When changing your vehicle, very often a used car will suffice. However even when buying second-hand you might not have the cash to pay for it and could well need to find the best used car finance deal. If you have found the perfect used vehicle at a used car dealership then the chances are that the dealership will try to get you to take out finance thorough them. It is important to realise that the actual dealership is not giving you the finance. They will go with someone they use on a regular basis to get the loan on your behalf. Nine time out of ten this will not be the cheapest rate of interest and by going with a specialist and getting a loan independently you will, in most cases, save money.
If you are considering buying your used vehicle from a dealership, then get the loan first and walk into the dealership with the cash in your pocket. By doing so you can then use cash as a bargaining tool to get something knocked off the sale of the car, plus benefit by saving on the interest rate.
A specialist website will search on your behalf for the best used car finance deal with some of the top UK lenders and then present quotes to you along with the key facts of the loan. This means that you are able to compare them at your leisure for the cheapest and most suitable for your needs. In order to get the best rates of interest you have to have an excellent Credit rating and of course, before going to a specialist you will have to know what it is you want out from a loan.
If you need to keep the monthly repayments down then you will have to spread the cost of the vehicle finance deal over a longer period. However, bear in mind that the longer you take out the loan then the more you will pay in interest. Also remember that a vehicle depreciates and a used car even more so.
Once a specialist has found you the cheapest used car finance quotes then be sure to read the key facts that should be supplied with the loan, these will tell you several important facts about the loan. It should state how much the APR of the loan is. It will also state how much interest will be added onto the cost of what you are borrowing and how much in total over how long you will have to pay back. Some loans come with fees attached, early repayments fees are one and if you should be able to repay the loan earlier than the time specified you could have to pay a lump sum. Of course, this is one way of getting more money out of you so it is worthwhile checking the wording of the loan thoroughly for others."
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