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If you want to buy your new or used car with a loan, it's worth bearing in mind that the loan offered by the car dealer selling the vehicle, may not be the best deal available.

You should contact several different lenders direct. Compare the terms they offer you with the financing the dealer is offering. You should shop around for the best car finance deal, comparing the annual percentage rate (APR) and the length of the loan. Best deals are often available on the internet. When negotiating a car loan, don't just think about the monthly payment. The total amount you will pay depends on the price of the car, the APR, and the length of the loan.

Sometimes, dealers offer very low rates for a specific car or model, but may not also be willing to negotiate on the price of these cars. You may be best off negotiating a lower price and then arranging a loan elsewhere. Also look at the size of deposit you have to pay, and any lump sum at the end of the loan.

Before you sign a contract to purchase or finance the car, make sure you really can afford the repayments.

Some dealers and lenders may ask you to buy credit insurance which will pay off your loan if you should die or become sick or disabled. However, before you buy credit insurance, consider the cost, and whether it's worthwhile. Check your existing policies to see if you're already covered.

Most people do not realise that they have capital locked up in their property which could be used for buying their dream car.

You can release the capital tied up in your home with a secured loan. The loan can be used for any purpose, and is available to anyone who owns their home. Home loans can be used for any purpose such as, new car, home improvements, pay off store cards or credit card debt and debt consolidation.

A secured loan is great if you want to raise a large amount; are having problems getting an unsecured loan; or have a poor credit history. Many lenders look more favourably on people who are home owners as this demonstrates a commitment to repay a large amount of money over a long period and the loan may be secured upon the property.






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