Today, the use of the car starts to diminish or, at the very least, it stagnates after having considerably increased until the beginning of the 2000s. In question: the total cost related to the possession of a vehicle (purchase, fuel, maintenance, insurance…) as well as the progressive awareness of the need for the ecological effort to be made.
The economic context is gloomy for both builders and potential buyers. This is why the recourse to the purchase of car loans is on the rise. More and more people are using this practice of buying car credit in order to have a new vehicle, or even a used car.
The benefits of car loan redemption
This type of credit redemption allows you to concretely settle the question of the budget for the purchase of your car. Indeed, the purchase of car credit meets a growing success because it is flexible: both the amount of the monthly payments and the duration can be negotiated or renegotiated easily. Deferral of installments and grace period are also matters to be discussed.
In other words, no need to bleed the family budget to acquire a vehicle. The purchase of auto credit will certainly have the merit of avoiding the traps set by the independent financial organizations or manufacturers.
One of the advantages of credit redemption is that in case of the theft of the vehicle or vandalism, the amount reimbursed by the insurer allows you to repay your financing (partially or in full, according to the terms and conditions).
How to do it?
In fact, the key is to be aware of all costs : the selling price of the car based on a purchase order or, failing that, an estimate, the exact rate of credit, the repayment period, the amount of monthly payments and, very important but often forgotten: the total cost of credit.
To make a car loan redemption a reality, you can (re) negotiate the credit yourself at your bank or another bank, or choose to hire a broker to assist you.
Essential point: consider negotiating the deferred first month. This will allow you to not be caught in the throat and, most importantly, this act is by definition free on a large number of auto loan buyback offers.
Be careful, some car packs (purchase, credit, maintenance, extended warranty, etc.) do not allow the purchase of credit.
Simulate a credit redemption
In order not to make mistakes when negotiating your purchase of car loans, it is essential to take advantage of online simulation tools. These will allow you to compare different offers of buy back credit and you can then adjust your funding according to your budget.