The Guide to Financing a New or Used Car Funding Your Next Vehicle This article is for those serious about accessing some type of car finance to pay for their new car. This complete car finance guide describes all the information you need to know before making an application. The guide has come about from 25 years of experience dealing with new and used vehicle finance lenders across the UK. So, there are important things you probably didn’t know about, that you’ll be glad to have learned before you apply. Note that I have cut through a lot of the pains to accessing a great credit lender. During this guide I discuss what I believe to be as the leading, ethical, affordable lender within the UK. This opinion is based on first-hand experience with multiple lenders across two decades, whilst running several successful car dealerships here in the UK. The benefits of not borrowing from your bank Obtaining a bank loan for a new car is viable, provided that you have a good relationship together. However, there are some limitations to high street lending: You can only borrow a fixed amount of money. This actually limits your car buying options (more on this in a moment.) Usually you can only borrow from your bank once in a given period (subject to personal circumstances.) If you have an emergency and need to borrow money quickly, you may not be able to ask your bank because of your existing loan(s). Interest rates tend to vary, depending on the amount of money you borrow. For example, the less you borrow, the higher the interest rate may be. This means that borrowing just one pound more from your bank could save you hundreds or even thousands of pounds! i.e 10% Bank loan interest on loans up to £5,000, 7.5% interest on bank loans over £5,000 (for example £5,001.) There are strict criteria (relating to your credit rating.) If your credit file is less than perfect you will probably find it difficult obtaining loans from your bank. Any missed payments or exceeded overdraft limits will be taken into consideration when applying for funds from your bank. Bank loans for cars was often the cheapest route to borrowing. But these days there are an array of options available to you, with scores of companies vying for your business. It’s largely a consumer’s marketplace. Narrowing car finance deals but giving you all of the options Early I mentioned to you that I’ve taken a lot of the pain out of accessing car finance deals. It means I have worked with many different finance companies and know which financiers to avoid, and which are reputable, ethical and have a variety of options. Some of the companies I’ve dealt with include Blackhorse Motor Finance, Zuto, MotoNovo, First Response Finance and even Wagon Finance from back in the early 1990’s. I have also dealt with CreditPlus, who are a 10 year old company, based here in the UK. Of all the car […]
via Buy or Sell a Used Car Without Getting Ripped Off http://theusedcarguy.co.uk/finance/car-financing-deals-loan-calculator/
via Buy or Sell a Used Car Without Getting Ripped Off http://theusedcarguy.co.uk/finance/car-financing-deals-loan-calculator/