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8 Jan 2019

6 Ways Personal Loans Put You in the Driver’s Seat for Buying a New Car

You’ve been looking for a new car to replace your old clunker for years, but nothing seemed to have caught your eye. You were about to give up on the idea when suddenly you spotted the car of your dreams.

Now you’re ready to throw up the cash and take your rightful place behind the steering wheel…except there’s one problem: you’re broke.

All that’s left between you and this amazing vehicle are finances that you currently don’t have. But should a couple of bucks keep you from getting the car you should rightfully own? Of course not!

What you need to do is invest in getting a personal loan.

Personal loans can help you out on a number of levels, especially when it comes to purchasing a car. Read on to find out how they can get you seated in your new ride in no time.

You Can Request How Much You Need from Your Personal Loans

One of the biggest difference between a personal loan and a car loan is the ability to control your finances.

When you apply for a car loan, you can only take out however much that car is being bought for, and that price is ultimately determined by the owner or dealer. In other words, you have no control over your own loan.

When it comes to a personal loan, you get to determine how much you want to apply for. If you only want to cover part of the costs with a loan, you can do that. Want to cover all of it? That works, too.

You can take out as much or as little as the lender gives you leeway to do – and trust us when we say you’ll have a lot of leeway.

You Don’t Have to Worry About Raising Your Insurance

No matter whether the vehicle you’re trying to buy is new or used, if you apply for a car loan you almost always have to add extra coverage to your insurance. This coverage usually consists of buying higher collateral, liability, and maybe even a few other things.

This is especially true if you get a loan through a bank or a credit union, as they are certainly going to want to protect their investment (even if it is only going to be theirs temporarily).

Obviously, having to pay extra for insurance when you already have to pay for the car itself can be more than a bit overwhelming. That’s where getting a personal loan comes in handy.

With a personal loan, you only have to take out to pay for the car itself, and your lenders will never tell you that you have to increase your insurance. This means you get to have the car you want while saving cash.

Sounds like a win to us.

Your Information Is Your Own

Oftentimes, traditional lenders and credit unions will want to know everything you can tell them about the details of your car, new or used. They’ll want to know the make, model, year, color, and when you plan on getting that crack windshield fixed.

Sounds like they’re pretty well up in your business, right?

You don’t have to worry about that when you apply for a personal loan. When you work with your lender, they’ll only ask the most basic of information – simple things like your name, age, and annual income.

This information is solely to determine your approval, and nothing more. It’s just another way that your privacy stays intact.

You Don’t Have to Have a Stellar Credit Score

Many lending companies require you to have the best of everything: the best credit, the most money, a large income, and etc.

But if you had all of that, you wouldn’t really need a loan in the first place, right?

The lenders of online personal loan businesses have a different way of thinking. They know that if you’re in need to borrow money, it’s most likely because you need funds that you don’t have, and your credit isn’t accepted at other lenders.

With that in mind, the chances of you getting approved for your loan are incredibly high compared to anywhere else, meaning you’ll get a hold of your car in no time.

You’re at Less Risk of Losing Your Possessions

When you get a car loan, you’re giving up possession of the car in return for the money to pay for it. If you fail to pay back the lender, they have every right to swipe the car from you – and trust us, they most certainly will.

If this sounds unnerving to you, it probably should.

Most personal loans don’t operate off of possession or collateral, so when you purchase the car, the title goes directly to you – and no one else.

You Get Your Money a Lot Faster

Car loans can take quite a bit of time to process, especially if this is your first time buying. By that time, you may even lose the car to another buyer, depending on how fast the seller wants it out of their hands.

This could mean that you might lose out on the car just because the lenders are too slow, and that’s something you can’t afford.

When you apply online for a personal loan, that’s never the case. The entire process is super fast, and you’ll get your approval within a few hours.

Case and point: Don’t waste time looking into a car loan. Play it smart and apply for a personal loan today.

The Best Place to Go to Apply for a Loan

Now that you know what it takes to get a personal loan, you need to know where to go in order to apply. Thankfully, we’ve got you covered.

Here at Bonsai Finance, we try out best to connect our clients with the best lending deals for their needs. You can apply for personal loans, same day loans, payday loans, loans with no credit check, and a lot more.

Feel free to also check out the Learning Center, where you can learn more about how online loans operate and how to manage your own money so you can stay in the know and be at your financial best.

We look forward to hearing from you soon.

Here are some other articles you might find interesting:
5 Ways to Maximize Reloadable Debit Cards
Should I Consolidate My Loans Right After Graduation?
Bad Credit Loans for Veterans: Everything You Need to Know
7 Surprising Reasons an Installment Loan Might Be Right For You