Alternatives to Traditional Banking to Finance Your Car

Posted by: Bod AtoUpdated at : 12:03 AM
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The financing of a vehicle is an important part in the life of almost any family. However, if we ask for a credit for this purpose, it is...
The financing of a vehicle is an important part in the life of almost any family. However, if we ask for a credit for this purpose, it is likely for our Bank to impose us a series of very high requirements or procurement of products that we do not really need. Although they can be useful to many customers, are not suitable if or you are looking for is a null link. Or for those who do not meet the rigid requirements requiring the Bank and their request for credit have been denied.

Luckily, there are alternatives to traditional banks that offer this type of loans.

Platforms p2p (Peer to Peer, companion companion) operate exclusively online and are not themselves offering money, but that they act as intermediaries between their users. Thus, to the register on one of these platforms, we can access money that other people have deposited in Exchange for a return.

Those who decide to lend your money can choose who do so by examining risk profiles drawn up by the platform of each applicant's credit, who will owe the debt directly to the lender.

Hire our loan through a p2p platform is a simple and fast, an alternative to traditional banking. If we have no qualms about hiring a product that only works online, can be a very interesting option.

Comunitae or Lendico offer this type of service with really competitive features a credits from 7% and 6.30% fixed interest for the profiles of greater solvency and up to 6,000 to 25,000 euros, respectively.

Another option are the personal loans companies. They tend to have interest rates below the average of the offers on the market, and do not require the hiring of any related product or change of Bank.

We can recruit a loan to buy our car with any of these companies, such as for example Big Bank, which offers a number of up to 10,000 euros to a 9% fixed interest rate and a fixed 14% according to our own case, or Cofidis, offering specific credits for these purchases, up to 15,000 euro with an interest starting from the 695% for the most creditworthy.

We can choose to finance our car from the same dealer, instead of a bank. It is likely that, when purchasing a car, whether new or second-hand, is also made an offer of financing and even accept our old car as a way of lowering debt.

Moreover, the granting of the loan is similar to how to operate a Bank, and we can negotiate many conditions.

It is an interesting alternative to not link us to an entity, or in the case that not we been granted credit. But you have to keep in mind that also will carry out a study of risk and is possible that one of the requirements is the recruitment of some insurance.

Before hiring a loan from a dealer, the best option is to verify if really are offering us the best what you can access.

There are alternatives when it comes to hiring a credit if, for the reason that is, prefer to avoid doing so with a bank. Choose the best of them depends on our personal needs and the comparison we previously make between all bids.
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Title : Alternatives to Traditional Banking to Finance Your Car
Description : The financing of a vehicle is an important part in the life of almost any family. However, if we ask for a credit for this purpose, it is...