Vehicle finance is one of the ways consumers are able to gain a little more independence. It provides them with the finance they need to enter the next chapter in their lives. Apart from finance, it’s also important that consumers understand their responsibility on the road. Insurance is one of the ways to mitigate risk. Credit Agricole Vehicle Finance provides customers with simple solutions that will get them on the road in no time. This review compares the finance to some of the best in the world.
A bank that takes vehicle finance seriously, is Standard Bank.
Key Things To Remember When Signing Up for Vehicle Finance
Vehicle finance is one of the easiest ways to get on the road. There are a few things that customers need to consider before signing the contract. This is to ensure they have the best all-round experience in their new car.
Finance Through a Company with a Good Track Record
There are a number of loan agencies across the world. Some are legitimate and some aren’t. There are a number of ways to check whether an agency is accredited to provide finance in various countries. For instance, many countries have a credit regulator that provide them with a code. Customers can then check this up. If not, they stand the risk of obtaining finance through a loan shark.
Purchase from a Reputable Dealer
Unless the customer works in the industry or has a keen understanding of the workings of a vehicle, it’s important to purchase from someone who has a good reputation. This will ensure that the vehicle is in a sound condition and that all checks and balances have been done. There are few things as frustrating as purchasing a vehicle that proves to be troublesome immediately after purchase.
Compare Market Value, Pricing, and Amortization
A nice car may not always be a practical car. For instance, a two-door sports car is not suitable for a large family. Similarly, some of the most popular cars on the market don’t hold on to their value. Customers also need to ensure that the vehicle pricing is fair in comparison with others on the market.
Is It Affordable?
The right thing to do before signing up for finance is to determine whether the product is affordable. If this is not the case, then it’s prudent to look for something a little more affordable. A good way to test the affordability of a vehicle is to see whether the finance is still affordable over a three-year period. If not, it may be best to look for something cheaper. This is to prevent from living on the edge because of fluctuating rates, other ad hoc expenses, and more.
Is It the Best Product?
Customers who want to hold onto their vehicle for quite some time may want to sign up for an installment sale. Those who change their cars regularly will want to have a look a hire purchase option instead. It is also important to see whether the deal in hand is the best deal on the market. Customers should compare the rates, term, services fees, contract fees, and deposit requirement.
About Credit Agricole
What started off as a bank founded to provide financial services to the agricultural division, soon blossomed into a bank for the general public. The bank opened its doors in 1885 and managed to support the local region’s farming activities. It relied heavily on State and national banks to support its efforts.
During the World Wars, many banking services were halted and only the bare minimum was provided. It was imperative that the banks remained in a position to restore the economy after the wars. Due to creative advertising campaigns, Credit Agricole managed to secure savings deposits from customers. This allowed their book to grow and also provided the bank with the funding background in order to expand. The bank also had the opportunity to introduce further products to customers at this time.
In the sixties, the bank was able to fund itself and therefore had no reason to rely on state funds to continue. It was only included in the Bank Act in the eighties, however. The bank then immediately started its expansion efforts in other parts of the world.
The 2000s were filed with mergers, acquisitions, prosperity and growth. This was until 2008 when the world received a heavy blow with the market crash. After a bailout from the government, the bank managed to keep its doors open. This was not to be the end of it, as the bank was also under investigation for its alleged role in rate fixing where the Euribor is concerned.
A full review of Credit Agricole takes a holistic look at the French banking giant.
Credit Agricole Vehicle Finance Product Offering
Ready to Use Auto
Customers who dream of owning their own wheels and want finance to secure the deal should consider this option. Furthermore, the finance is available to those who are old enough to wholly or partially finance the purchase of a new or used motor vehicle.
- This loan provides a possible carry-over of the 1st monthly installment.
- Customers also have access to a monthly pause once a year without any increase in the number or amount of installments.
- Furthermore, early redemption is possible at any time and customers won’t incur additional charges.
Young Auto Loan
Customers who are young and wish to finance all or part of the purchase of a vehicle will find this option suitable. Furthermore, the funding is available for new or used vehicles.
- The account provides customized funding that depends on the customer’s ability to repay. It also considers the amount customers need and the length of their refund.
- Customers enjoy the benefit of modular repayments. The loan allows customers to take a break once a year and post a monthly payment at the end of the loan.
- Furthermore, customers also have the option to change their installments up or down to suit their needs. This allows customers to pay at the speed that suits them.
What We Like About Credit Agricole Vehicle Finance
The bank offers some of the best finance options to customers and there is no doubt that the product will be simple and well-priced. There are a number of things that we like about the vehicle finance here, and the first is the repayment flexibility. Credit Agricole makes it a little easier for customers to weather the financial storms in life. This flexibility could mean the difference between keeping the car and having to let go to a repo agent.
Furthermore, another plus that counts in the bank’s favor, is the fact that customers can increase their installments to pay at a pace that suits them a little better. This will encourage customers to repay their finance, even if it takes them a little longer. This should be in the bank’s favor, who certainly writes off far less bad debt than many other institutions.
Finally, although not discussed in this review, the bank also has finance for boats. This ensures that customers are able to build up other assets, not just cars.
Customers who wish to apply for a different type of finance should take a look at the consumer loans offered by Credit Agricole.
What We Don’t Like About Credit Agricole Vehicle Finance
The finance is simple and straightforward enough, however, the bank doesn’t make it clear what the repayment terms are. For instance, whether they are from 36 to 60 months, etc.
Something else that the bank should also consider mentioning, is whether the bank will expect customers to put down a deposit or not.
Critical Reviews Rating Credit Agricole Vehicle Finance – 8 of 10.
Customers who apply for finance want a few things as much as they want that vehicle. They want a satisfactory term, a great rate, and minimal services fees. It is also important to customers that their application is treated with speed in order to get the finance resolved as soon as possible.
Furthermore, the bank takes their finance a step further and opens up a door for the youth. Usually, those who are still young and need to make their way, often have to resort to other means to finance their first vehicle. It is not so much that they can’t get the finance, rather that they don’t have the means to repay odious loans with skyrocketing interest rates. This finance product is ideal for those who want to get themselves behind their own set of wheels.
Apart from offering vehicle finance, customers also have options to other finance through the consumer loans. This assures customers that they have a variety at least.
Unfortunately, we’ve had to deduct some points, as customers need to know all the information about the product before they sign up for it. The first negative point is that customers may think the term is indefinite due to the customer’s ability to increase or decrease their payment. The other aspect is whether customers are ordinarily required to put down a deposit or not. When these bits of information appear, the rating can increase.
Take a look at the vehicle finance offered by Ally Bank for a quick comparison.