Borrow money for car

Most personal loans and revolving credits are taken out for the purchase or repair of a car. Most American people are (for example for work) dependent on the car, when it breaks down it is therefore important to quickly buy a replacement or have the vehicle repaired.

Such expenses are often unexpected, so you are not prepared to incur those expenses in the short term. Borrowing money for a car is therefore seen as a legitimate reason for borrowing money .

Car loan

When you want to borrow money for a car, you are actually looking for a ' car loan '. We can divide the car loan into a 'personal loan' and 'revolving credit'. When taking out a car loan, you can choose between these two forms yourself. The personal loan often has a term of approximately 1 to 3 years, the revolving credit often has a longer term (up to 5 years for private loans ). In this way, you can spread the purchase of your vehicle over a longer period.

Lease a car

Instead of borrowing money for a car, you can also choose to lease a car. By leasing a car you pay a monthly amount for your vehicle, this amount includes insurance, use and road tax. The only additional costs are the costs for gasoline. However, in order to get a lease car, your financial situation must be fairly stable. So instead of leasing a car, many people still choose to borrow money for a car.

Cheapest car loans

Below we have made an overview for you of the cheapest car loans at the moment. Both the 'personal loan' and 'revolving credit' are listed in this overview. As you can see, by comparing car loans you can also save money on the money borrowing for a car.