Why Vehicle Financing Just Got Significantly Easier Through Classic Parade
Vehicles are some of the largest purchases or investments we will ever make in our lives behind houses and apartments. As large pieces of automated machinery, not to mention the repairs and future costs, it can be hard to set aside the needed cash to claim the car of your dreams. That’s why so many individuals this year will seek out the support of car financing – so they can supplement their remaining cash and attain the car they deserve.
However, we all know it’s sometimes not as easy as that. Why? Bad credit can get in the way. As a record of your payment responsibility or debts, many creditors will decline those lacking in stellar credit. But, not all hope is lost – some car financers are willing to work with all interested personnel.
Let’s first look at what a car loan is, your options, and your repayment period, followed by the case of bad credit.
What is a Car Loan?
Quite simply, a car loan is a financial loan that you take out for the purpose of buying a car. This way, you can break down your payments over a specific period so you can afford the likes of a luxury car. Now, you have different car loan options available to you today:
- Personal Loan: An unsecured personal loan is tied to you and your personal assets, so once the dealership has the funds to buy this car for you, it’s as good as yours. This is the simplest arrangement when it comes to car financing.
- Hire Purchase: In this arrangement, you can hire the car from the dealership while paying it off in monthly instalments. This is typically around 10% of the loan amount.
- Personal Contract Purchase: Similar to Hire Purchase, in this arrangement, you pay of the value of the car’s depreciation at the end of the contract, as opposed to the brand new ticket. You can then choose between paying off the rest of the car’s value and keeping the car, or returning the car in the interim.
Now, not everyone is immediately approved for such loan agreements. Bad credit, otherwise known as the history of your payment responsibility, can get in the way.
Why Does Credit Matter?
It’s an important rule of thumb to approach creditors that are likely to work with your credit score. If you have low credit and apply for loans that are out of your reach, when the creditors reject you, this is going to lower your credit score even more.
If you are someone with pretty bad credit or significant debt that you have accumulated under your name, you don’t have many options. Credit scores are a quick way for financial institutions to gauge your ability to pay back a car loan. Fortunately, here at Classic Parade, our new car financing department is willing to work with a variety of credit scores so you can pursue your dream of luxury car ownership.
That brings us to our next point: why should you finance your vehicle in the first place? What are the benefits?
Why Finance Your Vehicle?
Whether you have bad credit, a lack of cash, or a lack of liquid assets at your disposal, car financing enables you to secure your car without any of the back-up. If you finance your vehicle, you can drive the car of your dreams without having to pay upfront for the vehicle.
Instead, you can pay for your vehicle in instalments as you earn money biweekly or monthly. For some, a one-off massive expense just isn’t feasible, which is why they rely on their credit to make it happen. But when big corporate calculators shut them out of the equation, they have nowhere to look.
That’s what we’re aiming to change here at Classic Parade. What’s going to factor your monthly repayment car loan with our team?
- Upfront deposit paid (this is based on the amount of cash you have on-hand)
- The interest rate (interest rates are constantly changing; we will inform you of this at the time of the securement)
- Loan period (we will negotiate a loan term over X amount of months for repayment)
Every car loan agreement is unique and dependent upon you and your situation, so you never have to worry about fitting into a cookie-cutter formula with our team.
Car Loans with Classic Parade
As a full-service car distribution and rental company, we want to do all of the work for you. That’s why our team will find you finance options that are tailored to your needs and budget. We know every individual is unique with a monetary situation that is completely original to them, which is why we’re ready to sit down with you and learn more about your situation.
To get started, all you need to simply do is provide us with the details and the value for which you need financing, and we will do the rest. We will first decide upon your initial down payment towards the car, followed by the interest rate applied to our car loan. From there, together, we decide on a repayment period so there are no tricks or gimmicks. We help you find the best possible deal that’s going to work with you and your budget in the long run. And, regardless of your credit score, our team is still going to stick with you and navigate the financial waters on your behalf.
So whether you want a sports car, a luxury vehicle, or a high-class SUV that is able to transport your family safely from point A to point B, our Classic Parade team is ready to secure you with the car financing you deserve – regardless of your credit!