Drive your Dreams with Car Loans
September 29, 2008
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 todays 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 isshop 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
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