Drivers Advised To Get A Loan Before Buying A Car

A personal loan could be an effective tool for motorists trying to strike a good deal in their attempt to purchase a car.

Such is the assertion of Alliance & Leicester which reports that obtaining a quick loan can be a useful bargaining tool for drivers looking for a new set of wheels. In getting the instant financial backing offered by this type of credit, it was suggested that consumers may be able to barter with car tradesmen quickly as they will be able to make an immediate purchase and drive the automobile off the forecourt on the same day. Not only could this see people negotiate a significant discount on a car but the financial services firm said it may also help to land ‘extras’ for their vehicle such as cruise control, an mp3 player or extended warranty.

Indeed, not only could getting a quick car loan help drivers to purchase the vehicle of their dreams, the financial assistance which is provided by such a form of borrowing could also assist consumers to manage other constraints on their spending.

Mark Boyle, personal loans manager for Alliance & Leicester, said: “Having the money to hand means motorists can concentrate on buying at the best price, without being enticed into taking out pricey car 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 hold the balance of power in negotiating a good deal.”

He went on to assert 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 also reminded that those on the search for a car are 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, while it is important for a consumer “to side-step the patter and make sure they do not pay over the odds”.

Furthermore the financial services firm advised those on the hunt for a new car to ensure they watch out for any hidden expenses - 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. Checking the state of the tyres and making sure that any vehicle used in a part-exchange deal is in good condition were also suggested as things would-be car purchasers should do.

Those wanting financial assistance for purchasing a vehicle may want to consider obtaining a quick motor loan as the financial assistance it offers may allow them to bargain with car salesmen on getting a great deal on their dream set of wheels. And in getting a cheap loan, borrowers may find that they are left with an affordable rate of repayments to make. This might be especially helpful for women after a recent Experian study showed that 40 per cent of females consider the initial spend required is a major consideration when getting a vehicle.

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