Tuesday, November 13, 2012

Get The Best Car Finance Deal - Top Tips

Looking to finance your next Audi? Here's a guest post from Car Finance 24/7 filled with tips to help you get the best car finance deal...

If you're buying a used car it's unlikely you're going to be able to hand over all the money in one transaction, whether cash, credit card or cheque. Most people will want to take out finance to spread the cost and make their purchase more affordable.

Taking out a car loan can also allow you to perhaps upgrade the type of car you can buy, with affordable repayments making it possible to go for a better make or model.

Of course, getting the best rate for your car loan is vital. The more competitive the interest, the more you have to spend on your car. At Car Finance 24/7 you can get low rates, with no deposit required. This means you can finance the entire price with the loan. In addition, there are no fees to pay.

The better your credit rating, the better the loan rate you will be offered. So whilst you can apply for car finance even if you have defaults, arrears, CCJs, or a history of missed loan payments, carfinance247.co.uk can still work to get you the best possible rate for your circumstances.

You can get a free credit report from a credit monitoring service to let you see just how credit worthy you are. If your credit rating is low it is possible to improve your score and get access to better car finance deals.

Get a credit card and make sure you don't miss any payments and stay within the credit limit. That way you can start to build up a new credit history or help to fix a tarnished one.

Space out applications for credit as well as mobile phones, car insurance and other products to avoid credit search notes being left on your file, because these can damage your score.

If you have existing loans, always keep up with the minimum repayment plan at the very least and try to avoid missing or defaulting on any payments. Any such incidents will hurt your credit score. Any that have occurred within the last 12 months will cause more problems.

Make significant new applications for credit, such as for your new car, before moving house as this can also detrimentally affect your credit score.

As with any finance product you need to shop around to make sure you get the best deal on your car finance. Look for attractive low rates that can help make your purchase affordable.

Spreading the loan out over more years will make the monthly repayments less but will cost you more overall, so play around with the figures to work out how long you would prefer to take the loan out for.

If you can part finance the deal yourself by paying a deposit, you might get access to more preferable rates than if you want to borrow the total purchase price.

Always take the time to work out what the monthly repayments will be and make sure as far as possible that you are comfortable paying them for the full duration of the loan.

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