Good car loans may save you money.There are several options open to you when you are looking for good car loans. You may consider taking out a personal loan; hire purchase (HP) may be a consideration in the showroom. In the case of purchasing a cheap vehicle, you may wish to use a credit card.
There are several options open to you when you are looking for good car loans. You may consider taking out a personal loan; hire purchase (HP) may be a consideration in the showroom. In the case of purchasing a cheap vehicle, you may wish to use a credit card.
Using a credit card
• this is really only suitable if you are buying a very cheap vehicle from a dealer. If you are able to transfer this amount to a 0% interest credit card deal for 12 months or so, this may work out a great way to save on the cost of your vehicle;
Hire purchase factors
• this is a choice when buying a brand new vehicle from the showroom;
• you simply choose your vehicle and then the car salesman works out the monthly repayments. They also tell you how much you have to pay in a deposit to drive the vehicle home.
• while this may be among the easiest ways to secure credit, it might not be the cheapest option and so may not offer good car loans.
Factors to weigh up when considering a personal loan
• this may be a cost effective way to obtain a great loan with some of the cheapest interest rates;
• the downside to this is that you typically have to search for the loan yourself.
• however if you choose to look online with a specialist website they may have access to some specialist good car loans not available elsewhere;
• some websites even offer the option of you being able to search for a new or used vehicle and find finance for the vehicle at the same time. This of course may be the ideal solution, as you are able to search with some of the well known lenders in the UK from the comfort of your own home.
When looking for good car loans in the form of a personal loan, the other advantage is that you have cash in your pocket. This may work out to your advantage if you are buying your vehicle from a showroom. As you are paying in cash, you may be able to haggle with the dealer to get something knocked off the cost of the vehicle.
Of course, personal loans are often needed if you intend to buy second hand privately. Whichever types of loan you choose to take always ensure that you have checked over the small print so that there are no nasty surprises. For instance, there may be fees that have to be met if you wish to pay off the loan earlier than you anticipated.
Good car loans are available – it’s about doing your homework and shopping around for the most suitable deal for you. T
Posted by Edwin Miles on