Why is it that fewer than 40% of new car buyers explore other options for car loans than the dealer's on lot financing? The fact is that nearly 100% of the time, you can find a cheaper car loan if you shop around yourself before stepping foot on the lot. A car loan secured by your property - whether it be your new car or other collateral - can save you hundreds or even thousands of pounds over dealer financing. Here are a few things to know about getting the kind of fast secured loan UK lenders can offer you when you're car shopping.
Don't be taken in by ‘exclusive offers’.
Dealers lure a lot of folks to the car lot with promises of 0 down and 0% financing, but those special deals aren't available to just anyone. In order to qualify for the best on lot dealer financing, you'll need excellent credit. There's also likely to be other terms and conditions to secure dealer financing on your new car. The most common is a 12-month term, which generally means staggering monthly payments. Be sure to study any special car loan offers with the same care you'd take with any other loan.
Check your usual bank for car loan offers.
Check with your own bank to see what sort of deal they can offer you on a car loan. Secured loans aren't often their specialty, but if you're a good customer with other accounts at the bank, you may be able to secure a fairly low rate for a car loan. Some will offer you a car loan secured by your other accounts via a direct debit arrangement for your monthly repayment.
Shop online for a secured car loan or personal loan.
Online lenders are another option for finding the best fast secured loan UK lenders can offer. Many online lenders offer special rates on car loans, and can approve your loan fast. As always, shop around to several different lenders, and get quotes from those that offer the best rates and terms. You'll find a great selection of car loans and other types of loans at moneyeverything.com, along with tools to help you compare rates and terms so that you can select the very best fast secured loan UK finance companies can offer you.
By taking the time to shop for a good loan BEFORE you go to the dealer, you can save yourself both time and money, and get the best deal on a new car ever.
Jon Francis has worked within the UK financial sector for more than 15 years specialising in secured loan applications for UK home owners. He's had over 100 articles published, recognised for his use of plain English to demystify the financial jargon usually associated with secured home loans UK companies offer. If you want a ‘plain English’ guide to 3 easy steps to compare over 200 loan plans for home owners, in minutes visit “http://www.moneyeverything.com"