East Urban Auto
Get loans to buy your car.
Do you need to buy a car and you don't have the substantial capital necessary for the purchase? Don't worry about yourself because we can help you get all the finance products you need to purchase your car. A car is a very important purchase and one that many families need on a day to day basis. At East Urban Auto, we are committed to helping you get the car you and your family need. It is why we partner with lenders who offer a range of competitive and flexible finance options. While car finance is one of the most popular, getting finance is not as easy as it sounds. You have to submit several documents in most cases, and the interests on the finance can be discouraging too. This is why we provide our customers with simple and more accessible finance products, and you stand to benefit a lot from letting us handle your finance options for you. We believe that money should not be an issue when it comes to getting a car that you need. With us, you will get access to the best finance options you can get anywhere. We work with lenders all over the country and refer our customers who require financing to these lenders. We have established a system that benefits everyone involved with the buyers getting the money they need, the lenders getting customers, and we achieve our goals of helping people who need to get a car.
We work with;
We partner with lenders who offer financial products that you can use for several purposes, including car loans. Some of these lenders are traditional lenders as well as non-traditional lenders.
These are lenders focused solely on providing car finance. They only provide financial products that can be used to buy cars and other related products. The lenders are usually non-conventional lenders with different terms depending on what they are offering.
As a borrower, here are things to look at in a loan;
This can be fixed or variable and determine the overall cost of the loan. It is what determines if the loan or financial product is worth taking. The form of loan you take will determine the interest rate to an extent. An unsecured loan generally has a high-interest rate while a secured one will have low interest. But other factors may come into play, and it is up to you to make sure the interest on the loan you’re getting is not too high that you’ll end up with bad debt.
You need to make sure the repayment on loan is possible and if not, restructure the loan to favour you. You can use a loan calculator to determine the best loan repayment structure. The most important thing is going for a repayment structure that will be easy for you to repay on time without any hardship.
Some lenders require deposits for certain types of loan. This is especially common with hire purchase and where you have to pay upfront, you should make sure your deposit is not exorbitant. This shows the importance of saving before you even think of buying the car.
Type of finance available
When it comes to getting car finance, there are several for you, depending on what you want. Available options include;
This is a secured loan product in which you use the car you’re buying with the loan as collateral for it. It has a lot of advantages which makes it a great choice. It is specifically designed for businesses, and if your business is in a suitable position for this form of finance, we will encourage you to take advantage. The benefits of Chattel mortgage are numerous. First, you’ll be getting a secured loan which has low interests and may also come with tax benefits.
A simple way to finance your car purchase is to get an outright loan which you can use to buy the car. There are two options here; you can get a secured loan or an unsecured loan. A secured loan has collateral which means you have to use another property equal or similar in value to the loan to secure it and default in loan terms may lead you to forfeit the collateral. An unsecured loan means you don’t need collateral, but it will usually carry high interest.
You can also get unique finance products with low interests to buy any car of your choice. There are lenders that deal in this type of loans, and we partner with some of them.
This form of finance is for a business owner. If you are planning to use the car for at least 51% business purposes, this is the perfect loan for you, and you will get a finance product that benefits you and your business. Most businesses require a vehicle to operate successfully, and if your business is one of those, the last thing you want to do is spend your savings or business returns on buying a car. A finance product offers the same benefit, and it frees up all the money you would have spent on cars so you can spend it on your business.