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Car Finance Products That Are More Customer-Friendly

Apr 9, 2008
Many Brits are finding greater access to car finance options that are affordable and filled with great benefits. Rates for car loans are extremely low right now, especially for borrowers with excellent credit. Unfortunately, many consumers fail to take advantage of great interest rates from specialist providers, because they get stuck accepting financing offered by the car dealer. Car dealers typically have higher rates than the financing industry offers, yet many consumers believe they must accept financing from the dealer in order to get a good deal on the car.

Many surveys show Brits spend around 1,500-2,000 pounds more over the life of the loan by taking the car finance from the dealer they use to purchase their auto. Dealers often pressure customers into believing they are the only option for car loans. Other times, though, customers mistakenly assume they have to take the financing offered by dealers. Many dealers immediately discuss financing options once customers have indicated interest in a loan.

Motor loan rates vary based on consumer credit history, length of repayment, loan amount, loan type, and market rates. Rates now, especially for good credit borrowers, are very favorable. With the Bank of England base rate down, consumers in many finance markets are finding more favorable borrowing conditions. This makes the present time a great time to upgrade to a newer model or new car altogether.

Repayment periods for car finance range from around 36 months to about 72 months. Shorter repayment periods sometimes lead to lower interest rates, less total loan costs, and obviously shorter time to payoff the debt. Longer repayment periods offer lower monthly payments for budget-conscious consumers or those trying to keep monthly expenses manageable.

The great news for borrowers that realize they do not have to borrower from the dealer, is that there are great motor specialists with access to many of the best loan products on the market. The ability to find these independent loan brokers online offers even greater convenience. Consumers can often simply visit the specialist's web site, fill out a minimum amount of information, and get quotes for several of the best products available.

Motor cover specialists have a great ability to take an individual's situations, good or bad credit, and find the best covers at the best rate and terms. These advantages, as well as general expertise and customer service, are much more beneficial to borrowers than what they get from typical dealer finance plans.

It is important for car shoppers to consider their car finance plans prior to looking for a car. Unprepared car shoppers can become so focused on the excitement of owning the new car that they do not make rational finance decisions. Going to the dealer with a plan for financing is a huge advantage to the customers. Dealer finance plans are built for unwitting consumers anxious to drive their new car off the lot. Motor loan specialists, however, have plans designed to help customers get the best value from their new car.
About the Author
MotorCarLoans offers a free to use and independent service for car loans and car finance. We also provide car insurance as well as other car-related products such as Breakdown Cover, Car Warranty, as well as useful Articles and Guides.
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