When we need a car for our work, we often face the dilemma of buying a used or new car. Of course, the new one is of course more expensive, but in return we will have to have it serviced less often, and although we can get a very old car cheaply, we will not feel safe in it.
Getting a used car loan
In such cases, you may want to choose the golden mean and look at a car that is a few years old. Of course, it will be more expensive than buying a fifteen-year-old car, but getting a used car loan can make it easier.
A used car loan works similarly to a new car, except that the age of the car at the end of its term may not exceed fifteen years, so for example, a nine-year car cannot be borrowed for 84 months.
To apply for a used car loan, you first need to decide what amount of money you need in addition to your own resources, what maturity you choose, whether you want a forint or us dollar loan, and whether the loan or lease is more appropriate.
How to get used car loan?
In order to get a used car loan, we first need to prove creditworthy. During the credit assessment, the financial institution takes into account, among other things, our employment relationship, its stability, income, age, payment of utility bills, current account balance, and checks to see if we are on the BAR list.
If we know the conditions for a credit assessment to succeed and know that we do not currently have one, let us wait for the application a little bit, as your final credit assessment will still reject your application, which would pose unnecessary energy.
Then, if there is a change in our workplace or income, or after we have finally paid off our debt, we can finally become passive BAR listers, we can think again about used car credit.