There are many factors that you should bear in mind when you want to finance a taxi purchase. It can be confusing as there are different ways to finance a taxi vehicle. The most popular choices for taking out finance include a secured or unsecured loan or taking the hire purchase option that the dealer offers you.
Here are the top 3 tips of Car Finance that could be taken into account when deciding on the most suitable deal for your needs.
Compare the APR (annual percentage rate) that each of the sources will charge for the loan. The cost of a loan is negotiable, therefore, be certain to inform each source what the others have to offer.
In addition to the loan's APR, remember to also compare the other costs associated with a loan, such as loan insurance and loan processing costs.
Be certain to read and understand any fine print contained in the loan contract. Insist that the loan contract gives you the option of making payments early and that the payments will be applied on the loan principal with no penalty or extra cost if you pay off the loan early.