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Loan Information - Car Finance Loans

 

Car Finance Loans

 

Information on Car Finance Loans

There are specialist loans around that cater for those who specifically need finances to purchase a car. They sometimes come with extra benefits such as:

  • Payments whereby you do not have to start paying the monthly loan payments till a certain time period which can sometimes be up to 12 months.
  • Interest Free where you have to pay no interest on the loan.

There are some car finance loans whereby at the end of the loan you can either:

  • Sell the vehicle and pay off the deferred amount outstanding.
  • Change it for another vehicle and use the trade-in value to clear the deferred amount then simply take out a new Car Purchase Plan to buy your next vehicle.
  • Keep the vehicle, and pay the same fixed monthly repayments until the whole amount is cleared.


Some qualifications you may need to qualify for a Car Finance Loan

To qualify you must be :

  • over 23 years of age and under 65
  • are a homeowner
  • have a home telephone
  • are in permanent work and earning a certain income
  • hold a current full driving license
  • be a UK resident (excluding the Channel Islands and the Isle of Man
  • hold a debit, credit or cheque guarantee card
  • need to ensure that you have comprehensive motor insurance


Please be aware:

  • If your motor vehicle is written off by your insurance company, for whatever reason, the policy will pay any shortfall between their payout and the outstanding balance of the loan so you're not left out of pocket.
  • If you are made redundant or become involuntarily unemployed for more than 30 days, the policy meets your monthly repayments for up to 12 months or until you find a new job.
  • If you can’t work due to accident or sickness for more than 30 days, your repayments are covered until you can work again.
  • If during the loan period Should you die, the outstanding balance on the Car Finance loan will be all paid off.

Tip: After reading the above points you can see that loan potection is a wise thing to take out, but it may not be necessary have to take out any protection offered with the loan so shop around to get the best deal.


List of Major Secured Loan Providers

List of Major Unsecured Loan Providers

List of Major Debt Consolidation Loan Providers

OCIS provide general financial information, we urge you to consult an Independent Financial Adviser ( IFA )
before making any important decisions about your finances.