A car is more of a necessity than a luxury now. Hence almost every household today possesses a car. We are also familiar with many different companies and financial institutions with auto financing schemes. But buying a car is not enough. It also needs to be maintained well so that it is able to serve its purpose.
Of all the parts of a car, the wheels suffer the maximum amount of wear and tear. Hence they need to be replaced with new ones as and when required. Since wheels do not come cheap, we would previously struggle to buy the much needed wheels for the car. Consequently the world of finance was introduced to a new concept of wheel financing or rim financing
What is rim financing?
Taking out a loan for specifically buying vehicle wheels is known as rim financing. It is given out by companies who serve the dual purpose of
- Selling wheels of many different companies online which also includes
- Helping the online client with making the correct selection and
- Ensuring delivery of the chosen wheels within the stipulated time.
- Enabling the online client to avail of credit on the purchase and facilitate its approval.
Criteria for availing this finance
The whole process can only be availed of by people who fulfil certain criteria like:
- They have to be above 21 years of age but people in active military service are exempt from fulfilling this criteria,
- They must be employed full time in a company drawing a salary of $1600 or above.
- They must hold an open active account with a bank and
- They must have the vehicle registered in their names.
It takes about 7 to 10 working days to get loan approvals and channelize the delivery.
Thus now it has become easy to get your cherished wheels irrespective of the expense involved with the help of rim financing. Since deferred payment is always the best mode of payment, this concept of rim financing creates a win-win situation for both the buyer and the seller and is catching on pretty fast.