When thinking about car finance it is important to get to the bottom of your particular needs. If you think you may only qualify for a small car loan you could consider hire purchasing your car.
Thorough research is always the key when making a financial decision, and car finance – whether it is a lease purchase, car refinance or personal contract purchase (PCP) is no different. Look on the internet for advice guides, check out the latest book prices of cars, and look at forums where owners of the Audi or BMW you want discuss their experiences.
Its a bit like renting a place, but you have the option to buy at the end. This is a great option if you need to be seen with the right car, need to have a car for work but are not going to start making the big bucks until a few years time this option allows you to have the flashy car but not having to pay a huge loan back until you are earning more money. With car hire purchase, or lease purchase it allows all the freedom in the world.
Did you know you can refinance the car you already own? Whether it is currently funded by another loan or all yours, you can release the equity in your car with a car refinance deal. As with credit cards and bank loans, this could save you money.
If you planning on buying a new car and do not want to go down the hire or lease purchase route you could always apply for car finance, or a car loan. With this option you will need to make a down payment, we tend to look at it as the deposit, and then you will pay monthly instalments to your loan company over a set number of years.
Often financial advisors have access to a variety of other sources of information. If you havent found the perfect car they will often have access to a range of affiliate partners who can get you your dream car at a fraction of the cost, along with a great financial package to boot!