Essentially, a consumer Car Loan is a personal finance product, where the financier lends you funds for the purchase of a vehicle, and secures the loan against that vehicle. This is also known as a Secured Car Loan.
You take ownership of the vehicle at the time of purchase, and the financier takes an interest in the vehicle as security for the loan.
Once the loan contract is paid out by you, the financier removes their interest in the vehicle, giving you clear title of ownership.
This type of car loan is suitable when the vehicle is used wholly or predominantly for private purposes, the majority of people. This means that the vehicle is used privately for more than 50% of the time.
There are options for including balloon amounts at the end of the contract that helps you keep within budget for repayments whilst buying the car you want. The loan term and balloon amount payment at the end of the contract can be tailored to suit your individual circumstances.
So contact Streams today to arrange your no obligation and personalised consultation regarding your consumer car loan needs…