So ... you have reached the end of your car loan and now have to pay-out the residual!
What is Balloon Finance
When you buy your car, many car sales people and car loan lenders encourage you to factor in a payout at the end of the loan. The amount is typically 20-50%.
There are several problems with such payments:
They creep up on you unexpectedly
Borrowers often do not have sufficient funds available to meet the payment
The value of the car has often dropped to below the payout figure; so selling the car is not a good option
It is usually not possible to extend the existing loan
Very few funders will fund the residual or balloon payout with a new loan. Those who do, generally use private funding sources
Why can Easy Car Credit help you
Easy Car Credit has its own source of private funds that are specifically allocated to the financing loans for Balloon/Residual payouts.
Don't sell your car! Don't use your credit card to payout the Balloon!
People who payout their Balloon payouts with a credit card generally have trouble paying it off. They are usually paying high interest and, of course, are tying up their credit facility that could be used for convenience shopping.
It is much better to take out a loan in which you make regular payments that help to reduce the loan capital.
How do you arrange a Balloon payout loan
For most people, it is quite simple.
Contact us by phone for a chat or send through some basic details about your situation by clicking on the Enquiry Button.
Complete an application form - see the download form at the top of this page
Provide the details requested, such as, 100 point check to verify who you are, where you live, details about the car, and a brief description of your old loan. Of course, tell how much you need!
Sit back while we do the work.