Drive your Dreams with Car Loans
By Robert Parker
How many times have you caught yourself fantasising
about the gorgeous Ferrari? Do you find it
difficult to take your eyes off the luscious
Lexus?
Well! Gone are the days of fantasising and
daydreaming about cars. In today’s age of
financial boom, if you have a car in your
mind, it can be yours in no time at all. You
may ask ‘how’? The answer is simple and straight,
you can drive home your dream car by availing
car loans.
Now, the question arises from where
to find the cheap and most reliable car
loan deals? The answer is: shop around,
get quotes and look for the best deals.
There are several ways of borrowing money
to buy a car. If you intend to buy a new
or second hand car and keep it for at
least four years, then a straight loan
or hire-purchase will cost you less in
the long run. In a straight car loan you
can avail the money outright and can repay
in agreed monthly instalments. Most importantly,
in a straight loan, the car will be yours
from the start. In contrast to straight
loans, in a hire purchase you pay a deposit,
a fixed amount for an agreed number of
months and then you own the vehicle. Hire
purchase is easily available and is mostly
cheaper than other types of car loans.
You can also opt for personal contract
purchase plan (PCP) if you intend to buy
a new car and plan to swap it for another
new car within 3 years. In a personal
contract purchase plan (PCP) you pay a
deposit (up to 20% of total), followed
by agreed number of low monthly repayments
for up to three years. A final payment
must be made. At the end of the agreement
you can either keep the car or hand it
back, you can even part-exchange it for
another new car.
Remember the car financing market is
highly competitive. You will encounter
a wide range of financing options. Before
taking the plunge, weigh all the options
available. The best way to avail the best
financing options is to compare the deals
available. When comparing quotes, look
at the annual percentage rate (APR). Also
keep an eye on the total cost of the loan.
The total cost includes amount borrowed,
added to the deposit, interest paid and
other charges.
Before finalising the deal, make sure
to explore all the options available.
About the Author: The author is a business
writer specializing in finance and credit
products and has written authoritative
articles on the finance industry. He has
done his masters in Business Administration
and is currently assisting Ecar-Loans
as a finance specialist. For more information
please visit: http://www.ecar-loans.co.uk
Article Source: http://EzineArticles.com/?expert=Robert_Parker
