The concept of buy-now-pay-later is fast spreading in Africa. While it is being adopted, there are people who are also sceptical about it. What buy-now-pay-later does is that it allows people to pay for their goods or services over a period of time instead of paying at once. Having a car in Africa is fast becoming a necessity. A car plays a huge part in our day-to-day lives. It gives you easy commuting access, amongst other things. When you have made the choice to get a car and you realise you do not have the lump sum to pay for the car at once, you can get a car loan.
Car loans, gives you access to a car of your own. If you have considered car loans or you are still considering it, here are reasons why you should consider getting a car loan for yourself or your loved ones.
Reasons to Consider Getting a Car Loan
1. To have a car of your own: having a car of your own saves you from the hassles of public commute. It allows you to control your own time and commute as you please. You do not have to think about commuting because now you can commute easily.
2. Flexible payment options: when you opt for a car loan, the payment options vary per company. From Autochek, you can pay back between 12 to 48 months.
3. Reduces pressure on your savings: many times, when you have to save for a car, you probably want to keep all the money at once. With a car loan, you can spread your savings to reduce its pressure.
4. Increases your credit score: A credit score is a numerical rating that measures how likely a person will repay their loans. When you get loans in general, you build a credit score. Most lenders look at your credit score before giving you access to a loan. Credit scores differ per country. In Kenya, the credit score is usually between 200-900. In Nigeria, a good credit score is between 630-719. If you successfully pay your loans on time, it means your credit score improves and you can easily access and qualify for future loans. For convenience: you already know that getting a car of your choice makes life easier for you. You can go about your activities with your car easily while you pay back based on the plan you opt for. What are you waiting for?
5. Inflation: when you have to save for a car, the longer you save, the more the price of the car increases. The price as at January cannot be the price by December, thanks to inflation. When you get a car loan, the value remains the same as when bought and you get to pay back over a period of time.
6. You can spend your cash on other important things: when you get a car loan, there’s a broader opportunity for you to put your money in other things than to push everything to one thing.
7. Post-purchase expenses: when you get a car loan from Autochek, expenses like registration and insurance are paid for in the process of getting the loan. You can take your car in for servicing as at when due and you also have access to full vehicle insurance. All you have to do is pay back over a period of time.
8. Variety of Vehicles To Choose From: After putting aside the budget you intend on using, you may realize that you are limited to choosing vehicles that are not well maintained. Some have a lot of mileage and may end up using more cash due to inevitable wear and tear.
Car loans will help you purchase vehicles that you may not have been able to pay the upfront amount. In this case, you can purchase quality vehicles that will serve you well.
A car loan is not an easy decision to make. Before you apply for a car loan, make sure you do enough research. It will disrupt your financial schedules until you pay fully. Do your research, browse online or talk to reliable sources about getting a car loan before going ahead with the process.
Are you ready for your dream car? Contact us today to get started.