Buying a car is a very exciting decision, but it can also end up being a pretty expensive one! As well as the list price of the car, there are various other associated costs to be taken into account when you decide which new car to get.
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Today we’ll break down all of the costs involved with getting a car loan, and the ongoing costs of running a car, so you can have a clear idea of what you’re getting into.
Monthly repayments
The biggest cost involved will be your regular repayments (these are normally made monthly but some lenders will offer flexibility around this and offer other repayment frequencies) plus interest. The monthly repayments are usually pretty high because you’re borrowing a lot of money to be able to afford the lump sum that is required in order to purchase the car in full.
You can use an online car finance calculator to help you see how much you could borrow, and what your repayments would be like on the different loan amounts.
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You may want to check whether there are any additional fees that can change slightly depending on which lender you go with.
Interest rate
The interest rate is how much interest you’ll pay on top of your monthly repayments, and this will depend on a huge range of factors. In general, however, the higher quality your credit rating is, the lower the interest rate you can expect to get. But even having a great credit history doesn’t always mean that it’s going to be easy to get a low-interest rate -it’s something you can save up for to get a better deal.
One way that you can access a lower interest rate is by getting a green car loan, for example, a Driva green car loan, as lenders sometimes offer an incentive (in the form of a reduced interest rate) for buying an environmentally friendly car like an electric or hybrid vehicle.
Lender fees
Depending on how much they lend, different lenders will charge you a loan establishment fee and a monthly service fee. These can vary a lot in price depending on which lender you go with. You’ll also need to consider whether there is an early repayment charge if you decide to pay the money back within the first few months of taking out the loan.
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Ongoing costs
In addition to these costs, there are a number of ongoing costs involved with owning a car. These include insurance, petrol, registration, roadside assistance, toll road costs, repairs and maintenance. All of these costs are important to bear in mind when you’re shopping around for a car loan, as it can be very easy to get caught up in the initial excitement of buying your perfect new set of wheels. You need to make sure that your monthly repayments are affordable, otherwise, you could end up stuck with a car payment that’s too high. For more information visit this site: lasenorita
