A car loan or auto loan can help someone without savings buy a car. Not getting a car loan could mean that someone can't reach work. Are the interest payments worth it? Other than purchasing a home, buying a car is the next most expensive purchase most people will ever make in their lifetime. Whilst a reasonable second-hand car can be purchased more economically, a new car will cost well in excess of 6 hundred thousand pesos or more depending on the type and make of car you want to purchase. This means that the majority of people can't afford this sort of financial cash out and turn to a car loan. Saving for a car costing upwards of 6 hundred thousand pesos could take several years. Should a vehicle be required to get to work from a location, waiting 3 years to save for a car isn't an option. However, if public transportation links are reliable, a car loan may be something that can be avoided. A car loan allows someone seeking to buy a car to spread the cost of car finance over a specific number of years. This helps to minimize monthly repayments, increase affordability and fit the cost of buying a car around other household bills. Our website has a calculator where you can determine if you can actually afford to pay the monthly loan amortization of the auto loan you want to apply for. This will also help and guide you to how much car you can afford to buy. Those with bad credit may find it hard to get a loan from a bank. The car does not legally belong to the buyer until the final repayment has been made. Car finance can be a useful option, particularly for those buying a new car. Those living in rural localities may also find that a car loan is essential. However, people struggling with bad credit may find that saving for a car is the preferred option. Visit our website for more information on how we can help you get that auto loan you need when you need it.