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Car Finance Tips – A Guide to Car Loans

Todays Date: November 21, 2018

Once you’ve chosen your next car, it’s time to find the best method of car finance to suit your needs. But with a multitude of options to choose from, where do you begin?

There are several common options for car-buyers to choose from. The first is to buy the car outright (cash buyer) – the most cost-effective solution, but often not suited to many people’s circumstances – followed by hire purchases, car leasing and personal contract plans. However, one of the most effective and popular options is to take out an unsecured car loan.

In this instance, car buyers can approach a bank or loan provider and then take the full amount of money to the dealer to buy the car outright. Regular repayments are then made to the loan company over an agreed period of time.

Why choose a car loan

One of the biggest advantages of this method is that your loan is not secured to the vehicle itself, so you can sell it whenever you want. Another reason is that the loan repayments are commonly lower than the other options available to you.

What to consider…

As with every loan you take out, it’s important to find the best deal for you from all those on the market. The easiest and quickest way to do this is through a car finance broker that will take the legwork away from you.

A reputable broker will compare loans from the top lenders, finding the best rates for your specific needs. While your credit history will be a factor what your options are, the most important figure they’re interested in is the monthly repayments you can afford.

Plan ahead…

Always plan ahead. Researching the topic is a great place to begin, but also think about your own situation and what it’s likely to be over the period of the loan repayments. Think about what you can comfortably afford on a monthly basis and what you can afford to pay in the long term.

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