Doubtfully, there is a person who does not know about the crisis which hit the whole world two and a half years ago. It is just impossible because everybody has been talking about that “event” for the last two years and it continues to be the “breaking news” of the day. But what the last surveys show is that more and more people are thinking about getting a new car despite the financial crisis.
Are you wondering how that is possible? How did those people earn money when the rate of unemployment is 13 per cent, the average salaries’ decrease is 10 per cent, the rate of inflation is 7 per cent and there are many other factors which have an extremely negative effect on people’s incomes? Well, the answer of that long question is that those people have not earned so much money! But how do they have it? They do not have it! And they cannot get a new car? Of course, they can!
I know that it sounds enigmatic but here comes the explanation. More and more people are thinking about getting auto financing. That method of getting money has become extremely popular, especially among the young people who do not have much money squirreled away, in those crisis times.
Basically, the auto financing looks like getting a loan or credit meant for a new vehicle. However, the main difference is that there are three sources of auto financing: the first one is the banks; the other one is the auto finance companies and the third one is the dealers.
My personal advice is that you had better choose the dealer auto financing because in most cases it is the most favorable one. The reason is the great number of auto dealers which are available on the market which creates severe competition. And as you probably know there is nothing better for a client than the competition. You will not believe it how favorable terms and conditions you could get. How does interest of 6% sound to you? I bet that you feel tempted, don’t you? Of course, we need to be objective and say that banks are the most sure and safe way which you could possibly use for auto financing but the interest which will be required to be paid is two times more- around 13 per cent. It definitely does not sound good, don’t you think so?