How Does Car Finance Work?

Car finance enables you to purchase a new, used or nearly new vehicle through a consumer credit agreement. The interest rate, loan term and total amount repayable will depend on the type of vehicle, your financial profile and the lending conditions offered by the financial institution.

What Influences the Interest Rate on Your Car Finance?

The main factors assessed by lenders include:

  1. Type of vehicle (new or used)

  2. Amount financed and chosen repayment term

  3. Whether or not an initial deposit is provided

  4. Employment stability and financial history

  5. Debt-to-income ratio at the time of assessment

What Costs Should You Consider?

Although car finance is a straightforward form of borrowing, there are several costs that can affect the total amount payable:

TAEG

The rate that includes all mandatory costs associated with the credit agreement.

Stamp Duty

Applied to interest and certain fees associated with the loan.

Arrangement Fee

A fee charged by the lender for setting up the credit agreement, which varies between institutions.

Why Choose Maxfinance Dream?

  1. More than 20 years of experience in car finance

  2. Recommendations from trusted professionals across a wide range of vehicle brands

  3. Analysis and comparison of offers from multiple financial institutions

  4. No fees or charges for the client

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