While the car loan market is definitely still having trouble, experts are stating that good deals on car loans are still available, consumers just have to hunt for them. The car loan market has been struggling thanks to the housing crisis, but it appears as though a few options are still available.
“Shopping around for competitive loan before shopping around for the car is essential.” comments Simeon Linstead, head of personal finance at uSwitch.com. “Buying a brand new car is a big expense which can be seriously inflated if the financial arrangements are not researched thoroughly. Trusting consumers may think that purchasing a vehicle from a reputable dealer also means they will be offered the most competitive finance deal - but this is certainly not the case.
“Paying over the top for finance is one expense that can be easily avoided.” he continued, “This really is a case of ‘act in haste, repent at leisure’ as a loan from the dealer could cost the consumer as much as £1,000 extra in interest. Having the money available before choosing a new vehicle can also add to your bargaining power when on the forecourt - you may find you are able to drive down the cost of the car as you strike an immediate deal.”
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