16 Dec 2011


Buying a vehicle - new or used, car, motorcycle, motor home or whatever - is never trivial. For ants, the most far-sighted, this program year in advance, with five-year savings and many privations to the key. For others, there is no recourse but the credit. Credit affected or personal loan , the cicadas will have to choose.

Choose an appropriation.

Behind the term credit auto or car loan can hide two types of credit : credit affected or personal loan.
The appropriation may be offered by a bank or a credit institution, however, very often it will be contracted at the place sales, for example at the dealership. Since this is consumer credit , it has the characteristics:
• A prior offer of credit you must be made, clearly stating all terms of credit: the nature of well-funded, the percentage rate, duration, ...
• A cooling off period 15 days allows you to study the proposal made ​​to you.
• A withdrawal period is required by law.
• The loan must be more than 3 months.
• The credit must be offered by a lender not occasional.
• The purchase of the property is in the obtaining of credit, and the seller can receive any payment before accepting the loan. With this type of loan you can borrow the amount needed to purchase the property, your new car here. It is impossible to borrow more to finance such costs incidental to the purchase (registration fees, gray card ...). Similarly, if the purchase does not happen eventually, you can not retain the benefit of the loan to finance another purchase: credit being assigned to the acquisition of a well defined, it can not be used for anything else . Finally, the interest rates offered are often slightly higher than when speaking directly to a financial institution. However you can sometimes benefit from special offers of interest. This type of loan has yet posted a nice feature for the buyer: the establishment and repayment of credit related to the delivery of the purchased item. If the purchase does not take place if the property is not delivered or is delivered non-conforming, the credit is automatically canceled.

Prefer a personal loan.

The personal loan is a consumer credit: it therefore has the same features and protections that credit allocated:
• You must receive a preliminary offer of credit, clearly stating all terms of the loan: the percentage rate, duration, the total amount, monthly payments ...
• You have a cooling off period of 15 days to consider the proposal made ​​to you;
• You can, after signing the preliminary offer, you withdraw by the deadline of 7 days under the law
• The loan period is greater than 3 months;
• The credit is offered by a lender not casual.
• The purchase of the property is in the obtaining of credit, and the seller can not receive any payment before accepting the loan. The difference between loan used personal loan and therefore lies elsewhere: in contrast to the loan used, which by definition is used to finance a specific purchase (and clearly stated in the prior offer of credit), you can acquire what you want with a personal loan. No justification on the use of this money will be required. So you can take a little more than to buy your car and anticipate as well on other charges. In the event that the purchase would not be, you can retain the benefit of this loan and use the borrowed amount to another purchase. Finally there is generally for a personal loan rates so low, slightly more interesting than a loan used because the competition is strong in this area . Of course, as with any credit transaction, the interest rate offered will vary depending on the length of your loan (between 3 and 84 months): the more you pay off faster, less expensive credit you get.

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