FAQ: What are the features & benefits of a Personal Loan?
What are the features and benefits of a Personal Loan for buying a car?
The benefits of a Personal Loan can include:
- Flexible contract terms (loan length) are available, ranging from 2-10 years
- A residual can be applied to the loan, reducing the monthly instalments
- There are less stringent approval guidelines for a Personal Loan
- A deposit can be used (either cash or trade in) which reduces the size of the loan needed
- A tax deduction may be applicable if the vehicle is to be used for business purposes
- The loan is not secured against your car