Having a car is like a necessity now. Previously, it wasn’t easy to buy a car. But with the diversification of the economic and financial sectors, pledging the vehicle to finance became easy.
However, people are confused about the benefits of such a process. Let us go through the details of the benefits of pledge a car on finance (รับจำนำรถยนต์ติดไฟแนนซ์, which is the term in Thai).
● Avoid Using Savings
You do not have to use your savings to buy a car. Instead of taking a car by exhausting all your savings, you can take the help of vehicle finance. This way, you can leave your savings untouched while still buying a car using the loan.
● Enjoy Flexibility
Sometimes, secured vehicle loans come with a fixed tenure. In these cases, the borrower does not have the flexibility to choose the loan term. Sometimes, this tenure can start from six months and go up to 5 years.
● Improve Budget
Vehicle cost depends upon its type and the amount of usage. Therefore, if you are spending on the choice and need a car, it will be easier for you to proceed with the loan accordingly.
● Lower Down Payment
One of the unspoken benefits of Car loans is the fact that the borrowers have the opportunity to have a lower down payment. We all know that a personal loan does not require any security or collateral. Due to this reason, one can even get a loan with a lower down payment. This way, the car loan can finance a hundred percent of the car’s cost.
● Instant Loan
If the loan gets disbursed at the right time, it is one of the most helpful things that can ever happen to a person who wants to pledge a car on finance. Also, one can apply for online loans. Nowadays, borrowers do not have to wait weeks to get the funds credited to their account. In some financial institutions, the amount gets disbursed within six hours of documentation.
● Various Repayment Options
If you are pledging your car on finance, then be sure that you will get various flexible repayment options. Also, you can select the equated monthly installments as per your comfort level. Additionally, you can use a car loan EMI calculator to get the best result and make informed decisions.
Considering these benefits, one can go for new or used cars without thinking much about exhausting their savings. If you want a car loan, research before indulging in car finances.