Car Loan Advice
Car Loan Advice
Only borrow what you can afford. [1]
There are constantly new cars being released all advertising themselves as having the latest gadgets, looks, plates and now even finance options. It is very easy for most of being smacked in the face with these adverts on T.V, Radio, Newspapers, Billboards we all feel the desire to change your car every now and again. With news of modern technology in cars creating the opinion that cars no longer just take us from A to B but actually a statement saying look at me, Im successful. Of course, nearly everybody enjoys a bit of luxury, men are known to be a lover for gadgets but some of the latest cars today go way beyond this. For many people this means buying the latest fanciest car a necessity, and with so many car loans available, it is far too easy to sign your name on the dotted line before actually knowing what you are getting yourself in for!
Although this can be great, the appropriate advice is to not to get a loan that you are unable to pay back comfortably. Before getting too concerned about your new car, make sure you are concerned with your finances.
Which Car Loan?
When you have first worked out your finances on what you can afford, you can then have a look at what is on offer with the latest cars. It is much better to do it this way round; making sure your expectations are not too high leads to an enjoyment purchasing your new car rather than a disappointment.
The important factors are the length of the loan and the interest rate, both of which effect how much you will pay for your loan. [2] Remember to always find out what the companies procedure is if you have financial problems during your repayment (this can be vital).
Loan Attributes
Before you go car shopping, learn from the car-buying mistakes of others so you can avoid making them yourself. [3]
With so many advertisements telling you that they are the best new car loan deal, it is also very easy to sign your name on a dotted line before you even know what is going on. Therefore it is very important to shop around!
The length of the loan needs to be a small as possible; this will make the total amount that you pay less! Taking note of deals and using car loan calculators to work out the best appropriate deal possible is vitally important when trying to keep on top of your finances.
The interest rate should be quoted as APR (annual percentage rate) to enable you to compare different financial packages. [4] Car loan calculator are very important in this case because they give you the answer to many important questions such as the What is the total cost of the car loan.
Remember that the journey of taking a loan out for your new car is just as important as any other journey you face; therefore keep safe!
References
http://www.autotrader.co.uk/CARS/loans/car_finance_faqs.jsp, Finance FAQs (AutoTrader, Date N/A)
http://www.prudentminds.com/car-loan.html, Car Loan (Prudent Minds, 2009)
http://www.lendingtree.com/auto-loans/advice/, Auto Loan Advice and Calculators (Lending Tree, Date N/A)
by: Peter Nadin
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