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Monday, July 27, 2009

Budget Car Credit - Making Your Money Go Further

There's little that's more annoying than having to listen to someone explain how they got a better finance deal on their car finance than you did on yours. It's doubly painful when you know they're right and not just making idle boasts. It may sometimes seem as if everyone in the world got a better budget car credit deal than you did but don't despair - you could join the club.

There is no magic wand to waive or formula you can use that will guarantee you the best deal possible. Sorry, but you're going to have to look around for it!

Let's think about one obvious possibility.

When you're looking to finance that car purchase you will have a number of options open to you. These may include:

- Bank or building society loans
- Using your own cash
- General loan company finance
- Credit Cards
- Dealership/Manufacturer's offers through their own finance arrangements
- Specialist car finance companies.

You could also try and get free loans from the family, go to a loan shark or take some money up to a casino, but we'll not discuss the pros and cons of these options further!

All of the mainstream options above have their advantages and disadvantages including things such as Annual Percentage Rate of interest (APR), the duration of cover, percentage deposit required and ancillary charges etc. Some aspects of some of the above lenders may suit you well in some situations but less so in others. Saying definitively which offers the best deal is impossible in isolation.

The deal you get will also be affected by your financial status so, it's unfortunately the case that people with poor credit histories may need more help to find a car loan and then in turn need to pay more for it.

One large factor in finding good budget car credit is how much knowledge you have of the marketplace and how savvy you are at negotiating or shopping around. Wandering aimlessly into (e.g.) a general loan finance company knowing little of the market and asking for a car loan may yield you mixed results. You may get a reasonable offer but equally you could end up like a lamb to the slaughter with no understanding of what's going on and what other and very possibly cheaper options you have available to you.

In the final analysis, if you'd like to avoid having to give your friends and associates a severe listening to as they lecture you over where you went wrong, you may have an option - to look for some specialist advice in advance.

There are online companies that specialise in car finance options and providing offline advice. They do have contacts and expertise in many of the above sources and can look at your individual circumstances to come up with perhaps several options. This is entirely without obligation.

Unless you have an encyclopaedic knowledge of the car finance and budget car credit marketplace, this could be a course of action that saves you money and time.


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