Car loans – Timeup Soft http://timeupsoft.com/ Fri, 31 Dec 2021 21:22:48 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://timeupsoft.com/wp-content/uploads/2021/10/icon-12-160x160.png Car loans – Timeup Soft http://timeupsoft.com/ 32 32 7 Common Auto Loan Myths Debunked: By Financial Experts https://timeupsoft.com/7-common-auto-loan-myths-debunked-by-financial-experts/ Mon, 27 Dec 2021 13:38:45 +0000 https://timeupsoft.com/7-common-auto-loan-myths-debunked-by-financial-experts/ Most people think that timing is the key to getting the best deal on a brand new car. But, when you ask them about it, some people will tell you about the days of the week, while others will randomly add a month. So what is the correct answer then? Well, sorry for popping your […]]]>

Most people think that timing is the key to getting the best deal on a brand new car. But, when you ask them about it, some people will tell you about the days of the week, while others will randomly add a month. So what is the correct answer then?

Well, sorry for popping your bubbles, but what we have discussed before is just a myth. Therefore, you do not get any concrete answer to this question.

Myths or mistaken assumptions plague almost every industry since its inception in the market. And the auto loan segment is no different at all!

To help you stay away from these misconceptions, we’ve dismantled some common car lending myths throughout this article. Remember to stay with us until the end!

Popular Myths About Auto Loans To Avoid

Taking out a loan to buy a car is a tedious and lengthy process. Therefore, it is not necessary to turn the whole affair into a complicated one. Hope this section can help you in this regard to some extent.

Myth – 1: Providing Social Security Number Is A Must

Your social security number is quite essential if you or someone with authority wants to know more about your credit history. Therefore, in some loan cases, you may need to provide the same when submitting your application.

However, after consulting SG Lendela, we have found that the above statement is generally not applicable when you take out a car loan. However, some lenders may require you to provide your recent bank statements and pay stubs.

Myth – 2: You can only get a car loan from a dealership

Car dealerships will only offer information about your favorite car and offer you some great deals on it.

Nonetheless, if you wish, you can search from other lenders to get your preferred loan amount at ease. Just make sure you do adequate research on them before you do anything!

Myth – 3: Having bad credit makes it impossible to get loans

Well, that’s just plain wrong. There are many lenders who offer auto loans even if you have bad credit.

Besides, various used car bundles (if you plan to buy used vehicles) will also offer you the same. There is no need to worry about anything.

Myth – 4: A longer loan term saves your money

You will have to pay a small amount of money monthly if you have opted for a longer loan. However, since you are compensating for an extended period, your overall payout will be much larger than usual.

Plus, auto loans usually always follow the rules for low interest loans. Because, the longer you pay, the more your overall interest changes / increases.

Myth – 5: Get a better deal on a rainy day

Believe it or not, this myth was quite popular for a specific period of time. However, it goes without saying that the statement is also absolutely false.

A car dealership usually has deals during various important holidays like Christmas Day, January 1, Memorial Day, etc.

In addition, the time or date of it will depend on the dealer and his preferences. Therefore, if you have a favorite person (i.e. a brand of car), try to keep an eye on their schedule.

Myth – 6: Making a mistake leads to bad credit

We humans are prone to making mistakes, especially if we are trying something for the first time. Sometimes this can be quite expensive, while in other cases you can change things quite quickly. And luckily making the wrong choice when choosing an auto loan provider falls into the second category.

If you make a mistake on your first try, we suggest you shop around and refinance your loan at a better interest rate. In this way, you can avoid the problems of interest rate fluctuations and save your money.

Myth – 7: Being rejected once equals more approvals

Usually, each auto loan lender tends to have their own criteria for approving a loan application. Therefore, just because someone turned you down doesn’t mean everyone will. In addition, there are several lenders who can help you with bad credit scores and get financing to take out a loan.

Conclusion

Completing the entire documentation process and getting a car loan can be confusing. And, if you’re steeped in misconceptions, things will get even more critical for you.

Through this article, we have tried to help you debunk some myths to reduce your skepticism a little. Hope now everything will work out for you!


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7 Common Auto Loan Myths Debunked: By Financial Experts https://timeupsoft.com/7-common-auto-loan-myths-debunked-by-financial-experts-2/ Fri, 24 Dec 2021 08:00:00 +0000 https://timeupsoft.com/7-common-auto-loan-myths-debunked-by-financial-experts-2/ Most people think that timing is the key to getting the best deal on a brand new car. But, when you ask them about it, some people will tell you about the days of the week, while others will randomly add a month. So what is the correct answer then? Well, sorry for popping your […]]]>

Most people think that timing is the key to getting the best deal on a brand new car. But, when you ask them about it, some people will tell you about the days of the week, while others will randomly add a month. So what is the correct answer then?

Well, sorry for popping your bubbles, but what we have discussed before is just a myth. Therefore, you do not get any concrete answer to this question.

Myths or mistaken assumptions plague almost every industry since its inception in the market. And the auto loan segment is no different at all!

To help you stay away from these misconceptions, we’ve dismantled some common car lending myths throughout this article. Remember to stay with us until the end!

Popular Myths About Auto Loans To Avoid

Taking out a loan to buy a car is a tedious and lengthy process. Therefore, it is not necessary to turn the whole affair into a complicated one. Hope this section can help you in this regard to some extent.

Myth – 1: Providing Social Security Number Is A Must

Your social security number is quite essential if you or someone with authority wants to know more about your credit history. Therefore, in some loan cases, you may need to provide the same when submitting your application.

However, after consulting SG Lendela, we have found that the above statement is generally not applicable when you take out a car loan. However, some lenders may require you to provide your recent bank statements and pay stubs.

Myth – 2: You can only get a car loan from a dealership

Car dealerships will only offer information about your favorite car and offer you some great deals on it.

Nonetheless, if you wish, you can search from other lenders to get your preferred loan amount at ease. Just make sure you do adequate research on them before you do anything!

Myth – 3: Having bad credit makes it impossible to get loans

Well, that’s just plain wrong. There are many lenders who offer auto loans even if you have bad credit.

Besides, various used car bundles (if you plan to buy used vehicles) will also offer you the same. There is no need to worry about anything.

Myth – 4: A longer loan term saves your money

You will have to pay a small amount of money monthly if you have opted for a longer loan. However, since you are compensating for an extended period, your overall payout will be much larger than usual.

Plus, auto loans usually always follow the rules for low interest loans. Because, the longer you pay, the more your overall interest changes / increases.

Myth – 5: Get a better deal on a rainy day

Believe it or not, this myth was quite popular for a specific period of time. However, it goes without saying that the statement is also absolutely false.

A car dealership usually has deals during various important holidays like Christmas Day, January 1, Memorial Day, etc.

In addition, the time or date of it will depend on the dealer and his preferences. Therefore, if you have a favorite person (i.e. a brand of car), try to keep an eye on their schedule.

Myth – 6: Making a mistake leads to bad credit

We humans are prone to making mistakes, especially if we are trying something for the first time. Sometimes this can be quite expensive, while in other cases you can change things quite quickly. And luckily making the wrong choice when choosing an auto loan provider falls into the second category.

If you make a mistake on your first try, we suggest you shop around and refinance your loan at a better interest rate. In this way, you can avoid the problems of interest rate fluctuations and save your money.

Myth – 7: Being rejected once equals more approvals

Usually, each auto loan lender tends to have their own criteria for approving a loan application. Therefore, just because someone turned you down doesn’t mean everyone will. In addition, there are several lenders who can help you with bad credit scores and get financing to take out a loan.

Conclusion

Completing the entire documentation process and getting a car loan can be confusing. And, if you’re steeped in misconceptions, things will get even more critical for you.

Through this article, we have tried to help you debunk some myths to reduce your skepticism a little. Hope now everything will work out for you!


Source link

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How Autochek Provides Large, Affordable Car Loans To Africans https://timeupsoft.com/how-autochek-provides-large-affordable-car-loans-to-africans/ Wed, 22 Dec 2021 16:22:19 +0000 https://timeupsoft.com/how-autochek-provides-large-affordable-car-loans-to-africans/ In October of last year, Autochek began operations in Nigeria and soon after expanded to Ghana, Uganda, Kenya and Ivory Coast. Autochek is an automotive technology company that harnesses technology, data, knowledge and experience to provide affordable auto loans to buyers and sellers. It also provides them with quality maintenance and after-sales service. In just […]]]>

In October of last year, Autochek began operations in Nigeria and soon after expanded to Ghana, Uganda, Kenya and Ivory Coast. Autochek is an automotive technology company that harnesses technology, data, knowledge and experience to provide affordable auto loans to buyers and sellers. It also provides them with quality maintenance and after-sales service. In just over a year of operation, it has built a partner network of over 1,200 workshops and dealerships, and over 70 financial institutions on the platform approving and disbursing auto loans across Africa.

Speaking to Building from scratch ”, a learning series for entrepreneurs powered by the UK-Nigeria Tech Hub in partnership with TechCabal, Autochek CEO Etop Ikpe explained what has helped the platform grow so much in such a short time.

Ikpe is a seasoned entrepreneur who has been at the forefront of the digitization of the auto loan process. Prior to becoming CEO of Autochek, he was co-founder and CEO of Cars45, another auto finance technology company. Under his leadership, the company expanded into two other African countries: Ghana and Kenya. He was Commercial Director of Konga and Co-Managing Director of the former DealDey, one of Nigeria’s largest discount stores at the time.

Etop explained that his entry into the automotive industry started as an experiment, after his experience in the digitalization of several industries – fashion and general merchandise. He considered the auto industry to be high value, high volume and high speed, but not getting enough attention. He realized he could make a big business out of it.

His previous experience in digitizing other industries gave him the opportunity to do extensive research on the African automotive market, and he discovered that there was a fundamental gap in funding.

“In emerging markets like Brazil, India, Indonesia, Malaysia, and much of Latin America, you find the average institutional credit in auto transactions – how many people buy a car through it? Loan utilization – around 65% to 70%, but less than 2% in most parts of sub-Saharan Africa. Africa’s per capita GDP is less than $ 2,000 and the average price of cars is around $ 5,000. It is then that you realize that sub-Saharan Africa needs credit.

When Ikpe did more research on this problem, he realized that it was not that there was no capital or cars available in Africa. It was because no one was supporting the ecosystem with enough intelligence around assessing and analyzing the conditions that would help investors competently deploy credit in the industry. Thus, Ikpe and his team wanted to take this average of 2% and try to reduce it to 50 or 60%, over five years.

Ikpe believes that the success of his business will have a ripple effect on the ecosystem and the society: “There is a huge opportunity for growth and an overall residual impact on the whole ecosystem, where the low penetration of credit results in lack of productivity despite the hard work of people. “

During the ‘Building From Ground Up’ interview, moderated by TechCabal editor-in-chief Koromone Koroye, Ikpe explained that mobility is important so that people can access healthcare, better opportunities for employment and business opportunities. “Access to mobility helps you get better opportunities. Low motorization rates lead to transport poverty, which means that, overall, it is so important that people can be more productive with access to better transport.

Expansion across Africa

Autochek’s expansion strategy is based on establishing key market nodes, economic powerhouses on the continent. After conducting research, he selects the regional leaders who oversee these nodes and their region. Ikpe explained that the economic powerhouse of North Africa is in Egypt or Morocco; West Africa in Nigeria; Francophone West Africa in Côte d’Ivoire; East Africa in Kenya; Central Africa in DR Congo; and southern Africa in South Africa. Thus, Autochek’s strategy consists of developing localized regional expansion strategies from these plants or nodes.

One of the main things that helped Ikpe start and grow the business was being impartial about the idea – focusing only on goal-based information and data. Another humbly assessed whether the product was suitable for the market without giving in to his preconceived market biases. To do this effectively, he listened to customer complaints and adapted the product to the market.

The expansion to other African countries showed the Autochek team that while there is a similar need for technology in each country, there are cultural differences to watch out for that could impact their business. Autochek realized that in some markets they needed to establish a high level of trust, while in others they needed to clarify the use of the product, guiding customers through a step-by-step approach on how to use the product.

They also found that in some markets, customers needed time to adjust to the product, while in others, the product depended on word of mouth to reach scale.

With the increase in the value of foreign currency driving up car prices and no increase in customer revenues, Autochek has struggled to ensure the affordability of its cars. This is a huge challenge because 90% of the cars sold by Autochek are imported into the country of sale. That’s why Ikpe said the company fully supports local auto manufacturing.

Despite this, Autochek still wants to offer consumers options when it comes to assortment and pricing. By extending credit and liaising with OEMs (Original Equipment Manufacturers) to reduce prices and increase their sales by, say, 20%, they would be able to convince more customers to do business with them.

To use Autochek to finance the purchase of your car, you can go to a car dealership using their product or go directly to their website where you will see various car stores like Toyota and BMW. Pick a car and start your loan application online or at the dealership. After you complete the form, your request goes to Autochek’s banking partner who then sends loan offers to the car buyer – up to ten – based on their credit score. You then go to the disbursement step: you go through the banking procedures, your car is registered, then goes through the Autochek management circle before it is ready to be collected.

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Kia partners with Autochek to provide low-cap auto loans – The Sun Nigeria https://timeupsoft.com/kia-partners-with-autochek-to-provide-low-cap-auto-loans-the-sun-nigeria/ Mon, 20 Dec 2021 05:27:38 +0000 https://timeupsoft.com/kia-partners-with-autochek-to-provide-low-cap-auto-loans-the-sun-nigeria/ Through Moses Akaigwe In With the aim of making the acquisition of new vehicles easy and accessible, Kia Nigeria has partnered with Autochek to offer future car buyers a car finance program with low equity and a generous payback period. Following the launch of a dedicated new car section on the Autochek website and mobile […]]]>

Through Moses Akaigwe

In With the aim of making the acquisition of new vehicles easy and accessible, Kia Nigeria has partnered with Autochek to offer future car buyers a car finance program with low equity and a generous payback period.

Following the launch of a dedicated new car section on the Autochek website and mobile app, Kia Motors Nigeria announced that its customers can now access digital financing solutions for new models with repayment terms of up to ‘at 60 months and the lowest interest rates. on the market.

Kia encouraged potential buyers to seize the opportunities offered by the programs through its financial partners, notably Ecobank and NCBA with a 0% equity loan product; as well as Access Bank and Stanbic KE with unique financing solutions specially designed for new vehicles with financing of up to 90%.

Speaking at the launch of the auto acquisition program, Kia Nigeria Vice President Olu Tikolo said: “Our main competitive advantage in the automotive industry is providing top quality vehicles at an affordable price. and we are delighted to partner with Autochek to make ownership of the Kia range of vehicles easily accessible through their website or mobile apps and equally affordable with flexible payment options ”.

For his part, Timi Tope Ologunoye, COO of Autochek Africa, said: “We are delighted to partner with financiers and KIA to provide a brand new car loan facility. It is in response to customer feedback to democratize the purchase of new cars through attractive and affordable financing options. It is complemented by Autochek Africa’s residual value analysis tool, which helps guide financial partners on the condition of the vehicle over time.

“This partnership represents a new step in our strategy to guarantee our clients financing that is always available, transparent and competitive. Kia vehicles offer modern design and reliability at an affordable price. And with our special auto finance program with Autochek, it’s never been easier to bring home your all-new Kia by just visiting the Autochek platform website or mobile app. said Olawale Jimoh, Marketing Director, Kia Nigeria.

With loans processed within 24 hours, the Autochek auto loan services platform offers a variety of financing options from over 70 banks, with attractive terms including a 15% interest rate and repayable on a period of four to five years.

Ologunoye added that financing new cars, like Kia, is part of the company’s vision to open a new frontier in automotive fintech and solidify its position as the region’s most innovative car lending platform.

While customers are assured of a good deal on new cars and attractive interest rates, distributors also get potential buyers pre-approved.


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This bank offers the lowest interest rates on home and auto loans. Check details https://timeupsoft.com/this-bank-offers-the-lowest-interest-rates-on-home-and-auto-loans-check-details/ Sun, 12 Dec 2021 11:28:17 +0000 https://timeupsoft.com/this-bank-offers-the-lowest-interest-rates-on-home-and-auto-loans-check-details/ This bank offers the lowest interest rates on home and auto loans. Check details New Delhi: State lender Bank of Maharashtra (BoM) on Sunday to cut its mortgage interest rate to an all-time low of 6.40% from 6.80% as part of its offer “Retail Bonanza-Festive Dhamaka”. Previously, the Union Bank of India was the only […]]]>

This bank offers the lowest interest rates on home and auto loans. Check details

New Delhi: State lender Bank of Maharashtra (BoM) on Sunday to cut its mortgage interest rate to an all-time low of 6.40% from 6.80% as part of its offer “Retail Bonanza-Festive Dhamaka”.

Previously, the Union Bank of India was the only lender in the country to offer a 6.40% rate on home loans. But with the latest interest rate cut, the BoM has also emerged as the lender offering the lowest rate on home loans.

Likewise, the bank also cut the interest rate on auto loans to an all-time high of 6.80% from 7.05% to attract more retail borrowers. However, the BoM has stated that the rates mentioned above will not be given to everyone. The ‘Retail Bonanza-Festive Dhamaka’ offer is tied to the borrower’s credit rating, the lender said.

These new rates are effective from tomorrow (December 13), the public sector lender said in a statement.

It should be mentioned here that the BoM has already waived the processing fees for its gold, housing and car loan.

“We believe that ‘Retail Bonanza-Festive Dhamaka’ offers will help customers save more on their loans and bring joy to their lives,” BoM Managing Director AS Rajeev said in a statement.

With the offer, the bank is offering one of the lowest interest rates for personal loans, especially home and auto loans in the industry, said BoM executive director Hemant Tamta.


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Toyota ropes at Karnataka Bank, Canara Bank for auto loans https://timeupsoft.com/toyota-ropes-at-karnataka-bank-canara-bank-for-auto-loans/ Tue, 07 Dec 2021 08:46:12 +0000 https://timeupsoft.com/toyota-ropes-at-karnataka-bank-canara-bank-for-auto-loans/ Toyota Kirloskar Motor (TKM) has signed a memorandum of understanding with Karnataka Bank for easy financing options for customers in a large number of cities and towns in India. Karnataka Bank will be one of the privileged financiers for the entire range of vehicles sold by TKM. The bank will offer financing options, at competitive […]]]>

Toyota Kirloskar Motor (TKM) has signed a memorandum of understanding with Karnataka Bank for easy financing options for customers in a large number of cities and towns in India.

Karnataka Bank will be one of the privileged financiers for the entire range of vehicles sold by TKM. The bank will offer financing options, at competitive interest rates, to general customers as well as to those covered by the plans of the priority sectors.

Mahabaleshwara MS, Managing Director and CEO of Karnataka Bank, said: “This is a collaborative effort of two major brands – Karnataka Bank and Toyota Kirloskar Motor – to provide the best service to our customers. This partnership will provide a fast and transparent experience for our customers. Our auto loans are processed using a locally developed digital platform to ensure customer convenience. “

R. Venkatakrishnan, Vice President (VP), Strategic Business Unit, TKM, said, “This combination will establish new era banking and financial solutions for a hassle-free and transparent shopping experience for our customers. Following our successful foray into the B segment with products such as Glanza and Urban Cruiser, we are seeing strong demand from smaller towns in addition to subways. “

Canara Bank has also entered into a memorandum of understanding with TKM. The bank will offer financing options to buy cars at a low interest rate and a longer repayment period without processing and documentation fees.


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Best rated green auto credits for the purchase of your electric vehicle https://timeupsoft.com/best-rated-green-auto-credits-for-the-purchase-of-your-electric-vehicle/ Mon, 22 Nov 2021 22:29:17 +0000 https://timeupsoft.com/best-rated-green-auto-credits-for-the-purchase-of-your-electric-vehicle/ New car sales figures have seen an overall decline for the first time in 11 months, but sales of electric vehicles (EVs) continue to rise. According to the latest figures from the Federal Chamber of Automotive Industries (FCAI), 74,650 new vehicles were sold in October, down 8.1% year-on-year. FCAI chief executive Tony Weber said it […]]]>

New car sales figures have seen an overall decline for the first time in 11 months, but sales of electric vehicles (EVs) continue to rise.

According to the latest figures from the Federal Chamber of Automotive Industries (FCAI), 74,650 new vehicles were sold in October, down 8.1% year-on-year.

FCAI chief executive Tony Weber said it was clear manufacturers were having issues with supply chains.

“Automakers, like all of the global manufacturing sector, are facing a shortage of microprocessors which results in longer wait times to bring products to market,” Weber said.

“Australians continue to buy vehicles and car manufacturers are working hard to deliver products to our shores.”

Despite a decline in overall sales, FCAI reported an increase in sales of electric vehicles in October, in line with new state and territory incentives for electric vehicles revealed across the country.

More recently, the federal government released details of the first national strategy on fuels and vehicles of the future, supported by an expanded investment of $ 250 million from the Future Fuels Fund. Of this amount, $ 178 million should be devoted to the development of electric vehicles and hydrogen infrastructure.

If you are looking to switch to an electric vehicle or other low emission vehicle, or if you are buying a car with a standard gasoline engine, RateCity’s car loan rankings could help you find some of the green, new, or even cars. most competitive opportunity. loan products to finance your purchase.

To help you start your research, RateCity has rounded up some of the top rated auto loans for November 2021.

(Rankings are correct at time of posting. Please note that lenders may swap places on the list as interest rates and fees change and RateCity’s tracker reflects those movements.)

Top Rated Green Auto Loans

Top Rated New Car Loans

Top rated used car credits


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Can You Lock In Interest Rates On Auto Loans? https://timeupsoft.com/can-you-lock-in-interest-rates-on-auto-loans/ Mon, 15 Nov 2021 21:07:36 +0000 https://timeupsoft.com/can-you-lock-in-interest-rates-on-auto-loans/ Some manufacturers offer to lock in rates on custom orders, so you can take advantage of current deals, even if the car isn’t on the lot yet. With many automakers experiencing inventory shortages due to supply chain issues, this can be a good opportunity to save money on a new car if you qualify. Rate […]]]>

Some manufacturers offer to lock in rates on custom orders, so you can take advantage of current deals, even if the car isn’t on the lot yet. With many automakers experiencing inventory shortages due to supply chain issues, this can be a good opportunity to save money on a new car if you qualify.

Rate Lockout Programs

Rate foreclosure programs typically come from the automakers when you buy a new vehicle that the dealers do not have in stock. For example, eligible borrowers may be able to lock in a low APR rate, such as 0.9% or 1.9% on a custom-ordered car financed by a captive lender. Currently, automakers like Ford are offering frozen interest rates on certain vehicles, while luxury consumers can take advantage of this benefit with BMW.

To qualify for these programs, you probably need to have good credit. Most automakers that offer frozen interest rates require you to take delivery of the vehicle within a certain timeframe, typically 60 to 90 days. However, since current models take longer to enter showrooms and consumers, some borrowers may wonder if their frozen rates will be maintained.

In most cases the answer is yes, a rate lock should continue to remain in effect if the delay in delivering the vehicle is due to circumstances beyond your control. Some automakers who offer rate blocking may give qualifying consumers the choice of the blocked rate offer from the time they order or a future offer available at the time of delivery. However, these scenarios may not always be the case, so be sure to check with your dealer if your order is delayed.

Can I Qualify With Bad Credit?

If you’re a borrower with bad credit, getting into a rate foreclosure program or even qualifying to purchase a new vehicle can be difficult, but it’s not impossible. If you are having trouble qualifying for a car loan, remember that you will likely need more documents to get a loan than someone with better credit.

If you’re looking for a dealership who can approve you for a car loan but aren’t sure who to turn to, Auto Express Credit wants to help. We have developed a nationwide network of special finance dealers who can help you in many difficult situations. Simply fill out our quick and free auto loan application form. There is never any obligation, so get started right away!


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Plenti to Offer Discounted Auto Loans for Electric Vehicles https://timeupsoft.com/plenti-to-offer-discounted-auto-loans-for-electric-vehicles/ Thu, 11 Nov 2021 08:00:00 +0000 https://timeupsoft.com/plenti-to-offer-discounted-auto-loans-for-electric-vehicles/ Peer-to-peer loan provider Plenti is launching low-cost auto finance specifically for electric vehicles. The lender’s electric vehicle financing will have interest rates at least 50 basis points (0.50%) lower than its “very competitive” auto loans. Plenti has also opened additional loans for those who buy equipment related to electric vehicles, including chargers, downloadable vehicle upgrades […]]]>

Peer-to-peer loan provider Plenti is launching low-cost auto finance specifically for electric vehicles.

The lender’s electric vehicle financing will have interest rates at least 50 basis points (0.50%) lower than its “very competitive” auto loans.

Plenti has also opened additional loans for those who buy equipment related to electric vehicles, including chargers, downloadable vehicle upgrades and other accessories.

Plenti’s existing auto loan rates start at 4.89% per annum (comparison rate 5.44% per annum *), subject to the borrower’s credit rating.

The removal of 50 basis points, implying that its electric vehicle finance rates could start from an advertised rate of 4.39% per annum, which is competitive with other green car loan providers .

Plenti CEO Daniel Foggo said this product offering comes as electric vehicle adoption begins to soar in Australia.

“The adoption of electric vehicles is essential for Australia to meet its carbon emission reduction targets,” Foggo said.

“Not only can they reduce transport emissions, their ability to integrate into the home and energy grid means they are ready to play an important role in helping households lower their electricity bills and supporting stability. network. “

Through the Plenti EV portal, customers can also access insurance specific to electric vehicles at a reduced price, which includes coverage against damage to the battery and charger; the portal also offers access to an EV purchasing service.

This new car loan offer will be available directly and through the Plenti brokerage channel.

“With electric vehicle sales doubling year-to-date since 2020 and expected to experience strong growth over the next decade, our entry into the electric vehicle market will help propel our growth in the short and long term. long term, ”said Mr. Foggo.

According to “VFACTS” data released last week, electric vehicle sales in October were up 243.5% from October 2020, which is attributed to state incentives to encourage adoption.

Plenti is a peer-to-peer loan provider where clients can not only borrow money, but also invest.


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Looking for a new car? The table below shows auto loans with some of the lowest interest rates in the market.

Lender

Type of interest Vehicle type Maximum vehicle age Ongoing charges Registration fees Total refund Prepayment Instant approval Online application

Fixed New 1 year More details

Green car loan

Fixed New, used 99 years old More details
APPLY ONLINE

  • No additional refunds or early exit fees
  • Up to $ 75,000 in loan amounts
  • Funding approved within 24 hours
Fixed New 4 years More details
OBTAIN APPROVAL WITHIN 24 HOURS

Auto loan (new and used dealer) (

  • 24 hour approval
  • Balloon options to reduce refunds
  • No ongoing charges, no discharge charges

Fixed New 2 years More details
FAST, NO-COST APPLICATION PROCESS

Fast New Vehicle Loan Low Rate

  • Fast application process with no monthly fees
  • Low fixed interest rates with terms of up to seven years
  • New car loans cover cars for up to 3 years

Fast New Vehicle Loan Low Rate

  • Fast application process with no monthly fees
  • Low fixed interest rates with terms of up to seven years
  • New car loans cover cars for up to 3 years
Fixed New 1 year More details
No ongoing charges

Plenti Car Loan

  • Interest rates ranked in the top 20%
  • No ongoing charges
  • Can apply online

Plenti Car Loan

  • Interest rates ranked in the top 20%
  • No ongoing charges
  • Can apply online
Fixed New, used 7 years More details
No ongoing charges

Plenti car loan (refinancing)

Rates based on a $ 30,000 loan for a five-year term. Products sorted by advertised price. * The comparison rate is based on a loan of $ 30,000 over 5 years. Please note: this comparison rate is only true for this example and may not include all fees and charges. Different terms, fees, or other loan amounts may result in a different comparison rate. Prices correct as of December 16, 2021. See disclaimer.


Photo by dcbel on Unsplash

The entire market was not taken into account in the selection of the above products. On the contrary, a small part of the market has been envisaged. Products from some vendors may not be available in all states. To be considered, the product and the price must be clearly published on the website of the supplier of the product. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au and Performance Drive are part of the Savings Media group. In the interest of full disclosure, the Savings Media Group is associated with the Firstmac Group. To learn more about how Savings Media Group handles potential conflicts of interest, as well as how we are paid, please visit the website links at the bottom of this page.


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Tata Motors Partners With Bank of India For Auto Loans To Customers, Auto News, ET Auto https://timeupsoft.com/tata-motors-partners-with-bank-of-india-for-auto-loans-to-customers-auto-news-et-auto/ https://timeupsoft.com/tata-motors-partners-with-bank-of-india-for-auto-loans-to-customers-auto-news-et-auto/#respond Tue, 09 Nov 2021 08:53:00 +0000 https://timeupsoft.com/tata-motors-partners-with-bank-of-india-for-auto-loans-to-customers-auto-news-et-auto/ Representative image New Delhi: Automotive major Tata Motors on Tuesday announced that it has signed a retail finance memorandum of understanding with the Bank of India (BOI) to provide financing options to all of its passenger vehicle customers. As part of the combination, BOI will provide loans to Tata Motors customers at interest rates starting […]]]>
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New Delhi: Automotive major Tata Motors on Tuesday announced that it has signed a retail finance memorandum of understanding with the Bank of India (BOI) to provide financing options to all of its passenger vehicle customers.

As part of the combination, BOI will provide loans to Tata Motors customers at interest rates starting at 6.85%. This system will offer a maximum financing of 90% on the total cost of the vehicle (Ex-showroom pricing + Insurance + Registration). Customers also get a special EMI option starting at INR 1502 per lakh over a 7 year repayment period.

The Bank also offers certain functionalities to Tata Motors customers. They include a zero processing fee until March 31, 2022, a FOIR (Fixed Obligation to Income Ratio) base which caps the current liability of the client requesting a loan at 70% regardless of income and an eligibility of the loan amount plus raised.
These offers will be applicable on the New Forever line of ICE cars and SUVs as well as electric vehicles for personal segment buyers across the country, the company said.

Rajan Amba, Vice President of Sales, Marketing and Customer Service, Passenger Vehicle Business Unit, Tata Motors, said: By working with several financial partners across India to make car ownership accessible, as well as a hassle-free process for customers adding to the celebrations of this festive season. “

Rajesh Ingle, Managing Director, Retail, BOI, said: “We have reoriented banking services by focusing on retail customers by designing products to suit their needs. Our car loan with the lowest interest rate is one such product. The bank’s partnership with Tata Motors will be a win-win for customers in the sense that they will be able to access the best personal mobility solutions with the best financing option from Bank of India ”.

Customers can contact their nearest Tata Motors dealer or Bank of India branch to take advantage of these offers, Tata Motors said.


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