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Firstly, there is the Annual
Percentage Rate (APR) which all lenders must quote by law. The lower the APR
the cheaper it is to borrow money. Then there is the repayment period for the
car loan.
Finally, compare any finance arrangement fees and penalties
that could be imposed for exceeding a mileage limit, repaying early or
returning the car in poor condition.
You need to compare the cost of the car had you bought it
outright for cash with what you will pay overall at the end of the agreement.
The difference between the two figures will give the total cost of borrowing
the money. Go with the best deal, but first read all the small print!
Caution: If a finance company requires a larger deposit, or a
guarantor, some dealers may use this as an excuse to raise the interest rate.
Weekly payment systems may be used to make borrowing large amounts at high
interest rates seem very tempting. Check what the APR is!
Happy Hunting!
Important tips when looking for Car Credit
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Put down the biggest deposit that you can afford
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Work out how much you need to borrow
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Check out terms from different lenders
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Compare like with like loan amount and term
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Always check the APR (annual per cent interest rate)
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Secured loans are cheaper than unsecured loans
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Apply to see your credit record if a loan is refused
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Contact the lender if you can't keep up repayments
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Consider a payment protection scheme
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Get fully comprehensive Car Insurance cover for the car
Special Offers on Car Finance for ALFA ROMEO, ASTON MARTIN, All
Classic Cars, AUDI, BMW, BEDFORD, BENTLEY, CHEVROLET, CHRYSLER, CITROEN,
DAEWOO, DAIHATSU, DAIMLER, FERRARI, FIAT, FORD, HONDA, HYUNDAI, ISUZU, IVECO,
JAGUAR, JEEP, KIA, LADA, LAMBORGINI, LANCIA, LANDROVER, LDV, LEXUS, LEYLAND
DAF, LINCOLN, LONSDALE, LOTUS MASERATI, MAZDA, MCC, MERCEDES, MG, MITSUBISHI,
MORGAN, MORRIS, NISSAN, OPEL, PERODUA, PEUGEOT, PONTIAC, PORSCHE, PROTON,
RELIANT, RENAULT, ROLLS-ROYCE, ROVER, SAAB, SEAT, SKODA, SSANGYONG, SUBARU,
SUZUKI, TALBOT, TATA, TAXI, TOYOTA, TRIUMPH, TVR, VAUXHALL, VENTURI,
VOLKSWAGEN, VOLVO, WESTFIELD, YUGO
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