Do you Need Funds for a New Car? Why 0% Car Finance May Not Be For You

0% car finance
0% car finance

0% car finance. Most car finance companies offer this nowadays. But do you really know what it means? It seems attractive, doesn’t it? 0% finance. Basically, it means that technically, you don’t have to pay interest if you buy a new car. You can benefit from low monthly payments, and as a result, save money in the long term. With a 0% finance opportunity, you can have the car of your dreams – like that new Ferrari or that red-hot Porsche.

But if you want to be realistic, a 0% finance deal is not for you. Why? There are plenty of reasons why not. First of all, a 0% finance deal is quite rare. You have to search high and low for this type of deal. This doesn’t mean that not many car lenders offer this. If you remember, we just mentioned that most car finance companies offer 0% finance nowadays. The reason why it’s quite rare is that competition is fierce. Many consumers snap this up before you know it – and you have to be quick on the draw in order to get a 0% finance deal.

Be wise – look at other, better options when buying your new car.

Ask yourself this: what kind of car do you need? Do you need a solid, practical vehicle that can take you in and out of the city and does not guzzle petrol like there’s no more tomorrow? Or are you looking for a vanity model that will let you strut your stuff and get the girls? You need to establish your priorities when you are thinking of buying a car.

Car maintenance is of prime importance, as anyone will agree. While it’s easy to get caught up in the beauty of a Ferrari, you need to consider that maintaining it might cost you a pretty penny. Weigh your options carefully, and think about the long-term cost of this type of vehicle.

The reason why we’re mentioning a Ferrari is because most 0% car finance deals offer these luxury vehicles. If you’re looking for a Civic or a Ford Focus, chances are, you won’t be able to get 0% finance for it. More often than not, 0% car finance packages are only offered for high-end vehicles that cost approximately £50,000 or more – so at the end of the day, the main question you should ask is: do I really need a Ferrari to get around?

Beware of the fine print – need we say more?

Okay – you’re getting 0% finance, which means lower monthly payments. But chances are, you might also be getting a little extra – hidden charges, fees, and repayments. Check the small print carefully before you affix your signature to a 0% car finance deal, or you might end up paying more in the long run.

Your best option would be to go for a quick, hassle-free application process online, where your chances of getting approved are 90% or more.

If you want to know your options when it comes to competitive rates that will benefit you more than 0% car finance deals, visit Carloan4u.co.uk and speak to a free personal advisor today.

Tom Veasy is a freelance writer with an interest in consumer and financial affairs. He writes for several financial blogs about the benefits of 0% car finance.

Do you Need Funds for a New Car? Why 0% Car Finance May Not Be For You

Getting Car Finance With Bad Credit – is it Possible?

Car Finance With Bad Credit
Car Finance With Bad Credit

For most people who possess poor credit securing car finance is a difficult task, however it is not impossible. Because the first consideration for the loan approval will be your credit history as that judges your financial status. Fortunately, there are many financial institutions that specialize in endowing loans to the car purchasers with bad financial issues in their past, such companies offer higher interest rates. However there is a possibility of you qualifying for a guaranteed car loans with decent terms and lower interest rates that saves a plenty of cash over time. There are different types of financial institutions that have different considerations and benefits associated with them. The below mentioned instructions can be executed in order to secure a bad credit auto loan:

One: The primary step that has to be implemented by you is checking your current credit rating. This can be done in a specific and detailed manner by asking your creditor to provide your complete account transactions data. Otherwise you can also consult the credit bureaus that fulfill the federal requirements and offer free credit report on a yearly basis.

Two: Ascertain that you pay thorough attention for any mistakes that have been mentioned on every bad credit entry that is present in your file. As the credit institutions are prone to commit mistakes and report incorrect data of the customer. You have all rights to dispute for any erroneous reports with the support of Federal law, if the creditor fails to fix the false information in duration of a month.

Three: After you have settled your disputes with the finance sources you can apply for the auto loan as you receive new credit report that possess the positive effect on your history. Through this your chance of getting approved auto loan will increase with each and every bad credit clearance.

Four: Prefer purchasing a car at the end of the month that is mostly liked by the sales managers as they will be eagerly waiting to reach their target of sales. It is advisable that you take for a loan from a local credit union or a bank that you are regularly in contact after you make an adequate down payment.

Five: One of the best ways to get approved for your loan is to have a co-signer who has an excellent credit score. However make sure that you don’t let your co-signer pay your loan when you fail on it. This can be done by making an extra effort in repaying the loan on time and build your rating.

By following the above listed instructions you not only gain a bad credit car loan that doesn’t need an upfront payment of the loan but also help in repairing your credit score. If you make sure that you pay all your bills on time then it is obvious that you rebuild your credit from bad to good.

Author bio: Hi this is Simon John Clark.  My passion is to write on Finance, Insurance, Travel, Home Improvement and Home appliances, you can reach me @financeport.

Getting Car Finance With Bad Credit – is it Possible?