A variety of car finance products are available to finance a car. In most cases, you have to make an initial deposit and pay some fees to get the loan amount. Once the loan has been released, you can use that amount to purchase your car. From now onward, you have to make monthly repayments to clear the loan. Use this financing option to avoid paying the high cost of a car initially. The cost is spread over several months or years, making it easy to purchase an expensive item like a car. Shop around to find the best finance deal.
You are not limited to only the car loan whereas you repay the loan amount gradually to clear the loan and remain the owner of the car. You also have the option of hire purchase agreement whereas you will not become the owner of the car outright but will own it at the end of the agreement. Under this plan, you can use the car as you wish from the start. At the same time, you have to keep clearing the loan amount as agreed under the term of the hire purchase. A few other car finance options are also available. Explore these options to choose the one that best works for you. Hire purchase like borrowing option is used mostly by the commercial transport operators.