For as necessary as cars are for day to day life, they can be exceedingly expensive. Even low end models can be hefty on the pocket, making them difficult to afford. For that reason, buyers have looked to alternative ways to buy cars. In recent years, vehicle financing has become particularly popular, enabling Canadians to get their hands on a new set of wheels without having to pay the full price up front.
With handsome interest rates and reasonable loan terms, vehicle financing has empowered buyers ten-fold, with some borrowers even going as far as financing two or more cars at once. Of course, not a lot of people have ever found the need to buy more than a single car at any given time. But it does happen.
Learn the specifics of financing multiple vehicles at once and find out how you can do it, too, with this in-depth discussion.
Most people would think that buying more than one car at any given time would be a poor strategy from a financial outlook. But there are benefits to buying both cars at the same time.
Essentially, borrowers have two options when figuring out how to finance multiple cars at once. Each one has its unique pros and cons which may make it more suitable for your specific situation than the other.
A personal loan is a non-collateral loan that’s granted to borrowers for their personal needs. In essence, personal loans don’t have to be spent on one specific purpose. Unlike business loans and auto loans that are restricted for use on the business proposal or car you indicated in your application, a personal loan can be spent however it is that you deem fit.
Here’s a quick step-by-step on how you might be able to use a personal loan to buy two cars:
An auto loan is a type of collateral loan that lenders grant to borrowers seeking to purchase cars. The amount will strictly be applied to the car you indicate on your application. The vehicle itself will serve as a collateral. If and when you default and fail to pay your amortization, the lender reserves the right to repossess the vehicle in case of no payment.
Here’s how you might be able to purchase two cars at the same time through vehicle financing:
Big changes in your day to day life could possibly give rise to the need to purchase two cars at once. If you’re wondering how you can bypass the tricky situation, be sure to check our available resources for everything you need to know about loans. Our extensive database of reliable vehicle financing options expands your horizons and gives you more opportunities to help you get your hands on a set of new wheels or two. Get smarter with your loans and shop around before you seal any deals – check our diverse list of lenders before you take the leap.