How To Find the Cheapest Car Finance Quotes

Oct 09

How To Find the Cheapest Car Finance Quotes

Looking around for the cheapest car finance quotes can be daunting for those who don’t know what they’re looking for. That being said, if you do it right you can save a lot of money, sometimes as much as 25% on their original quote. Younger drivers generally save the most money, as they’re used to using the internet to look for quotes, rather than using high street lenders.

The first thing to do when looking around for the cheapest car finance quotes is to decide on the type of terms that you would like to be included. For instance, would the loan be short term or long term? Is there a certain monthly repayment that you can afford, or is there a certain interest rate that could be considered as the maximum? By doing this, you are able to short-list the lenders that they need to look for.

The next thing to do is to carefully think about the type of deposit that is going to give you the best deal. There are plenty of places that will offer a no deposit scheme, but there’s always a catch. The lower the deposit, the higher the interest rate. Of course, for people that simply don’t have the cash, a deposit is something that could get in the way if it’s required. That being said, those that can afford anything up to 20% deposit are advised to try and put it down if possible. This will reduce their monthly payment instantly and it can drastically decrease their interest rate at the same time!

As mentioned earlier, looking for car finance quotes can be done quickly and easily online. There are plenty of sites out there where you can put in your details and compare more quotes than you could ever find on the high street. They will be able to directly compare the quotes that are available and determine whether or not you are getting the best deals. Some sites even give user-friendly tools such as a car loan calculator to work out your loan and repayments, which can definitely come in handy when wading through all the numbers involved.

Car finance has become a lot more competitive over the last few years. The growth of the internet has meant that more and more people are looking for car finance online and are getting it at extremely good rates. Looking around for the cheapest car finance is quick, easy and important if you want to ensure you get a great deal on your new car. If you don’t take the time to look, you could be charged over the odds and this can cause even bigger problems.