Online Car Loans
Online car loans, car finance, auto loans are all different ways of describing the same thing – cash to buy a car! At OurMoneyMarket, we offer borrowers unsecured cash personal loans up to $50,000 to purchase new or used vehicles.
So why would you take out an OurMoneyMarket unsecured personal loan over a secured car loan offered by other lenders?
While your OurMoneyMarket rate may be slightly higher than what you would get with a secured car loan, you should consider that (1) your insurance premium will go up with a secured car loan; (2) you will not be able to sell your car while it is pledged as security for your car loan; and (3) with OurMoneyMarket you will pay NO prepayment fees or early exit fees if you choose to make extra repayments or pay out your loan early. This may mean you end up paying less in interest and fees over time with an OurMoneyMarket unsecured personal loan than you would under a “lower rate” secured car loan.
Furthermore, when you get a cash loan from a third party there is an opportunity to negotiate a lower price on the car at the dealer. This is because typically dealers are not able to negotiate lower prices on cars they’re providing finance on. Because they are already providing a discount on the car finance. Therefore, if you obtain low rate cash finance elsewhere you may help you get a lower price on your car. Meaning you get low rate finance, plus a lower price on your car. You win both ways!
Unsure of how much it will cost you to buy and maintain a car? Check out the OurMoneyMarket Car Loan Calculator to work out the total cost today.