Or taking a loan is certainly one of the most convenient and fastest ways to deal with sudden expenses or the purchase of a specific asset. One of the goods that we all use and which is indispensable for any family is definitely the car. But buying a car is not an expense that we can all deal with without problems. Or in any case it is an expense that has a fairly high cost, expensive so that not all of us have the possibility to cover with the only liquidity at our disposal.
It is precisely to help those who have to buy a car but does not have the necessary liquidity to get the loans. A loan could be the right solution to meet this cost and to buy a car, new or otherwise in good condition. So what are the loans designed for the purchase of a car? What is the difference between concessionaire and financial? What are the requirements to apply for this loan and what are the procedures for requesting it? Is it possible to get a quote? Let’s analyze these points and in the end you will know much more!
Loan for the purchase of a car
Buying a car, whether new or used, is always a fairly important expense to deal with. The cars in general represent one of those indispensable goods but which are characterized by high purchase and management costs. This is why many are unable to buy a car in cash. But, as we have said, the car is something we cannot do without. This is why car loans are born.
A loan for the purchase of a car is a type of finalized loan , that is expressly required to meet this specific expense, ie the purchase of a car. It is therefore a loan that is required precisely for a specific purpose.
Requesting a loan to buy a car will therefore bind you to the use of the sum obtained exclusively for the purchase of the car. You will therefore not be able to use liquidity for other expenses than that. It is precisely in this feature that we find the main element of all targeted loans.
However, you will have various financial products at your disposal that can help you deal with this expense, which is often truly indispensable. And among these we also find some personal loans and therefore not necessarily finalized. Let’s see together what are the best loans for buying a car.
Better in the dealership or in finance?
The first essential distinction we need to make in the area of loans for the purchase of a car is between:
What are the differences between these two types of financing? Well, when we talk about dealerships we mean a type of finalized loan , so as we said is a sum you will require for the specific purchase. In addition, a fixed interest rate is applied to the concessionaire and repayment will be made with the payment of constant monthly installments.
Instead the financial is a loan that can be requested in a personal capacity. This means that, once the loan is approved and the sum has been paid out, you can use the liquidity obtained for various expenses, including the purchase of a car.
Another fundamental difference between these two types of loans is the method of request. In fact, while the concessionaire is requested directly by the car dealer from an institution chosen by him, instead the financial is requested by the subject himself and by the bank he prefers. Furthermore, the concessionaire, with respect to the financial one, is characterized by less flexibility.
Requirements and required documentation
What are the requirements to be met to obtain a loan for the purchase of a car? As with any other type of loan, we say that most of the requirements are always the same and are common to the various credit institutions where you can apply. However the basic requirements are:
- Be between 18 and 75 years old
- Being resident in Italy
- Have a job
- Demonstrate an income as a guarantee of solvency
- Have a guarantor
The most important element is certainly the solvency of the person who applies for the loan. In fact usually bad payers or protested subjects are struggling to get a loan. To get it without problems you will not have to have credit problems, which may concern old loans or ongoing loans. What about the documents to be presented at the request stage? Here they are:
- Copy of identity document and tax code
- Driving License
- Last 2 payslips , in the case of employees
- CUD , pension slip or OBIS model, in the case of pensioners
- A letterhead bill
- Applicant’s IBAN code
Factors to evaluate
Before applying for a loan to buy a car, what are the main factors to evaluate?
First of all, you should understand if you are one of the subjects who can apply for a loan. Then examine your credit history so that you know if you have the credit rating you need to get a loan.
Also take into account factors that may affect the installment that you will have to pay monthly and also interest. Then evaluate the interest rate that will be applied to you and also the values that indicate the TAN and the APR that will be applied to the amount you are requesting. The examination of all these elements will help you to understand if the loan that you are going to request is suitable for your needs and especially if it will be really advantageous or not.
Get a quote online
The best way to make a careful assessment of the loan that you are going to request is to get a loan quote.
The budget is a kind of scheme that will help you to carefully evaluate various factors, including the sum, the installments, the interest rate, the TAN and the APR. Furthermore, requesting a quote is a simple and effective way to compare the various loans offered to you. Getting a quote online is really simple, just enter the data on the web portals equipped with an automatic calculator to get an estimate of the costs and interest linked to the loan.