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Articles
- Personal finance explained
- All about secured personal loans
- How can I finance a new car?
- Personal loan finance made easy
- What are home loans?
- Is debt consolidation worthwhile?
- How can I finance my home improvements?
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Personal Finance Explained
26th SEPTEMBER 2006
Many high street lenders and internet companies now offer loans to cover all sorts of situations but how do you go about personal finance planning?
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How Can I Finance A New Car?
26th SEPTEMBER 2006
Every year there are more new cars on the road and people often change their cars every 3 years so the UK car loan finance industry is expanding all the time.
So how can you find a quick and easy low cost quote with so many deals on offer?
Firstly, as with all finance deals, compare loans and conduct thorough research. This will pay off and save you money in the end. Whether you are looking for a brand new or a used vehicle, it is a good idea to think about finance as soon as you start looking for a car. If you have done your research beforehand, then you will be prepared when the car dealer offers you their own finance package.
The Car Dealer
A car dealer will of course want to sell you their finance option but don't be tempted to sign up to it immediately just because it is easy. Make sure you get the quote in writing so that you can compare it with other loans available. You may find for example that the headline special 'interest free' or 'low rate' offer will also mean you have to pay a large initial deposit.
Hire Purchase
Hire purchase can often be arranged through your dealer or you could opt to go direct to a finance company. With this type of agreement the car is tied to the loan so you do not own the car until the end of the agreed period, when all the payments have been made. However the deposit and rates offered may well be lower than other options.
The Personal Loan
A personal loan has several advantages over more traditional motor finance such as hire purchase deals. Firstly you are not restricted to dealers offering a particular finance deal but can buy your car anywhere. Also the loan is not tied to the car so the vehicle belongs to you immediately, can be sold at any time you choose, and will not be repossessed if you have problems with payments.