Car Finance

Monday, March 22, 2010

Best Car Finance Deal Part 2 - Six Top Tips For Comparing Car Leasing Deals

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The car shopping process takes 6 months from start to finish for the average car shopper. Interestingly, 95% of this time is spent on comparing car make, car specifications and 'On The Road' price.

This means that on average only 5% of the 6 months of car shopping time is spent looking at how to finance a car. Ironically, if people spend more time comparing finance prices, they can save thousands of pounds on the cost of their car.

In part 1 of "Get the Best Car Finance Deal" I provided three key factors to be considered when deciding between car leasing vs car buying. However, the comparison does not stop there! If a car shopper decides to opt for car leasing, then there are a few key tips that he or she must consider when comparing leasing deals for a contract car.

If we take the example of two car leasing products (Contract Hire - for businesses, Personal Contract Hire - for individuals), when a car shopper is comparing prices, it is not just the monthly payment for the lease that should be considered as the key driver of the best deal.

Sure, this is important but you need to ensure that you are comparing like with like. Therefore, to get the best contract hire deal for his or her contract car, a person MUST also:

1. Ensure that the vehicle specifications are exactly the same. It goes without saying, but, some dealers or brokers have access to great deals and they may try to sell you a different car spec for the make and model that you thought you wanted and for which you have already obtained a quote.

2. Be sure that the contract period (eg; 36 months) for each lease deal that you are comparing is the same.

3. Ensure that the mileage for each lease deal that you are comparing is the same (and the cost of excess mileage).

4. Ensure that the upfront payment (deposit) for the contract car is the same for each deal that you are comparing. This is usually 3, 4 or 6 months.

5. Ensure that all quoted prices for monthly payment either:

a. include maintenance or

b. do not include maintenance

6. Ask if there are any fees in addition to the monthly fee and upfront payment (sometimes called introduction fee or credit acceptance fee).

You can obtain a comparison of all car finance products based on all of the above by using FinanceAcar.

Simon Norman has more than a decade of experience working with top UK websites and comparison sites. He is a specialist on advising car shoppers on the advantages, disadvantages and complexities of car finance and car leasing.

In particular, he has significant experience in advising on how to get the best leasing deals for a contract car. For more information on car finance or car leasing comparison visit http://www.FinanceAcar.co.uk

Article Source: http://EzineArticles.com/?expert=Simon_Norman

Labels: best car finance, deal car finance, tips for car finance

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Secrets to Getting Car Finance Loans

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Have you ever been in a situation where you need a car but you do not have the right amount of financial resources to purchase one? Well, the answer to that must be pretty obvious, yes right.

Anyway this problem is definitely one that can be solved when you know exactly what to do and I am going to show you that right now. Car finance loans are the loans you can get to pay for a car you cannot afford to buy.

Car finance loans are personal loans that are granted by a bank to help you get the car of your dreams. Generally it is credit institutions that have these loans and they give them out on an application and approval basis.

So visit any one of these banks and they will take you through the process of applying for one. When you do eventually apply you must take with you a recent pay check as well as the supporting documentation for the car.

Apart from this regular paperwork they also require a credit report. A credit report is a report on your previous loans and how you have paid them back. In order for your application to be successful you must definitely make sure you clear all your debts beforehand. But if you do not so many consequences will avail.

Usually a bad credit score means higher rates of interest than usual. But if the report is clean this definitely implies you will not be required to pay a lot of interest, in fact it will be reduced considerably for your convenience.

On top of this it is important to remember that the type of car you want determines to a great extent whether your application is going to be approved. Make sure your salary matches well with the type of car otherwise you are going to be turned down. And when a loan application is turned down it also impacts negatively on your credit report.

Finance basics

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Having the right amount of money to buy a car is never an easy thing to do. For the most part you will have to sacrifice a lot of luxuries in order for you to afford the car you really want.

But the rather fortunate thing is that there are car finance loans that are available to drivers who cannot pay cash for a motor vehicle. These loans are just like any other ones, but of course there are a few differences.

Generally there are two different types of loans for purchasing cars, personal car loans and dealership payment schemes.

Personal loans for cars are offered by different authorized credit providers like banks and purely lending institutions. Such loans are actually applied for and have to go through a short approval process during which you will either be turned down or accepted.

Generally these loans are given after a few procedures have been carried out. You obviously have to submit a pay slip that reflects your ability to pay back the loan.

In addition to this credit checks are also carried out at the credit bureau where records on previous debts and corresponding payments are looked at. These credit checks are fundamental to any credit application as they indicate whether you will be able to pay back the loan.

So if you have not been paying back your debts this will amount to a negative credit report. Such a bad credit score later amounts to higher interest rates and the opposite is true.

But apart from these personal loans other ones are also dealership credit schemes whereby the dealership gives you a car on credit and every month you pay them a certain amount of money.

Generally you ought to be careful with these ones. Sometimes you can be charged excessively high interest rates and there is also the possibility that there will be other charges you do not know about.

finance basics

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Financing a car is never an easy thing to do. Cash is never readily available and when push comes to shove the only opportunity left is car finance loans.

Car financing has to be seriously considered in light of the large number of incidents involving people who have found themselves unable to pay back their loans because they did not know a thing or two about the credit conditions on the loan.

There are personal loans that are available for people who intend to buy cars. For the most part these do not go through the lengthily application approval period typical of mortgage loans.

Basically you will have to undergo a credit check before you get the loan itself. A credit check is a standard procedure whereby credit providers go through your credit report from the credit bureau.

So if you have any outstanding debts that are due for payment you must make sure you clear them before making an application. But generally a good credit score indicates that you are not a person who would fail to pay back debts.

In addition to this it is advisable that you also place a down payment on the loan as this again tells the credit provider that you are more likely to pay than a person who does not.

The other thing you must be wary of is the rates of interest for banks. Interest rates for banks are generally high when you have a bad credit report, or if the car you intend to buy is pretty expensive. And sometime interest rates are lowered if you make a down payment or if you have a good credit score.

But these are just the basics. But the last thing I will mention is the fact that car dealership loans given by your selected car dealer are ones you should be careful of. Sometimes the interest rates are hiked tremendously and can be out of the immediate reach of your financial abilities.

finance basics

Article Source: http://EzineArticles.com/?expert=Miki_Blue

Labels: about car finance, basic car finance, information car finance

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