Auto Loan Types

Have you ever walked through some Vehicle Center and wished you could get that car you always wanted? But then you just walked away thinking you could not afford, as your monthly income was too small? Or did someone call you and said that they have a really nice auto for a very good price but that good price was not good enough for you? If you have, then you should read this article, as you do not need to worry at all!

Nowadays, banks offer a variety of auto loans. You can buy a brand new car on credit with zero-interest installment payment plan; or buy a new or a second hand car; spread your payments over a time period of your choice; or benefit from a long-term installment plan at low interest rates from annual 7%-8%. Even more, you can enjoy simple loan approval process and assistance with formal procedures required for the registration of your vehicle.

You will be considered eligible to apply for the loan if your monthly income is:

WFS offers different types of auto loans

Regular salary of at least 300-400 USD;

Rental income of at least 400-500 USD; or

Dividend income of at least 600 USD

You can buy a brand new car for 0% interest rate for 1 to 36 months with equal monthly installments but the choice is limited to auto dealers the banks offer, however there are so many of them you wont even need to go any further. However, be aware that no matter what you choose, you still have to pay initial payment of 25% of the car value. For example: For a car of 10,000 USD your initial payment would be 2,500 USD the other 75% would be repaid by equal monthly installments of 312.5 USD over a period of 24 months. Not a single dollar more.

Say you want to buy a car which is not included in the dealer's list advertised on the Bank's website, you can still be offered a very nice alternative - long term installment plan up to 5 years for equal payments. Caution: You pay less percentage for the new car compare to the used one.

The maximum amount for most types of auto loans is limited to 50,000 USD, annual interest rate for the new car is 8-16% and 16-23% for the used one, maximum loan duration is 60 months in both cases as well as the initial amount to be paid, monthly inputs, disbursement fee, etc.

Finally, in terms of such ample options you can always find the type of loan, which best suits, your needs.