The Detelec car loan is specifically intended to buy a car. Incidentally, it is of course also the case that this credit can be used to purchase a motorcycle, for example. This is also a vehicle that falls within the scope of the installment loan. In principle, it is very simple to submit a credit application to this lender. This can be done online. First, it is of course important to gain more insight into the way in which the car loan is composed. For example, there is a monthly repayment, term and an annual percentage rate applies.
|Lender||Information||Max. Loan||To request|
|Review|| $ 200,000|
Interest (APR) 2.39%
|Review|| $ 50,000|
Interest (APR) 1.29%
|Review|| $ 50,000|
Interest (APR) 3.6%
Financing a used car or new car
When assessing the credit application, no distinction is made as to whether a new car or a second-hand car is being purchased. It is of course important that the amount of the purchase costs is taken into account. The amount of the credit depends on several factors. For example, we look at the monthly income, but also at the expenses with regard to a number of fixed costs. For example, it is not always realistic to buy a new car for 60,000 US dollars if the income does not allow you to then be able to meet the repayment. A budget must therefore be determined to determine the loan amount, which involves financially responsible borrowing. To gain insight into this, a simulation can first be done before taking out a Detelec car loan.
Simulation with amount, repayment and term
To run a simulation, a number of data is required. For example, the desired loan amount. Based on the loan amount and the chosen term, it becomes clear what the monthly repayment will be for the car loan. This differs per term, which can be 42 months, 48 months or, for example, 54 months. Incidentally, a shorter or longer runtime can also be chosen for the simulation. By choosing a longer term, the amount of the monthly repayment decreases. However, it is advisable to also think about the lifespan of the car or the desire to buy another car after 3 years, for example.
If the intention is to purchase another car in 3 years, the term can best be adjusted to those 3 years. Then there is a term of 36 months. After the desired outcome has been selected, an application for the Detelec car loan can be submitted immediately. This can be done online, whereby the personal details must first be entered. The amount of the loan is stated next to this field, as well as the chosen term and the corresponding monthly repayment. After submitting this application, an assessment will take place and the contract can be received upon approval. This must be signed and returned with supporting documents. The money from the car loan then ends up directly in the applicant's bank account.