Motor Loan
With a motor loan, you obtain the money in advance to buy
the vehicle outright, then repay the debt in agreed monthly
instalments.
Motor loans are available from banks, building
societies, independent finance companies.
Benefits of a motor loan
* Effectively, you become a cash
buyer
* You can buy from anywhere and are free to
negotiate the best price
* The car is yours from the start
Disadvantages of a motor loan
* Harder to obtain than other types of
finance
* Lenders prefer homeowners who have sound
finances
* Two types of loans are available, secured
and unsecured. Secured is cheaper, but the lender can
confiscate whatever you offer as security if you fail to pay on
time. In extreme cases, you can lose your home.
View recommended car
loans here
Motor loan calculator
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