When looking for the best deals at the best price on a new or used car, people often search over a very large geographic area. This is because there are often great deals to be had on the car of your dreams. However, it can be quite complicated to drive the car across the country, and depending on which method you choose, you could lose any savings you have made.
If you find the offer of your life, but it’s all over the country, you’ll need to get it shipped to you. This service is remarkably inexpensive most of the time. The problem is usually not the expense itself but the difficulty of funding an additional $ 1,000 to $ 1,500.
The price of shipping your car will not be included in the price of your car loan. This means that you have to find another way of financing. Here are some options that people use frequently. Not all are suitable for everyone. You will need to think about it carefully and choose the one that best suits your particular needs at this time.
Cash on delivery
The method of financing the shipment is cash on delivery, also known as cash on delivery. When you go for the COD method of financing, you usually pay a down payment of around 10%. Each time the vehicle is delivered to your home or delivery address, you will need to pay the remaining 90%.
Before you know what you’re getting into and what kind of money you need, you better do some research. Go online and calculate your costs. When you know what kind of numbers you are working with, you can decide if this option is right for you.
It is a preferred method for many people and due to the value of the car, the shipping company takes no risk and waits for delivery until they receive payment. This makes it very convenient for everyone involved.
However, if you have no cash on hand, you will have to choose another option.
One of the many loan options
Of course, there are several kinds of loans you can apply. These loans include a traditional bank loan, a signature loan, a payday loan, and any other simple loan service.
Depending on your credit and collateral, this option may be the best for you. However, if your credits aren’t in good shape and you don’t have any collateral to offer, you risk paying a lot more in interest rates than the other options.
A bank loan is a guaranteed loan offered to you by a traditional bank. Usually, using your bank at your branch will have the best results. For a secured bank loan, you must have some form of collateral. Your collateral should be an asset that can be easily liquidated if you cannot pay your loan. A secured bank loan will generally have the best interest rate of all the financing options available.
However, if you have no collateral and have bad credit, the loan type is no longer a secured bank loan but rather an unsecured bank loan, also known as a signature loan. A signature loan is a bad choice for most borrowers, these types of loans usually have a high interest rate and should be avoided whenever possible.
And depending on your location, many other types of loans may be available to you. These include payday loans, pawn shops, and securities lending. However, title loans and payday loans are considered predatory lending options and should never be considered except in the most extreme circumstances.
So if you have to opt for a traditional loan service, go for the secure bank loan to get the best interest rates.
Financing options offered by the shipping company
Finally, the last option is to receive funding directly from the shipping company. It is not a bad option. Interest rates are usually only slightly higher than on a secured bank loan because your vehicle is considered a form of collateral. This option is very convenient and is more suitable for many people.
Applying for financing from the shipping company is easier than receiving a secured bank loan. Usually the shipping company will just do a credit check, and you will be approved on the spot and assigned the next available shipping slot. A traditional secured bank loan takes a little effort and a lot of paperwork. Not to mention that it is not always easy to get to the bank.
Whatever you decide to do, one of the financing options will get this car to your home quickly and safely. So take a look at it and find the financing option that will allow you to make the car of your dreams at the cost of your dreams.