The price of a new car scared you, but you really need to change the vehicle, and you have no choice. You’re still looking. The variant of a used car, less used, seems to reassure you, even if, in this case, the prices are not negligible. Find out that you always can borrow a car loan and pay for the new or used car.
You may not know that a car loan can also be granted for a used car. However, the offer is richer if you opt for leasing. Moreover, the best solution for you might be to access a personal loan. You can borrow from $5,000 up to $15,000 with a maximum term of 36 months.
Therefore, it is advisable to find out very well about the solutions you have at your disposal and then make the best decision!
In the case of loans, the advantage over leasing is that you own the car. Otherwise, the things are the ones you know for sure; you pay a monthly installment, and the bank can take possession of the car if you do not pay.
In the case of leasing (“concession”), you are not the car owner. You pay monthly; you only have the right to use the car because the company that granted you the lease transferred it to you by an official document. At the end of the period agreed by the contract, you can buy the car, paying the difference until the total payment of the vehicle; you can extend the leasing period or stop paying, the car comes into the possession of the lending company.
Be careful, though! To give up the car is not enough to stop paying the rate. That is why it is necessary to communicate with the lender to find the best solution to give up the installment payment. Otherwise, you can even wake up with a lawsuit if you postpone the debts.
You still have the option to apply for a personal loan. If you have questions about this loan product, please contact us for more information.