Car Loans - Changing Times.Unfortunately for all you 59 Plate drivers, your car is soon going to be knocked off the top spot by a new comer, named: 10 Plate, ok, sure, it doesn’t sound half as catchy as the plates from the decade just passed but what it does represent is your opportunity to have the newest plate of this decade.
Unfortunately for all you 59 Plate drivers, your car is soon going to be knocked off the top spot by a new comer, named: 10 Plate, ok, sure, it doesn’t sound half as catchy as the plates from the decade just passed but what it does represent is your opportunity to have the newest plate of this decade. March 1, is when sales of cars will go, car loans and car finance will rise with it and everybody who is lucky enough to purchase a new car will be gleaming with pride as it’s parked outside their home.
The government’s scrappage scheme is due to end at the end of this month, or when all the cash flow runs dry. So if you’re contemplating swapping your all banger for a shiny new one, we suggest not leaving it until the last minute.
The scheme has been a huge success; £400 million was injected to help our motor industry during the peak of the recession last year. So how are you going to pay for your next car? There are two options available, cash, or car finance.
Car financing can be a tricky business, so which is the best option to go with? Bank loans offer good APR rate compared to the slightly higher dealer forecourt finance. But remember, due to the recession some banks may not be as willing to lend you the money as they once were. Be careful, get the best price, the lowest APR and haggle! The dealer will always attempt to make a huge profit on each car they sell, your aim to is receive as much discount as possible. Don’t always be put off by forecourt finance, Russell Hamblin-Boon, of the FLA states that just looking at interest rates does not tell the whole story.
“With forecourt finance deals you are like to get an MOT, servicing and an extended warranty.”
So, shop around and don’t be afraid of asking for more of a discount. You have the upper hand because the dealer ultimately wants your money.
Posted by Edwin Miles on