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Unearth The Cheapest Used Car Loan Deals

Apr 2, 2008
If you want to unearth the cheapest used car loan deals then going online with a specialist website is the best place to start your search. Using the web should give you access to all the information needed to be able to find which type of loan would be the most suitable and then gather quotes on your behalf which you are then able to compare. Comparing them should be easy as the quotes should come with the key facts attached.

The key facts should be read as they will tell you how much you will payback in total on the borrowing. It will also tell you how much APR is set and how much interest the loan will accumulate. They will also tell you if there are any hidden costs such as early repayment fees.

When looking for the cheapest used car loan deals you first have to decide which type of loan would be the most suitable for your circumstances. There is a secured loan, an unsecured and bad credit loans for those who fail to get approved due to their poor credit rating. The secured will usually come with the lowest rates of interest and the bad credit loans with the dearest. However a specialist will be able to find the cheapest rates based on your particular circumstances.

Secured car loan deals are beneficial to those who wish to buy a used car that is of substantial cost. It would allow the individual to spread the cost of the loan over a longer period of time than an unsecured loan would. It also allows you to borrow more, however the borrowing is secured against something of substantial value and this is at risk until the loan had been repaid. A secured loan is suitable for those individuals who have less than a perfect credit rating and the rate of interest will reflect this. Those with a perfect rating will be able to take advantage of the cheapest rates.

An unsecured loan is the most suitable type for those who are looking for the cheapest used car loan deals and can afford to repay over a shorter period of time. Providing your credit rating is good then you could take advantage of a 0% deal for a period of time. However you would have to watch what the rate of interest would revert to once the special rate is over.

You also have to watch out for early repayment fees being attached to this type of loan. Some lenders who offer special rates put in an early repayment fee in case you should payoff the total of the loan far earlier than anticipated after the 0% rate had ended. For example if you had 0% interest repayments for the first 6 months and then paid a normal rate over 3 years but managed to payoff the loan after 12 months, you could be asked to pay a one off payment. This can be found in the small print of the key facts.
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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