Are you also a fan of all that has wheels? And especially of classic and vintage cars? Do you dream about an old-timer? Then it may already start to itch with the summer before the door. But can you actually borrow money for the purchase of such a gem? And how do you do this?
In principle, you can of course borrow money for just about anything. But what conditions? And do you do this best with your bank or is it still appropriate to look around and shop?
When it comes to buying a new car, selecting the right form of financing is not always easy. There are, after all, various options to consider. So you can always contact a lender to finance the purchase of your car. Usually it is therefore possible to finance 110% of the purchase price. The offers from car dealers also create opportunities. They can offer the option of financing for 0% which in some cases is a good option. Paying an advance will usually be mandatory in the latter case. Also do not forget that it becomes more difficult to negotiate a discount with a so-called free credit.
What about the financing of your oldtimer? The purchase and more specifically the financing of an old-timer will only be possible via a consumer credit without a specific purpose . That is why the interest rates of these loans are less advantageous than those of a car or motorcycle loan. Do not worry, however. The interest rate is still low at present. If you also make a small effort to compare lenders and loans, you can find an extraordinary deal .
You can best compare loans online. From your lazy office with the laptop on the lap you can visit any bank website and look for the personal loan page. There you quickly see an option to perform a simulation. It is free and without obligation, so why not use it. A simple way to see if the car of your dreams is feasible or not. Enter the amount you wish to borrow and the installment period. A mouse click further you see an amount appear. That is the monthly amount that you have to pay, including the APR. These are the costs expressed as a percentage. It is easy, the lower that percentage, the lower the loan costs. So if you want cheap financing, then look for a lender who has the lowest costs. It’s that simple.
Keep an eye on your own monthly budget. If you already have other loans, it may be tight to take another loan. You can then best observe the general rule that you can use 1/3 of your wages to pay off loans. Mind you, this is for all loans that you have running. So if there is already a mortgage on your house, it is possible that there is no room for more.