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Car Finance Buying Tips

Always check three things with any finance deal:

  1. Firstly you should try and put as much of a deposit down from exitsing savings as possibe. The interest you get on your money is always likley to be less than the interest your will have tp pay on a loan or finance repayment.

  2. Always know your budget and don't get caught out when the car salesman suggests that you pay the loan back over a longer period of time. I you are buying a 5 year old car with a 48 month repayment. The vehicle is going to be 9 years old when its paid for. If you are liklely to want to sell the vehicle before you have finished paying for it you should consider personal loans. Hire Purchase can be very expensive if you pay it off early and take out another loan.

  3. Calculate how much are the monthly payments and any additional payments at the end or start of the deal.

  4. Work out how much interest are you paying in total and over what period.

  5. What are the options and penalties if you want or need to come out of the deal

Remember there are other ways to finace the purchase of a new car. Often these can be cheaper.

  • You may be able to add the cost to your mortgage which is generally cheaper. However, remember that this will be secured on your home.

  • Personal Loans - sometimes these can offer better value and these do not have to be redeamed when you sell the car

  • Savings - if you have savings you should consider using these before borrowing money.

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