There are different methods of car finance options like, low doc/no doc Car finance, car loan, salary packaging, chattel mortgage, commercial hire purchase and also through a personal loan. There are several methods having a little bit different like title or ownership of the car, the liability to pay the sums to the car company and have some different tax treatment finance options.
There are different ways and formats for buying car through Car loans . For the people working with any company or organization, usually the best way for them is to get same within the salary package. Then it will have two forms i.e. salary packaging, The liability to pay lies with the employee and if he leaves the job form that organization and company, he will have to arrange something to arrange for the employer to get it packaged in his/her monthly salary.
Many people who want to purchase the cars for their trading purpose then the commercial hire purchasing will be very suitable, through this there will be no extra burden on the owner nor on the purchaser of the car. The personal loan is taken on the condition that at least half of the loan sum is used for personal purposes and the remaining amount can be used for buying the car.
There are also some situations in which a self-employed person is not able to provide any prove by his own, be any salary slip or any other thing as a proof of self-employment. For those types of people, the car finance can be had if some of the reasonable criteria are available, for this kind of requirements there is a better options are that of the low doc or no doc finance, This is the easiest option for the people having low income self-employed.
These requirements are designed in such a way that it meets the car financing for deserving people.
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