Choosing a personal loan to purchase your used car from Crowns Motors is one of the most straightforward options. It allows you a high degree of budgetary control, and some of the personal loan options we offer include extra products in addition to vehicle purchase.
From the start there is the advantage of not having to raise a deposit and your repayments and monthly terms are also fixed at this point. You will always know when a payment is due and exactly how much it will be, and you can decide on a term between 12 and 60 months depending on your personal circumstances.
To fine-tune your personal loan you might like to consider extra products such as a one to three-year warranty, an invoice price-protection policy or GAP shortfall insurance, which can be all incorporated at the start of your agreement. At Crown Motors we can also offer you a loan product with no loan-to-value restriction, so that you can borrow more than the retail price of your car. This is especially useful if finance on your existing car is leaving you with negative equity.
Personal loans are either unsecured or secured. An unsecured loan is simply based on your ability to meet monthly repayments, and no assets such as your house or car are required as security. When you buy your car this way you own it outright, but your repayments will continue whether you keep the car or not. Usually, unsecured loans cannot be repaid early without some sort of penalty. A secured loan makes it possible to borrow more money and longer terms can be offered. Lower monthly repayments than those required on unsecured personal loans are often available, but it is vital to remember that if you cannot meet your repayments, the assets used to secure the loan can be repossessed.
To find out more about your personal loan options with Crowns Used Car Finance, simply contact our team today.