With economic problems slowly diminishing it is time for a new beginning. The financial atmosphere has changed and it is unlikely that the days of easy credit will return but there are reasons for optimism and perhaps you can think to the future rather than the past.
The market in many things has been relatively quiet; major expenditure has often been delayed until the economy began to show positive signs. This may be the time to buy; there are still excellent deals to be had in the motor industry after all and they will be in place for some time yet if you have the money to do the deal.
While some financial institutions are showing a marked reluctance to lend money others have realised that there is demand for loans for everything from vehicles to housing and they are willing to provide. Many providers market themselves online and with ecommerce now widely accepted that is the place to go for further information.
Get to work
There is no one way to buy a car and finance it. You may wish to make sure you have the finance in place before you ever go shopping for a car. You may do it the other way round without knowing for certain that you can get the finance. It is purely a matter of choice.
Whichever way you choose it is important to make sure that you find an auto loan company that is flexible; one that does not insist that you buy from particular dealers, will give a quick decision and has a range of sources for finance so that it can select the most competitive deal for you.
Full financial details
You want to know what the implications of borrowing a certain amount over a fixed term are; that is the ‘affordability decision.’ The company you want to find will be quick to respond to any questions in person or online. The option of actually speaking to someone rather than simply doing an online application and receiving back an approval is one that shows the company understands the importance of service.
There certainly should not be any fees involved in providing a quotation. It will be rare that anyone is rejected even though there may be a higher APR for those with problems in their credit history. The agreement should be covered by Consumer Credit legislation so there is little to fear about handling this online.
The choice is up to you
There are varying terms available for car loans; the lower the monthly repayment the longer the term. The longer the term the more interest you will pay. These are important considerations for your finances.
If you have done the negotiation for a car and have the financial approval you need, then you can expect to be driving the new vehicle very quickly. Certainly there should be little delay on the finance so it is a matter of whether the model and colour of your chosen car is immediately available. The future is coming soon.
Steve Smith is a freelance writer who lives on the South West coast of Turkey in the small town of Dalyan, famous as a nesting site for the endangered loggerhead turtle. He writes on a range of topics from current affairs and economics to consumer affairs and new car finance.