With the galloping economic crisis and the continuous increase in consumer prices, which also affects the automotive sector, three out of four Italians decide to use an online loan to cover the costs of buying a car . It should be emphasized that there are different types of loans, each of which differs from the other in terms of the required extinction and guarantee, for example.
For these and other reasons, before requesting an online loan, it is advisable to inquire, in order to choose the right loan for your needs . The main feature that differentiates online loans for car purchases, sees aimed loans opposed, which can also be requested by the same dealer, and personal loans for which it is necessary to personally contact banks or credit institutions.
The online loan, which is issued to support a specific expense, is proposed by the concessionaire, which in this case takes the name of dealer. The seller receives a commission on the loans taken out so it is particularly incentive to propose this financing method. Before proceeding, the credit institution will carry out checks to verify if the applicant is in the financial condition to be able to repay the entire loan. If in the past you have not been classified as a bad payer, it is not difficult to obtain a finalized loan.
Usually the online finalized loan can have a variable duration between 6 months and 5 years and provides a fixed rate. When the loan is signed by the buyer , the credit institution will pay the full amount to the dealer and consequently, the buyer undertakes to repay the loan and the related additional expenses in monthly installments.
A good solution could be to pay in advance a part of the amount necessary to purchase the car and request the loan only for a part of the expense to be incurred.
Another method of obtaining financing for car purchase is to apply for a personal loan. In this case, the buyer will contact a credit institution and the loan will present itself as unfinished. This means that the applicant can use the amount received on loan to support any type of expense , without having the obligation to document it. There are two important differences compared to the finalized loan.
First, interest rates are higher because the installment plan is usually shorter. In addition, the credit institution will be forced to request more guarantees. Among the main forms of guarantee , in addition to the repayment of some installments, there is undoubtedly the surety provided by a third person. The credit institution will assess the degree of risk and the trustworthiness of the applicant based on the economic and financial situation of the latter.
This assessment may depend on another aspect, which in the first analysis might seem irrelevant, or the type of car purchased. According to statistics, the purchase of a used car has a higher degree of insolvency. In this case the rates could be higher and, in general, the conditions will be less advantageous.
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