Car Loan
If you have found the car of your dreams, or your not so trusty vehicle has let you down for the last time, you may well be considering buying a new car.
There are a myriad of ways to finance the purchase of a new car and it pays to shop around before you decide.
Often the finance options offered by car dealerships are not the most favourable for you so explore all the options from banks, car finance specialists and other lenders before making a decision.
Depending on the value of the car you could take out an unsecured car loan which allows you to borrow without providing security on your house or car for instance. This may be a more costly solution and could be difficult if you do not have a strong credit rating, or you have no credit rating.
Be aware of loan agreements that offer "balloon payment" schemes - where you pay lower or interest only monthly payments, until the end of the term of the loan when you need to pay the principal off in full.
Hire purchase is another way of getting finance for a car but remember that the car is not yours until you have paid it off in full.
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