When your car breaks down, or when you plan to buy a new car, you can take out a so-called 'car loan'. This car loan is specifically aimed at the wishes of consumers who want to buy a new car.
The car loan is most comparable to the ' personal loan '. The total loan amount is fully known at the start of the loan. In addition, the conditions for the payment of interest and the repayment are also determined before the start of the loan, these amounts are the same throughout the entire term.
Features of the car loan
The car loan is characterized by a fixed term (for example 1 or 2 years) in combination with a fixed interest rate. In addition, the repayment is also the same every month, so that you have paid off the car loan in full at the end of the term. You can often opt for the 'personal loan' or 'revolving credit' construction for your car loan. The personal loan has the advantage that the loan amount can be withdrawn once and that the interest and repayment are constantly the same. With revolving credit, you can withdraw the borrowed amount again after repayment, you only pay interest on amounts withdrawn.
When do I take out a car loan?
You can take out a car loan when you want to buy a new car. If you do not have sufficient funds yourself, but would like to buy a (new) car, this loan form is the most suitable for you. You can also use the car loan to purchase a used car, so it does not necessarily have to be a new car.
In order to take out a car loan, your financial situation must be good. For example, you must have a fixed (and stable) income. In addition, the lender also looks at the stability of your financial situation and any other loans.
How does taking out a car loan work?
First of all, you must decide with which lender you want to take out the car loan, you can find an overview of the cheapest lenders in the field of car loans at the bottom of this page. Then you have to choose whether you prefer the construction in the form of a 'personal loan' or ' revolving credit '.
BKR check mandatory for car loan
The American lenders affiliated with the AFM will always perform a BKR check before they provide you with a car loan. When you have a bad loan history, the chances are small that you can apply for a car loan.
Credit assessment for car loan
Furthermore, the lender will assess your financial situation, during this 'credit assessment' the lender will assess whether you are able to repay the car loan in accordance with the conditions with your current financial situation. If the credit assessment also works well in the end, the contract will be signed, after which you will receive the borrowed amount in your account. From that moment on, the contract will start.
Cheapest car loans
Below you can see which 'car loan' lenders are the cheapest at the moment. Click on the provider to take out the car loan directly (online)!