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Car Loan Rates Very Affordable

Apr 9, 2008
With the Bank of England making several cuts lately to the base rate it charges lenders to finance loans, many lenders have opted to pass great savings on to their customers, in the form of better car loan rates. Borrowers with good credit regularly have access to annual percentage rates (APR) around six to eight per cent in the current motor loan environment.

Given that car loan repayment periods range from around 36 to 72 months, every per cent of interest savings a borrower can achieve could save hundreds or thousands of pounds over the length of the loan.

Another reason car loan rates have become more favorable to Brits is increased competition from customer-oriented, independent motor loan specialists. Many people have relied on the often expensive cover offered by car dealers to meet their financing needs.

Thanks to rapid expansion of information through the internet, car buyers are learning more and more about the many great loan options available to them. Recent surveys have helped support the notion that car dealer financing is rarely a car buyer's best loan option.

Over the life of a typical car loan, an average consumer could save over 1,000 pounds, according to recent surveys. A lack of knowledge of the finance market has long prompted car buyers to simply take the high car loan rates offered them by dealers. Some dealers have pressured or manipulated buyers into believing they had to accept dealer terms to get their car. Others have just benefited from the fact that buyers were unprepared with knowledge of their options.

With the increase of online brokers and independent loan specialists, consumers are in a better position than ever to find great loan products at the best rates. Borrowers with excellent or poor credit can work with an independent loan specialist to find out what loan products, terms, and interest rates are available.

Brokers generally have access to the bulk of lenders and loan products available in the market. This enables them to take some basic background information provided by the borrower, and search through their provider listings to find the right cover and the best prices. Many specialists even tout their ability to work with borrowers in virtually any credit or borrowing circumstances.

Car buyers are empowered to get great deals on their car buys, because the costs to finance them are improving. It is important for consumers to become knowledgeable about their options so they are equipped before approaching a dealer. Many specialists offer lots of great consumer and loan information through their web sites. This makes the learning curve much more efficient for borrowers and car buyers.

Getting the best car loan rates puts car buyers into the best position to manage the fiscal obligations of motor cover debt. Keeping rates low can save on monthly payments. More importantly, it can drastically lower the total cost of the car by reducing interest payments over the entire life of the loan. Buyers need to take advantage of their opportunities.
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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