Finding The Best Car Loan For You
When you wish to buy a new car, it?s not always possible to pay cash. Of course, paying cash for any purchase is the easiest and most sensible method, since you do not have to borrow money and are simply buying what you can readily afford. However, if you fail to pay cash then there are a number of great methods to help you get the car you?ve always dreamt of:
0% is possible
As car manufacturers are trying harder and harder to shift slow moving models, the finance deals that they are offering become better and. Some manufacturers are even offering 0% finance deals for anything up to 5 years. This means you will pay for the car in monthly instalments without having to pay any interest. However, you should bear in mind that you need a a good credit score rating to get 0% finance, and you can still negotiate the buying price of the vehicle to get a better deal.
Negotiate car and loan separately
It is advisable to negotiate the price of the automobile and any financing separately. You should work out what type of financing you will use before looking at a car, as this will put you in a much stronger position. Negotiate the cost before telling the dealer your method of financing, so that you can get the best deal for every product separately.
Try and steer clear of dealer financing
Although you can get some great deals with dealer financing, overall it is more expensive to obtain your loan through the dealer than if you get your loan elsewhere. This is because the dealer receives cash incentives in the lending companies to secure such financing, which boosts the rates that you have to pay. If you have pre-approval for financing before you negotiate with the dealer, then towards the dealer you are essentially a cash buyer. This puts you inside a stronger position financially and will help you to get a better deal on the vehicle.
Home equity loans
One alternative method you could use to finance your car is to buy a home equity loan. The rates payable are generally lower, but of course you are putting your property at risk. If you have a great steady income than the can be a useful method for you.
Ownership and part exchange
When you get auto financing, it is important to remember that this type of financing is called hire purchase. This means that if you default on payment, you?ll lose your vehicle, as you do not technically own it until all payments are made. You should always remember that whether or not the car goes wrong, you?ll still need to pay for the vehicle.
Another thing to remember is the worth of your current car. If you have a car already, you can use this vehicle as a part exchange for the new vehicle, or because the down payment. This is particularly useful should you dont have much free cash to pay for the deposit on the new vehicle.
Shop around
As with any other loan, it pays to shop around to find the best deal. Take a look at various dealer options, online lenders and banks to find the best deals. If you get the right loan for your needs, you will save a lot of money in the long-term and not pay a lot more than the car is worth.
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