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Saturday, November 8, 2008

It Is Advisable To Take Out A Loan Before Buying A Car

By Mark Dawson

A cheap loan could be an effective tool for motorists trying to strike a good deal when trying to get a new set of wheels.

Such is the assertion of Alliance & Leicester which reports that getting a cheap loan can be a practical bargaining tool for drivers requiring a new car. By having the required cash ready in hand, it was indicated that buyers might be better placed to haggle with car tradesmen quickly and effectively as they are now able in a position to make an immediate purchase and seal the deal that day and drive away with the car. Not only could this see people negotiate a significant discount on a car but the financial services firm commented it may additionally assist in landing 'extras' for their vehicle such as an extended warranty, higher specification or other goodies.

Indeed, not only could getting a quick car loan help motorists in purchasing the vehicle of their dreams, the financial assistance which is provided by borrowing in this way could also help people to keep tabs on additional constraints on their spending.

Mark Boyle, personal loans manager for Alliance & Leicester, commented: "Having the money to hand means motorists can concentrate on buying at the best price, without being enticed into driving out pricey vehicle dealer finance that can see them lumbered with double-digit interest rates. It might also swing things in the buyer's favour when thrashing out a deal for part-exchanging an old motor. Getting finance arranged before going shopping for cars is essential if you want to be in the position of power in negotiating a good deal."

He went on to say that as a motor vehicle is usually one of the most expensive items they will purchase, it is a good idea for consumers to carry out some "research before heading to the showroom and be prepared to haggle when you are there. It could save you hundreds of pounds or more". The personal loans manager additionally reminded that those on the search for a car may well be likely to find themselves in "a battle of wills with the salesman", with the garage dealer said to be wanting to sell for the highest price possible, whilst it is important for a consumer "to side-step the patter and make sure they do not pay over the odds".

Additionally the company advised those searching for a new car to make sure that they look out for any hidden costs - such as number plates, administration costs and delivery charges - which they may have to meet. Taking the car for a test drive was also recommended to ensure that there are not any problems with the vehicle before making the final purchase.

Those wanting monetary assistance for financing a vehicle might want to think about obtaining some car finance allowing them to bargain with car salesmen on obtaining a good price on their dream car. And in obtaining a cheap loan, buyers may find that they are left with easily affordable repayments to make. This might be particularly helpful for women after a recent Experian study identified that 40 per cent of females consider the initial outlay needed is a major consideration when getting a car.

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