Financing the purchase of your car can be difficult. Recent research has highlighted the fact that most consumers have decided how to pay for their vehicle even before visiting a forecourt. Reasons for this include high interest rate charges and the motor trades poor reputation. Showroom finance is often not considered as an option, with high street and online lenders greatly preferred, perhaps not surprising considering that they do traditionally provide better car finance deals.
There are six main ways in which a new car can be financed. The first is a credit card. However, high interest rates mean that this should only be used as a short-term measure, possibly to pay a deposit. One of the most popular ways of paying for a car is through a personal loan. This simply involves taking out a loan with a bank or other financial institution, and can often be arranged over the phone. Interest rates are competitive and you can pay for the whole cost of your car. Alternatively you could deal with your existing lender if you have a mortgage. Money can be borrowed from a mortgage provider, either by getting a second mortgage or withdrawing equity from your house. The advantage of...
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