A car loan can be taken out by individuals and entrepreneurs for the purchase of a private car, this can be for a new car or an occassion.
A car loan can be taken out in two different forms, namely a revolving credit and a personal loan.
With a revolving credit you pay a fixed monthly installment at a variable interest rate. Because a revolving credit can be repaid free of charge and the repaid amount can be withdrawn up to the limit, a revolving credit has no fixed term.
With a personal loan you also pay a fixed monthly installment, but at a fixed interest. Because you can no longer withdraw with a personal loan, in contrast to a revolving credit, a personal loan has a fixed term. With a personal loan, it is possible to make extra repayments without penalty, you can shorten the term!
With a car loan, it is wise to gear the term of the loan to the duration that you want to drive a car. With a personal loan you can choose a term between 6 and 120 months. With a revolving credit, the term depends on the variable interest rate and the amount of the monthly installment, so the term cannot be agreed in advance, but an indication can be given.Apply for a car loan