Consider how you will pay for your new vehicle before buying will save you some money. The end result will still be you driving a new car but the same cannot be said about finance options.
Depending on where your finance comes from, you might pay off the loan in a few months or save some money on interest. The pros of borrowing from a bank and building society include competitive rates and possibly a personalised service. Also, you will be able to borrow all the money from a single creditor rather than trying to raise the funds in a piecemeal fashion.
At face value, financing a car through a dealer can seem like a great idea as this I likely to be the quickest and easiest method of taking out finance and on occasion, you may even find the unscrupulous dealer filling out the forms for you without asking how you intend to pay.
We compared a number of examples from well known high street banks and found that Alliance & Leicester currently offers the most competitive car loans at 6.9% APR Typical for personal loans between £7,500 and £20,000 (as of 20/09.2007). Applying Online is also simple and takes 10 minutes and you could have a decision within the hour so can be as quick as using the dealership. However, unlike the car dealership loan, such personal loans are usually a simple interest loan with no hidden charges.......
Source: http://www.nouse.co.uk/2007/10/30/finding-the-
best-car-loan/ |
