There was a time when?buying a second hand car?involved little more than finding the right car, haggling over the price and then handing over the cash. The nature of the second hand car market has changed, and so too has second hand car finance. Now second hand cars are more often bought on finance agreements or car loans.
Finance for second hand cars can be sourced directly through car dealerships or from your high street bank, but the trend is moving towards using comparison sites to find used car loans. When choosing your loan, there are several things you should consider.
Do the Funds Go Directly to You or the Dealer?
There are two different ways in which your car loan can be issued; either it is paid to you and you pay the person or company you are buying the car from, or the money is paid directly to them, and you never get to see it, just the end product.
Is It Safe to Buy Over the Internet?
There is a growing trend in car finance to research, compare and?buy over the internet. When accessing these services you will need to upload several personal details including name, address, and social security number, along with all the income details. These are not the sort of details that you want broadcast or stolen, so it is important to check that the site you use encrypts your details to keep them safe.
What Are the Terms and Conditions?
Check the terms of your used car loan carefully, and ensure that you can afford the repayments. The repayment and interest terms that you are offered will, at least in part, depend on your credit history; checking your credit report and getting any incorrect entries removed will improve the terms of your car loan significantly. Read the small print of your loan carefully, to make sure no hidden fees or expenses have been added to the overall cost, and watch out for payment protection insurance. The insurance is a good idea to ensure that your payments are covered if you find yourself unable to work but read the small print and check that you are covered personally; everyone?s circumstances are different and the policy they offer may not be right for you.
Do They Offer Good Customer Support?
You are taking on a commitment that will last for at least the life time of your vehicle so you need to know that if there is a problem there will be someone at the end of a phone or in person that can deal with your concerns and questions quickly and efficiently.
Do They Belong to Any Regulatory Bodies?
Using a comparison site or loan company that has signed up to a regulatory body gives you a second level of security if things go wrong between you and the loan company. There are levels of consumer protect from the government, including the?Consumer Financial Protection Bureau (CFPB)?and State banking regulations.
Guaranteed Car Loans
Buying a car is a long term commitment and so is your?used car loan. You need to remember before making that commitment that?guaranteed car credit?means that if you fail to keep up with your payments or cannot reach an agreement over late payments then you will lose the car. If the loan has been guaranteed on your property, then this could cause you further financial problems. If your loan has been guaranteed by a friend or family, then you could be under even more pressure, to ensure you can make the payments on time. This makes checking the previous points even more important as well as making sure that you do not over stretch yourself; find and take advantage of any?trade in offers?that could lower the amount you need to borrow, along with cleaning up and maintaining your credit record, before making any credit requests.
Enjoy Your Car
Once the loan is complete, and the deal is done all that is left to do is to enjoy your new car. As well as doing what it was intended to do, and getting you quickly and safely from one point to another, your car can look good while doing it. You can look at customizing your new vehicle and making it even more personal to you by adding body kits and chrome effects that suit your personality.
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