When it comes to buying a car there are a number of things to consider, not least the cost and how you are going to pay for it. Whether it is a new car from a main dealer or a used car, it makes no difference.
The car market has been fairly quiet in recent years but with the economy gradually showing signs that the worst is over, a change of car is something that more and more people are considering. It might be that you have had your eye on a good deal for a while and don’t want to miss the opportunity. It may be that you feel more secure in your job and feel confident that the future looks good.
Whatever the reason, this is a large purchase that you don’t do every day so it is important to make the right decision on the model you want and the best way to pay for it.
The financial sector is well regulated so there is a good deal of built in protection with arranging any sort of finance; the secret is to get the best deal so that you are not paying any more than is necessary.
The Internet has plenty of information on the subject; there are comparison sites which can give you an idea of the APR you are likely to pay on car loans. It is important for household budgeting to know the monthly commitment and the terms of any financing.
If you have had any financial problems in recent years you may find that the interest rate you are offered is slightly higher because of your credit history and the extra risk that is perceived.
There are companies specialising in vehicle loans that do much of the ‘leg work’ for you by looking for the best deal from a range of providers and it is certainly worth looking at such a company to see what is on offer. You can get a feel for the quality of a company from its website; it has become the single biggest marketing tool at its disposal and hence it is likely that there is comprehensive information to read even before you make any contact with questions.
Test the system
One of the real strengths of the World Wide Web is that it is interactive. It allows browsers to make contact and get a response. In the case of finance companies that can be inputting information about requirements and receiving a response based on the information entered. It might be as simple as asking about the cost of a £10,000 loan over 3 years; you’ll have the answer in an instant.
If you are happy with the figures that are produced you can go further and ask about a specific deal; perhaps for a car that you know is available at a particular price. A decision in principle may only take a matter of minutes. When the price is right and the service is good you need look no further.
Steve Smith is a freelance writer who lives on the South West coast of Turkey in the small town of Dalyan, famous as a nesting site for the endangered loggerhead turtle. He writes on a range of topics from current affairs and economics to consumer affairs and car finance.