Have you finally found the car you want? Now is the time to fund it. How? ‘Or’ What? There are several ways to do this. Discover in this article the different solutions available to you to benefit from the best offer.
If you have the funds, you may want to consider paying for your vehicle in cash. This solution has the advantage of avoiding taking out a loan which, ultimately, is always more expensive because of the interest you have to pay.
New vehicle: purchase and cash payment?
In addition, this solution is fast since it does not require any approach with banking establishments. On the practical side, you should know that the law does not set a ceiling for a cash transaction between individuals.
However, above $ 1,500, the written proof is required in order to trace the transaction. This certificate on free paper is made in two copies and is given to the buyer by the seller. If, on the other hand, you buy your car from a professional (garage, dealer), payment in cash is authorized up to $ 1,000.
Buying a car by making a car loan?
The most common solution is to use a loan to purchase your vehicle. You can borrow part or all of the amount of your purchase. There are different types of loans. In each case, the money will be exchanged directly between the bank and the seller of the vehicle.
The car loan
You can take a car loan, a particular type of consumer loan, it is assigned to the object of the sale: as the name suggests, the money from this loan can only be used for a project of the vehicle purchase.
Personal loan to finance your vehicle
Another type of consumer credit is the so-called personal loan. This credit is unrestricted, i.e. it is separate from the purchase and can, therefore, be used for any project. It can, therefore, be used to buy your car.
Finally, revolving credit is another type of unrestricted loan. With this credit, you permanently have an amount that you can use for your project (purchase of a vehicle for example) without any proof.
However, revolving credit is a consumer credit that can be dangerous. Indeed, by the rate variations and the possibility of drawing from the reserve of money at any time, it requires a certain vigilance and good control of your budgets.
All of these credits can be purchased online. We recommend that you use the online comparators which will allow you to choose the best loan conditions (TEAG, loan duration, insurance price).
Choosing car leasing to finance your car
Car rental (or car leasing) remains a very attractive car financing solution for your car purchase project, available on the Caroom.fr site. There are two types of rental, both of which have their advantages: LOA and LLD.
Rental with option to purchase, LOA
First of all, you can request a Rental with Purchase Option (LOA). This type of financing is becoming more and more popular with consumers. It gives you the opportunity to change vehicles regularly. Thus, for a fixed rent, you can systematically drive with a recent car. In addition, if you want to get out of this financing and buy your vehicle, it is possible. For this, you will simply have to pay the balance.
Long term rental, LLD
Another option is the Long Term Rental (LLD). The principle is similar to that of LOA, except that you cannot acquire the vehicle at the end of your contract. Vehicle maintenance is included in the rents you pay. On the other hand, you must take care not to exceed the number of kilometers on which you are committed to the contract.