You can get your hands on your new or used Mitsubishi sooner than you had expected thanks to the Mitsubishi Finance options on offer from Braid Finance.
A secured car loan is a loan where the funds provided are used to purchase a new or used vehicle and the vehicle, in this case your Mitsubishi, whether used or new acts as security. The advantage of this option is that you tend to benefit from lower interest rates because it’s less risky for the lender. The car you plan on purchasing needs to be in good condition so lenders prefer if it’s new but it is possible to get a secured car loan for used cars. The used car can be upto six years old but the age restriction tends to vary from lender to lender. For a secured car loan, the interest rates can either be fixed or variable.
An unsecured personal loan is a loan that you take out either from a bank or a lender to pay for a huge expense in which you don’t have enough money for. For this loan, you don’t have to provide a personal asset like your Mitsubishi as security. Now because the lender doesn’t have an asset that acts as security, this means the risk is higher and when the risk is higher the interest rates are high as well.
A Novated Lease is a financial option that involves an agreement between an employee, employer and a lender. A third party is involved in the car purchasing agreement whereby in this case the third party is your employer.This car loan is also known as “Salary Sacrificing” a car and it is suitable for employees who want to finance their Mitsubishi as part of their salary package. In simple terms, it means your employer pays for your car lease and car running costs out of your salary package. Ask your employer whether they offer Novated leases before settling for this option.
A Chattel Mortgage is similar to a secured car loan in the sense that a financier loans you money to purchase a business vehicle and you take ownership of the car upon purchase but the finance company will retain the vehicle’s title which will act as security to the lender until you pay off the entire loan. The difference between this loan and a secured car loan, is that a Chattel Mortgage is mostly used by business owners and operators.
Purchasing your own car especially if it’s the first time can be so exciting but don’t forget the additional costs that come with it. These include;
Apply for a loan today with Braid Finance and get yourself a new Misubishi.