How Car Financing Is Changing [bestcomputersprices.blogspot.com]

How Car Financing Is Changing [bestcomputersprices.blogspot.com]

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Only a couple of years ago, Car Finance was something that was widely and readily available, then there was a lull during the credit crunch where deals were removed from the market and the finance was harder to obtain. We are now seeing car finance coming back into the market place once again, however, the days of 0% deals that lasted for the duration of the term seem to have decreased hugely from what they once were. In their place are shorter low APR deals that are not available to as wider audience or spectrum of people as they once were. Thankfully, there are alternatives popping up through the finance industry for people who find them selves unable to get their hands on prime credit deals but are looking for transport.

Back in the day, you used to be able to walk into a show room, pick a car, pay a small deposit and drive off with it on the same day… not so much now.

Then when your monthly payments, they would be relatively small and go towards paying off the capital of the car rather than any interest, espeically on 0% deals which were so popular. However now, these deals are harder to come by and if you have a bad credit history you stand a much smaller chance of getting your hands on one. Luckily a number of lenders have popped up that can help with the financing without being direct from the manufacturer. For instance, some dealers now offer alternative finance packages to their standard ones that although have a higher APR, are more accessible to the average customer. These loan products can be used for car finance or anything else that may take your fancy.

Another point is how do you get the finance if you only want a second hand car? A good solution if you are have had credit problems in the past is to look at guarantor loans.

These loan products enable you to get the finance for a second hand car and be able to pay over a term to match your needs and financial ability. These loans aren't designed specifically for the car industry, but you can use them for pretty much any purpose, and if your purpose is to buy a new or second hand car, then they make a perfect match in many instances. My advice would be to shop around and find the best deals available and then make a few applications to see how you fair. Just be aware that every application stamps your credit record and actually reduces your credit rating - Therefore if you get rejected for a prime deal, it's probably not the best idea to apply for several other prime deals in the hope of getting one!

 

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