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Low Cost Car Loans Are Easier To Find Online

Apr 2, 2008
The internet holds a vast amount of useful resources for those looking for low cost car loans. A specialist website will be able to provide you with all the information needed to be able to choose the most suitable loan for your circumstances. They will then search with some of the UKs top lenders to find the best loan for your needs.

One of the biggest factors that will go towards choosing the most suitable loan is your credit rating. If you have an excellent credit rating then you will be able to get the cheapest rates of interest for the loan. If your rating is less than perfect then you should give some thought to going for a loan that is secured or a bad credit car loan. The rates of interest will be dearer with a bad credit loan but you will be able to get the cheapest for your circumstances with a specialist provider.

If you are buying the car from a dealership then avoid taking the loan that is offered by the dealership. The salesman might tell you that they are able to get you the cheapest rates but this is often untrue and you should look online first. There is an advantage to taking your loan online and that is you are able to walk into the showroom with cash in hand. This means that you can often get something knocked off the sticker price and walk away with the car, as it is yours. If you take a loan that is secured with the dealer then the car will remain the dealers until the loan is repaid.

There are two basic types of loan, a secured and a unsecured loan. Secured low cost car loans have the lowest interest rates attached to them. They also give the individual the advantage of being able to borrow more than with an unsecured loan and you are able to take the loan over a longer period of time. However by spreading by the cost of the loan over many years you will be paying more in interest while keeping the monthly repayments down. You do also have to remember that a secured loan requires you to put something up as security against the borrowing. This type of loan might be suitable for those who need a substantial amount of cash for a brand new car.

The unsecured loan will come with interest rates that are higher than a secured and you usually do not have the luxury of spreading out the cost of the loan for as long as the secured. However you do not have to secure anything against the loan. If you only need a small loan and can afford to repay in the short term then this might be this best option. Unsecured car loans can sometimes be found with 0% finance for a period of time and this is where it can work in your favour.

However you do have to look out for early repayment fees. Loans that have 0% for a fixed period of time often come with fees in case you should pay off the loan before the end of the term after benefiting from the 0% deal. This type of loan can be suitable for those who are purchasing a used car and they are suitable for those who have an excellent credit rating.
About the Author
Louis Rix is a Director of NetCars, one of the UK's leading motoring websites. First established in January 2000, its mission is to become the number one site for used car searches. NetCars provide Guaranteed Car Finance.
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