There are several ways to get the car you want. The best way is to save money to buy the vehicle you’ve been waiting for later. But if you have a certain amount of money saved but need extra cash, you will probably have to borrow it.

You can borrow from family, friends, or your workplace, but the most common way is to take out a car lease. Car leasing is one of the most popular forms of borrowing used by people across the country to get their hands on the car they want.

Car with a down payment

The most common way for lenders to arrange a car loan is to require a down payment. This method helps determine if the buyer is an honest lender and has enough money to get the loan. Of course, not everyone can make a down payment immediately, so some lenders also offer car leasing without a down payment.

This is often offered as a personal loan to buy a car. Of course, to get this type of loan, the lender needs to find out several things. The first thing the lender needs to know is your income. The second thing, of course, is your credit history. If a person has an adverse credit history, then it is likely that the car lease will be refused.

What do I need to get a car loan?

To apply for a car loan, you must have a steady source of income, as this is the only way to get the car you want. Nowadays, people have a regular income from a regular job and various other activities, such as trading shares, renting a house, and other transactions.

The lender will assess whether your monthly income is high enough to qualify you for a car lease. You also need to have a positive credit history to get a car lease, as this is the only way the lender will be sure that you can repay the loan on time. Car loans with bad credit history are generally not granted. Only if you have a positive credit history will you be able to get the car lease you want for your dream car.

Car leasing with collateral

Car leasing is a loan against collateral, so in this case, a loan without collateral is not possible. Your old car or the car you want to buy will be pledged. Nowadays, several lenders in Latvia offer car leasing. The minimum and maximum loan amounts also vary from lender to lender.

This is at your fingertips, allowing you to choose the best option. Almost every lender has a maximum loan term of 6 years. This means that you can repay the loan within this period. This is an excellent option for gradually repaying the loan.

Compare lenders

As we have already mentioned, several lenders in Latvia offer car leasing, so you need to carefully evaluate each to choose the right option for your situation. One option, of course, is to go to each lender’s website and get information on the loan terms. However, this process is more accessible nowadays because comparing all lenders in one place is possible.

One such service provider is the comparison portal Netcredit.lv. On this page, you can compare all lenders so that you can choose the best option for you. You can also select specific factors that interest you, and the provider will email you a free list of the best options. This way, you can save time and choose the best choice for you, saving you money.

Car loans for people working abroad

If you do not currently earn an income in Latvia, you can also arrange a lease there. Your income abroad must be officially proven for this service to be available to you. Several lenders work with people working abroad, offering them the best conditions in their home country.

Car leasing is a big business, so you must carefully consider all lenders’ offers to find the right one for your situation. Otherwise, you may end up overpaying! Read also our article about video recorders for cars.