Anywhere around the world, car salesmen have the worst reputation of any market. There is an old joke that has the salesman calmly sliding the pen across the desk and telling you to sign on the dotted line. Altogether too often, that is how a car deal is made. Financing a car can follow the same path if you aren?t careful to check out where to find the very best?new car finance deals. It isn?t really hard to locate great rates and lower finance charges once you learn how to be a savvy shopper.?
How Many Ways Are There to Finance a Car??
So many car buyers actually believe that the only way to finance a car is through the dealership. Of course, this is what they would like you to believe but this is just not true. Too many times car dealers are reported to the Financial Services Authority because they mislead buyers into thinking that the car must be financed there. UK laws have strict regulations in this regard and you are free to explore your options.?
So, how many finance options are there? Of course there are personal loans, top-ups on mortgages, credit cards although that is not a very good choice, personal contract purchase at the dealership, hire-purchase, conditional sale and even personal contract hire. But car finance lenders can easily be found with a quick online search.
What to Know Before Searching for Finance Deals?
Of course your credit standing will play a big role in how much you are charged in rates when looking for new car finance deals, but you will also want to look for standard options such as fixed vs. variable rates. Some car loans are fixed and others are variable based on market rates. Make sure that your loan is fixed rate if you are on a stringent budget and that the fixed rate is throughout the term of the loan.?
Comparing rates online is perhaps the easiest way to find a car loan that is right for you. There is no rush and no pressure because you can browse at your own convenience. Look for good deals and once you have singled out a few lenders, you can selectively narrow your choices. In fact, you can even apply for a car loan online and some people actually apply for the loan or get a pre-approval before choosing their car! The most important things to know are that credit impacts your finance rates and that you are free to choose the lender you want to borrow from.
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