Congratulations if you have just obtained your driver’s license. Many of you reading this may still be at high school. If you are this resourceful, then many of you will have weekend jobs or vacation jobs to turn to to help you with your regular expenses and savings for big ticket items that you need and want. A car will be on that list. If you have left high school, are of age and are now in your first full-time job, you qualify for affordable auto loans. Congratulations on that too, by the way, because at this stage, no-one really knows, not even you, just how long it’s going to take before you can accumulate enough savings to purchase your first automobile.
What you would have expended on monthly savings can now be ploughed into that affordable auto loan of yours. Let’s face it; a car is a necessity, not just a luxury, for most hard-working folks like you. It may even be a tool of trade. So, if this is the case, you can utilize part of the business earnings to pay off your car loan in next to no time. How does an auto loan become affordable for you? You may not be eligible for finance from your regular bank.
You may also have an impaired credit record, so early in your working life, but yes, it does happen. Unlike the banks, your affordable car loan option is flexible with the terms and installments required to pay off the loan. Speak to your loan consultant to make sure that the interest rate charged is fixed for the duration of your loan. Also find out if there’s a bonus installed for paying off the loan earlier than scheduled.