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Bank Car Loan – The best loan for stretching commuters?

2019-04-09 Finance No comment

People must work hard to survive. The desire to maintain a gradual indulgence of life has driven 13% of workers to travel more than 100 miles a day. These so-called "stretched commuters" carry most of these trips through personal vehicles, but when it comes to their tired cars for new models, should they choose a bank car loan?

There is not much time to stretch the commuters. They work most of the time, or travel to and from the city. When they got home, the last thing they wanted to do was to find the best car loan. Therefore, getting a bank car loan is the easiest and most convenient option.

Let's take a quick look at some of the pros and cons of this.

Advantages of bank car loans

1. Convenience – Most consumers with checking accounts have opened accounts in a bank for many years. This may be due to inertia, but it is easier to manage finance if the checking account and bank car loan are held in one place.

You know your bank – the bank has a strong brand and financial strength. They have spent years building a good reputation in society. This has led to the trust of customers who may find it a daunting to get a car loan from an unknown financial source.

3. Lower than car dealerships – Bank car loans may offer you a lower interest rate than dealer loans. Most banks will offer pre-approved customers' loans so they have better bargaining power in the car.

Disadvantages of bank car loans

1. Not necessarily the best rate – even if banks have financial strength, they may not be able to offer the best car loan rates. In a recent study by bankrate.com, the average interest rate on bank auto loans for 48 months was almost 2% higher than the interest rate offered by credit unions!

2. Put all the eggs in one basket – everyone has heard this, although it may be convenient for consumers to put all their financial needs in one institution. There are many other offers.

3. Perfect or excellent credit preferences – Anyone who has a bad credit or credit rating for a car loan for any other reason may be turned away. They may have to fund their cars by charging a bad credit loan and may find that their bank does not offer such a loan.

While stretching commuters may have little free time, and anyone who needs to fund a car, it's worthwhile to work with banks, credit unions, and auto finance experts to research all related products. Online, because prices, terms and product offers can be studied in a comfortable home. Putting a little time, rather than choosing to easily take out a bank car loan can save consumers money.

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