Things to Know Before Buying a New Car

Buying a dream car is one of the most significant investments in our life. So, intense planning is important before buying the car.  If the dream car is in the desired budget, then nothing can beat the feeling of joy at that moment. Else you may have to worry about credit score and easy ways to access finance loans. If your car is not within your budget, then a car loan or personal loan in UAE is the best option for you and you need not give up on buying your dream car.  Read on to some of the things before buying your dream car.

Why a personal loan?

A personal loan is the cheapest way to buy a car provided you have an adequate credit score. If this need is met, then any bank or finance lender will be able to give a loan to you. Make sure that valuable assets are not secured against this loan. It is better to wait for a few more days to buy your car or access other options where you can take a loan on 0 EMI and do not have secure valuable assets.

Car loan 

Vehicle loans are most common types of loan in UAE but you will not be able to sell your car or take it abroad until you pay the entire loan amount. Motor vehicle loan differs from other forms of credit by its loyal requirements.

How about personal contract purchase?

You can enter into an agreement with the car dealer that you will pay the car cost in monthly installments along with the interest. However, the total payment at the end of the payment period will be higher than the original cost.  If you do not want to buy a car paying extra money from your savings, then you may wait to purchase the car directly.

What is direct payment and purchase?

You can wait to receive money from your retirement or a fixed deposit or mutual fund or any other source and then directly by the car. The advantage here, of course, is there would be no debt or accrued interest. A cash purchase via direct payment is generally the least expensive way to go. You can buy it using a credit card, which is considered the safest mode of purchase. You will not be facing any issue as long as you meet the payment.

Is leasing car the safe option?

In-car leasing process you will pay a monthly cost to the manufacturer or dealer inclusive of the car maintenance cost throughout the lease period. At the end of the lease period, the car is returned to the dealer. The ownership remains with the manufacturer and you get to meet all your short-term requirements.

Authorized dealer

When it comes to car purchase always choose an authorized dealer and get high-quality product. The dealers will help you with different finance options before arriving at a decision and you can have a warranty along with excellent maintenance packages.

If you are looking for car or personal loan, then get in touch with SoulWallet, the best online portal for different financial products and information. Going to every bank and personally checking out the loan offers in each of them is a daunting process. But, SoulWallet makes this process easier. SoulWallet provides best comparison tool ever, that you can use to check out loan offers in different banks in single portal and compare credit cards in UAE. The portal help you identify the options that will let you save money and enjoy the best perks.

Take help of online portals to make most of a wide range of personal finance solutions from credit card rewards to personal, home and car loans in UAE and lot more.