Car Loans

When it comes to car or motor finance it is more difficult to obtain finance these days. We have set out below some tips for you especially if you are seeking your first car and may wish to obtain a Car Loan.

1. Do you have a history of savings? It is wise to save money if you wish to obtain finance. Financial institutions like banks and credit unions will always ask this question. It gives them some idea of your spending patterns and how you will manage in paying back your loan. If you paid loans before they matured and have proof of this it is a good idea to show evidence of this to the bank manager etc.

2. Can you afford a Car Loan and is the financial institution willing to extend the term if necessary? These are two questions many people neglect to think about. If down the road you are made redundant and are struggling to pay your Car Loan the bank may extend the term of the loan therefore your repayments will be less and you have a lot less worry ahead of you.

3. Is it worthwhile getting payment protection on your Car Loan? If you are in secure employment you may not need it. However, in the times we are living in, especially if you have other commitments it may be worth the extra amount it will cost you.

4. Shop around – particularly if you are purchasing a second hand car. Though this also applies to new cars also and if you have a cash deposit.

5. Bring along a person with you who has some knowledge and experience of purchasing a car.

Good luck from LDrivers  
  

 Before Buying A Car …

Changing, upgrading or buying your first car your car can be very exciting. It is easy to overlook some very important but simple checks you should do before making your final decision.

Always be sure to bring a mechanic or someone very competent with cars and there faults. Drive the car you are buying and make sure it is suitable for you! The colour will be of no use if you find after you buy a car and you can not reach the pedals correctly or see over the steering wheel safely. Be sure you are insured to test drive the vehicle. Once you are happy with the car we recommend that you do a financial history check, to make sure you are not buying a vehicle with money owed on it.

Remember once you buy the vehicle you also buy the outstanding loan if any on it. There are several companies who for a small fee will check the finance history of the vehicle for you. Here is a link to one such company www.cartell.ie. We do not affiliate ourselves with or endorse any one particular company as being better than another but we hope the link below helps.