Consumer have recently revealed its latest survey about 29% new cars that were financed with auto loans with a lasting period that is no longer than 72 months
Online PR News – 15-November-2015 – Sudbury On, Ca – SudburyAutoloans.Ca’s Takes on Zero-Percent Car Loans as the Best Deal in Buying a New Car
Consumer Reports have recently revealed its latest survey about 29% new cars that were financed with auto loans with a lasting period that is no longer than 72 months. Although this number can be noted a positive growth in the number of auto loans getting approved each year, the concern of Consumer Reports is focused on the extended-length loans which are according to them, “rarely a good idea”.
That is because, with extended-length loans, borrowers will probably be charged with higher interest rate – meaning, borrowers end up paying more for the new car over the original amount that was loaned. In addition to this, with the extended-length loan, trading or selling the car will not give the owner enough money to settle the loan. And if the car got damaged in an accident, the amount that can be received from the insurance company will not be enough to replace it.
According to the best car dealers Ontario, interested borrowers should consider as to what auto loan firms they should get their loans. This is for the reason that there are more than 70% car loans that were financed at the dealership, but this may seem not be a good option especially if the borrowers will opt for bonus cash over zero-percent car loans.
Zero-percent car loans are yet, one of the best deals that auto loan borrowers can get in their attempt to buy a new car. To some people, such financing scheme is called, “free money” but it is not exactly what people will get for the reason that it only make up about 9% of the dealer-financed car loans that is being offered up to this date.
Most auto loan dealers offer zero-percent car loans in an attempt to forgo the money they will be able to receive on loans with interest in the exchange of sparking up the sales of slow-selling vehicles or in clearing out the inventory so that dealers will be able to get newer models.
For the auto loan experts, the zero-percent financing scheme is at its best during the summer months where it is used to stimulate the sales for outgoing car models. These are advertised in as no-interest car loans in TV commercials, dealership and their websites. And there are instances that auto loan firms offer their own version of zero-percent car loan financing.
Other automakers will offer their customers with options between bonus cash or loan with a very low-interest rate, which for the Sudbury auto loans.ca borrowers should opt for the zero-percent loan as the cash would be enough to offset the finance charges that the buyer is saving. However, to qualify in zero-percent loans, interested borrowers should have an excellent credit score or contact their dealership of choice.
To learn more visit www.sudburyautoloans.ca today.
2nd Chance Automotive is amongst the top rated internet car loan services, and one of the only loan services to truly guarantee your approval as long as you can meet the minimum requirements. 2nd Chance Automotive has been formed by a team that has been helping families obtain car loans in Ontario since 1999.
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