There are various types of car finance options available to you. But, personal loans have an edge over other borrowing options especially the showroom finance.
Anybody who wants to finance a car may feel confused because of the variety of options available in the market. Besides car loans there are manufacturers and car dealers ready to finance you a car. This article compares some of the available options with an unbiased perspective and shows you the deal that can effectively meet your requirements.
With a personal loan you can save money since this loan can be easily availed at around 7 per cent or so. However, the showroom car finance is a costly option. A research estimates that you may end up paying £2,000 more than personal loans. If you opt for personal loan, you also get an assurance of quick loan processing with minimum hassles. If you can compare loans as offered by banks with other options on the basis of these factors, you will find it head and shoulder above the others.
In your pursuit to select the best finance option, the following few points will render you valuable help:
o With a personal loan you can buy any type of car, brand new or used. On the other hand, car dealers or car manufacturers may not be ready to finance a used car or a car that is not in good condition.
o You can borrow the full amount that you need to purchase the car of your choice with personal loans. But, a car dealer may require you to make a down payment of reasonable amount. In former case, you can shop around and compare loans for better deals. However, in case of showroom finance you have to take the deal as offered by the few dealers.
o There are less chances of meeting with any hidden charges if you use a personal loan to purchase a car. But, the other alternatives may have nasty surprises in store for you. Above all, personal loans carry much lower interest rates and flexible repayment terms than showroom finance.
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