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The traders usually advertise very aggressively with their financing offers. And at first glance, these financings also have a very favorable effect. Because where else do you get a loan with 0% interest. For this reason, most car buyers still resort directly to dealer credit. In addition, you get all services from a single source and do not have to worry about separately for a loan for the car.
However, the credit on the dealer also has a serious disadvantage. Because the dealer must participate in the financing of the advertising costs. Therefore, he can usually pass on no additional discounts to the buyer. Anyone who decides against a separate loan for a car can act as a cash payer towards the dealer. Thus, discounts up to 20 percent are possible, which are higher depending on the vehicle than the savings by 0-percent financing.
What else speaks for a separate loan
With a loan for the car, the buyer can choose from a variety of offers. A credit comparison can quickly find the cheapest loan. In addition, no deposit is required for a separate car loan and no high final installment can be accepted. The loan for the car can be conveniently repaid in constant monthly installments. Thanks to the flexible terms, the monthly burden can be adjusted very well to your own financial resources. Another advantage is that as a rule, it is not necessary to deposit the vehicle registration document as collateral. Thus, the vehicle can be sold during the run, if necessary. The proceeds can then be used to repay the remaining loan.
Pay attention to the annual percentage rate
The biggest impact on costs is the annual percentage rate of charge. Therefore, car buyers should pay attention to the effective interest rate in a credit comparison. This includes not only the interest but also any processing fees. The amount of the interest rate usually depends on the loan amount and the chosen term. For some banks, the creditworthiness of the borrower also plays a role. The better this is, the cheaper the interest rate will be. However, the banks often advertise with a very low initial interest rate, which is granted only at the best possible credit rating. If you do not have one, you should choose a loan that includes a fixed interest rate.