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Car Loan FAQs

You will have to first get a car loan from your bank of choice or in-house via car dealers. However, check before making any commitments because dealers tend to have different terms and conditions.
It all depends on the OMV or Open Market Value of your desired car. If it costs $20,000 and below you can get up to 60% of the full price!
If it's more than $20,000 of the OMV then you can borrow up to 50%! But you'll have to pay the balance off in cash either way.
Of course you can! Once the lenders decide on how old or new the car is (some may not want to lend you money if the car is considered to be high-risk) you can get your loan. Only the terms and conditions as well as loan flexibility may be slightly different than what you're used to.
Yes, there is! Notice that whenever you borrow money for a car, the deposit is usually large? That's because it helps you lower your monthly payments. But with personal loans it's slightly trickier. First your credit score will be taken into account to make sure you can make your repayments on time. Next, if you want a secured loan you need assets for collateral. If you want an unsecured loan, you will be judged completely on your credit standing.
Poor credit scores will leave you with higher interest rates on your personal loans so it is prudent that you settle as much of your outstanding debts as possible. Our advice for that? Just get a car loan instead, we think you'd stand a better chance.

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