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What Is Cheaper; Personal Loan or Car Finance?

Questions & AnswersCategory: Credit ApplicationWhat Is Cheaper; Personal Loan or Car Finance?
Anonymous asked 3 years ago

I want to buy a car but I don’t have money. Which interest will be cheaper; to apply for a personal loan at the bank or apply for a car finance at a bank?

1 Answers
Matthys Potgieter Staff answered 3 years ago

Hi there, 

Thank you for your question. 

When looking to take on credit, whether it is a personal loan or vehicle financing, you will have to do your homework to find the one with the best value. 

When looking at your options make sure to check;
Which has the best interest rate?
Which one has the lowest admin fees?
How the monthly repayments will fit into your budget.
What will the duration be of your repayment plan?

Be smart about applying for new credit. Make sure that you are fully aware of how your credit rating works and how to apply for credit without doing damage to your credit profile. But most important; make sure that you can afford a vehicle and that it would not cause you to become over-indebted.

If you have any other questions you are welcome to send an email to [email protected]

Have a great day.