The best way to find a cheap car loan is to consult borrowers for a free, independent and non-binding online loan comparison. As a rule, the dealerships also offer different models for payment in installments, but the conditions are only very rarely competitive with free direct banks.
Take out a free installment loan
As a car buyer and future borrower, it is more worthwhile to take out a free installment loan to pay off the car than to take out an expensive in-house car loan from a car dealer. While loans are the daily business of the banks and of course this generates profit for the bank itself, car dealerships and car dealers usually try to achieve an additional return by granting the loan.
This of course then falls at the expense of the buyer of the car, who will have to live with the expensive rates and possibly unsuitable conditions in the future.
Paying the full amount of the car directly is usually much cheaper in the long run. In addition, a cheap car loan can be found with just a few clicks of the mouse, provided the borrower has the necessary creditworthiness for the amount of the loan. A direct comparison of the total costs incurred, partly calculated by the dealership itself and partly via the loan calculator, provides borrowers with a direct comparison of the individual types of financing.
No reason to dig deep into the new car
Regardless of whether it is a used or a new car, the purchase of a new car is associated with considerable costs for the majority of employees. Accordingly, it is only in the interests of your own economy if these costs are kept as low as possible.
A cheap car loan, if it is selected through a free direct bank, can also be adapted much more individually to the desired conditions. In the case of an installment loan, for example, the amount of the term can be determined, while the amount of the loan is also not specified. This means that additional purchases can be financed directly from the installment loan, while the unnecessary burden of high interest rates on car-related loans is eliminated.
The costs saved can of course vary depending on the individual loan, but as a borrower you can still assume that the interest saved is significant, especially for expensive new luxury cars, and is more than just a full tank of fuel. Instead of going blindly into the pleasure of driving the new car, you should inform yourself in advance about the cost of the two options. Then there is nothing standing in the way of purchasing a new car, whether used or new.