Having a new car is a dream of everyone in the world. But when you do not have enough cash, and you desperately want to have a new car what will you do? The answer is you can find an auto loan company. It is easy to find auto loan now, you can find auto loans online on the INTERNET by searching it through Google. But that will not be the problem. The problem is do you really need to find an auto loan while you do not have enough cash? Read bellow opinions then you can decide whether you still want to find an auto loan or not.
Here is an illustration of having an auto loan to buy a new car:
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Price of a new car if you buy it cash : $13,130
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Down payment : $ 3,282,5 (25% of the car price)
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Car insurance : $ 1,063.5 (all risks 8,1%)
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Monthly payment : $ 378,75
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Rates : 12,8% per annual
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Due date : 36 months
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administration : $ 47,5
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Total for the first payment = $ 4,777.28
Then you need to count the payment process until the loan is finished.
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Total credit : $ 13,635
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Fuel : $ 3,600
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Tax : $ 450
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Maintenance : $ 840
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Total payment (3 years) : $ 22,736
After reading above overview, now you know that having an auto loan will increase the value of the car in 3 years. But actually, in 3 years the actual value of the car will decrease. If you have enough money to buy cash, then buy it cash is the best way to buy car. But if you do not have enough cash, having an auto loan could be a solution.