If you want to fulfill your dream of individual mobility, you have a wide range of financing options at your disposal. There is the classic consumer or private customer loan, in which you pay equal monthly installments until full repayment. Then there are variants in which the monthly rate is lower. When you start a car loan comparison with the final installment, the calculation of the cheapest loan or the best solution is no longer so easy.
The calculated interest rate is decisive
If you want to compare the different loan options, you should pay attention to two things: On the one hand, the monthly rate calculated according to your personal wishes. A running time that is too short with monthly rates that are too high can reduce the fun of the vehicle a little if you have to restrict yourself too much.
An extra long term with monthly rates that are too low is also not suitable financing because you pay mini amounts every month – although you could easily afford a higher rate. When comparing car loans with the final installment, you should pay less attention to the monthly installment, rather to the total interest and the price of the money! So the calculated interest rate is an essential decision criterion.
Arguments for a low closing rate
When comparing the car loan with the final installment, it is best to work out very different final installments and terms. A rule of thumb helps here: If you are not sure whether you want to continue using the vehicle, the final rate should be below the expected used car price. Then you take no risk that you have to pay a high final rate, although you can only resell the vehicle at a lower price.
A comparatively low final rate also depicts the monthly costs of driving through depreciation and depreciation in a much better and more honest way than some car dealership financing. In contrast to the result from the car loan comparison with the final installment, this would rather advertise with a 99 or 119 dollar installment and then show a high final installment or a high calculated value.
You will find the right car financing taking into account the total price of the financing and also by carefully considering how the monthly installments and the final installment should look. Calculate different variants and decide on the right financing.