New Car Finance considerations.If you are looking for new car finance, then you have a number of options potentially available to you. By weighing up the pros and cons of each one, you can get a feel for which option may best suit you. Here we look at some of the options that may be available to you:
If you are looking for new car finance, then you have a number of options potentially available to you. By weighing up the pros and cons of each one, you can get a feel for which option may best suit you. Here we look at some of the options that may be available to you:
• Forecourt finance – this is where you buy a new car from a dealership and they provide the finance. This means that the vehicle is not legally yours until the loan has been settled;
• Personal or car loan – this is where you arrange the finance yourself such as via a bank, broker or other provider. This puts you in the position of being a cash buyer when you walk in to a car dealership, so may give you room for negotiation on the price or extras. It also means that the vehicle is yours.
• Specialist motoring websites – some websites offer a one stop shop where you can buy a new or used car and arrange finance and car insurance at the same time!
When taking out any kind of finance, whether for a used vehicle or new car finance, you should feel comfortable that you will be able to meet the repayments. If you feel that it may be a struggle, then you should carefully review the affordability of the loan and decide whether you do need to borrow so much.
You may find that you will have less financial pressure if you opt for a lower priced vehicle.
When looking at affordability, don’t forget to also check out other costs such as car insurance, car tax etc. It is all very well to have a nice looking car, but if it is a gas guzzler or costs a lot to insure, the pleasure of having it may soon be overwritten by financial worry as you keep shelling out for the vehicle and any associated costs.
So, if new car finance is something you are considering, weighing up your options may help you choose the right solution for you.
Posted by Edwin Miles on