Step One can help you get on the road sooner than you think!
Depending on the amount you would like to borrow Step One offers both Personal Loans and Homeowner Loans which can provide you with the funds you need to purchase a new car or make essential repairs.
Call us now on 01483 661 100 or click below for more information.
Benefits of a Step One loan
- Immediate ownership: Allows you to purchase a car immediately without having to save up the full amount beforehand.
- Spread-out costs: By spreading the cost of the car over a fixed period, a loan can make it more manageable to afford a higher-priced vehicle that may not have been affordable upfront.
- Credit-building opportunity: Making timely payments on your loan helps establish or build your credit history, which can positively impact your credit score.
Points of Consideration
- Interest rates: Interest rates vary among lenders, so compare different loan options to secure the most competitive rate. A lower interest rate can significantly reduce the overall cost of borrowing.
- Loan terms: Understand the terms and conditions of the loan, including the repayment period, monthly payments, and any penalties for early repayment.
- Budgeting: Determine what you can comfortably afford in terms of monthly payments and choose a loan that aligns with your financial situation. Consider the total cost of car ownership, including insurance, maintenance, and fuel expenses.
- Early repayment: Assess whether you have the ability to make an early repayment, as it can help reduce the loan amount and associated interest costs.
- Depreciation: Understand that vehicles often depreciate in value over time. Consider whether the amount you plan to borrow aligns with the expected depreciation rate to avoid being “upside-down” on your loan.