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When a Long Term Car Loan is Better than Short Term

Short term loans are usually the best option since you get out of debt rather quickly and interest payments are lower compared to a long term loan. There are circumstances however when a long term loan will leave you better off financially during the term of the loan.<br><br>1800 Approved Finance Solutions<br>33 Ereton Dr.<br>Arundel, QLD 4214<br>1800277768<br>http://www.1800approved.com.au/

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When a Long Term Car Loan is Better than Short Term

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  1. When a Long Term Car Loan is Better than Short Term 1800 Approved Finance Solutions 33 Ereton Dr. Arundel, QLD 4214 1800277768 http://www.1800approved.com.au/

  2. Whenever we purchase something new, our usual wish is to own it in full, as soon as possible. When the item we’re purchasing is something that loses value quite quickly, then the desire is even stronger. Like CARS!

  3. The problem is this. When you borrow more than you can comfortably repay each month, you risk getting into a very tricky situation. Not only are you faced with going short in other areas so you can make those higher monthly repayments, but you’re also facing a bad credit rating if you default on the loan.

  4. As the financial pressure builds, desperate people do desperate things. Some people will take out another loan to pay off their car loan, getting themselves into a worse financial situation.

  5. Frequently people take out a short term loan from a website, a store at the run down end of the high street, or a bank that not many people have heard of. It’s a handy solution, usually “just until things pick up a bit”. Right.

  6. If you’re the borrower, you’re borrowing from Peter to pay Paul, as the saying goes. You’re simply putting off today's problems until tomorrow.

  7. If all this sounds unpleasant, that’s because it is. The best course of action is to avoid getting into that situation in the first place. When looking for car finance, only borrow from a responsible lender who will help you to assess how much you can afford to repay.

  8. While interest on repayments may amount to a higher total on longer term loans, the individual repayments you commit to are usually smaller and more manageable. With no financial pressure, you’re left free to enjoy your new vehicle, with all the fun and none of the fear. 1800 Approved Finance Solutions 33 Ereton Dr. Arundel, QLD 4214 1800277768 http://www.1800approved.com.au/

  9. At 1800Approved, we love helping people drive home with their dream cars. We assess your needs and help you compare quotes from over 30 of the top lenders in Australia. We help you choose the best deal so you can enjoy your new car without putting your finances at risk. Call us. Free Assessment. No Obligation 1800 Approved Finance Solutions 33 Ereton Dr. Arundel, QLD 4214 1800277768 http://www.1800approved.com.au/

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