dhabi has created a consumer finance brand specifically designed to put people’s needs and ambitions top of mind. They recognize their bank’s role in enabling people to achieve their dreams through different loan services with simple application processes, easier eligibility, and wider access to financial products.

Reduced paperwork, “one-signature” application policies, and quick approvals are conveniences that you can now enjoy when applying for a car loan.

Aside from the financial freedom a new or used car loan affords you, here are other reasons why you should consider purchasing your vehicle through an auto loan:

1. Fuels confidence in purchasing your new car

When you have a car loan ready, you also gain more confidence striding inside the car showroom. Why? Because you know that you have already been pre-approved by the bank.

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This means that it will back you up with the finances needed to make a sound purchase. Knowing you are qualified and able to choose a car according to the agreement you have with your bank gives you that extra assurance that you can drive the car of your dreams home with you. It also gives you more bargaining power to negotiate the best deals with the car dealer.

It also gives the car dealer more confidence and security, seeing that you have substantiated bank documents that serve as proof and validation that you are not a bogus customer.

2. Opens up wider choices

With an approved car loan from a reputable bank, you also get a wider array of vehicles to choose from. If you were thinking of a lower-end model initially because of cash considerations, with a car loan, you can look forward to getting an upgraded model or variant.

Not only can you consider getting a brand new car, you can also look into other choices such as pre-owned cars. This is even more beneficial for business owners who are looking into fleet or rental vehicles that are offered on financing terms.

3. Drives down initial cash outlay

Even if car dealers offer so many attractive car deals nowadays, they still usually require a down payment. If you are cash-strapped or want to hold on to your money as an emergency fund or for other reasons, a car loan can be the solution to your car owning conundrum.

A car loan affords you to shell out as little as 20% of the car value. With banks offering to finance as much as up to 80% of the vehicle cost, you can choose to spend your money on other needs or keep it in a savings account that you can use to auto-pay your monthly car fees.

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4. Allows for Payment Flexibility

If you are a fixed-income earner, you know how much to expect every month. If you are buying a car through a car loan, then you have better financial flexibility as banks can give you up to 60 months to pay for your chosen vehicle.

This adaptability to your finances gives you a better handle on managing your accounts and allows you the freedom to allocate your earnings towards other life-enriching experiences.

5. Protects your personal information

Access to personal information is not something everyone readily thinks about when buying a car. However, it is something worth take noting of especially in this day and age when identity theft has become a common concern.

When you apply for a car loan through a reliable bank, you are assured that your personal information stays with the bank. Compared to when you apply for loans from third-party lenders, there is a chance that your personal data may be shopped around and shared with third-party suppliers. This opens up the possibility of your information falling into the wrong hands and used for other purposes.

Driving Made Easy.

When you consider the above mentioned advantages, you would certainly lean towards availing yourself of a car loan. The convenience and affordability it gives you will definitely lift the veil of doubt from your mind and give you that added boost to purchase the vehicle that you have always wanted.

With simple, quick, and easy ways to apply for a loan, the freedom to drive home the car of your dreams is now within your reach.

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