Buy-now-pay-later is a concept that is quickly gaining traction in Africa. Even though it is being adopted, some individuals are sceptical about it. Buy-now-pay-later is a payment option that enables customers to spread out their payment for their goods or services rather than paying all at once.
In Nigeria, owning a car is quickly turning into a necessity. Our daily lives involve cars in many ways. It provides you with simple access to commuting, among other things. When you decide to buy a car but realize you don’t have the cash on hand to pay for it all at once, you can apply for a car loan.
You can obtain an automobile of your own through car loans. Here are some reasons why you should think about acquiring a car loan for yourself or a loved one if you’ve thought about it or are still debating it.
- To own a car of your own
Avoiding the annoyances of public transportation is possible with a car. You can schedule your own commute and work around it. Since it is now simple to commute, you do not need to consider it.
- Flexible payment options
The companies that offer car loans have different payment options. There are some who allow you to spread your payment through a 12 month to a 484 month basis. What happens here is that in this case of spreading out your loan, your interest rate increases more than ought.
- Lessens the strain on your savings
When you have to put money away for a car, you frequently want to keep it all at once. You can spread your savings out with a car loan to ease the load on them. What you have to keep in mind is the interest rate and the car you wish to buy, the more expensive it is, the more your loan will be upped.
- Boosts your credit score
A person’s credit score is a numerical rating that assesses their likelihood of making loan repayments. In general, getting loans increases your credit score. Before granting you access to a loan, the majority of lenders check your credit score. Credit ratings vary by nation.
The typical credit score ranges from 200 to 900. A 630–719 credit score is considered good in Nigeria. Your credit score will rise if you successfully repay your debts on time, which will make it simpler for you to access and qualify for future loans. For convenience: You are already aware of how much simpler your life will be if you have the car of your choice. With your car, you may carry out your daily activities easily while you pay back based on the plan you opt for. Why are you holding out?
- Inflation
If you have to put money away for a car, the longer you save, the more the car will cost. Due to inflation, the price in January cannot match the price in December. When you borrow money to buy a car, the value is kept the same as when it was first purchased, and you have time to pay it back. You can spend your money on other important things in this way If you take out a car loan, you have more options than if you concentrated all of your resources on one thing.
- Post-purchase costs
When you apply for a car loan from Autochek, costs like registration and insurance are covered as part of the loan application. You have access to complete auto insurance and can bring your car in for maintenance whenever it is due. All you have to do is repay the debt over time.
- Variety of Vehicles to Select From
After putting your intended spending limit aside, you might find that your options are limited to poorly maintained vehicles. Some vehicles have high mileage and may cost more money in the end owing to normal wear and tear.
You can buy cars with the aid of car loans if you couldn’t have done so with cash. In this situation, you can get dependable cars that will serve you well.
Conclusion
Making a decision about a car loan is not simple. Make sure you thoroughly investigate your options before applying for a car loan. Your financial plans will be disturbed until you make a full payment. Before you start the application process, do some research, look online, or consult with trustworthy sources about acquiring a car loan.
Are you ready for the car of your dreams? To begin, get in touch with us immediately.
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