Vehicle finance is a type of borrowing that allows you to borrow money to purchase or lease a motor vehicle. Vehicle finance can be obtained from a variety of sources, including banks, credit unions, and private lenders.
The most common type of automobile finance in Auckland is car loan financing. Car loans typically have terms of up to 60 months and require a down payment of at least 20%. Car loans can also have variable or fixed interest rates.
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Another common type of vehicle finance is motorcycle loan financing. Motorcycle loans typically have shorter terms (up to 36 months) and lower down payments (between 3% and 9%). Motorcycle loans also tend to have higher rates than car loans, but they offer more flexibility in terms of interest rates and payment options.
Finally, there is vehicle leasing. Vehicle leasing allows you to borrow money against the value of the vehicle rather than buying it outright. There are two main types of vehicle leasing: extended-term leases and sub-lease arrangements. Extended-term leases typically have terms of three to five years, while sub-lease arrangements are for a single period of time (typically less than 12 months).
Benefits of Vehicle Finance
Vehicle finance is a popular option for those looking to purchase a new or used vehicle. Benefits of vehicle finance include the ability to get a vehicle without having to put down a large amount of money, as well as the ability to pay off the loan over time.