Scrappage scheme extension is good news for car loans

admin — Thu, 18 Feb 2010 21:04:18 +0000

The end date for government’s Scrappage scheme has been put back a month to the 31^st March 2010. Good news for anyone buying a car (especially those with a less than perfect financial history), the Scrappage scheme offers upwards of £2000 towards a now car when you trade in your 10 yrs+ banger. In a bid to secure your business, manufacturers are doing their bit to lure you in with tempting deals on certain models.

Take Ford; if you’re in the market for a people carrier, or you could be persuaded to be, they’ll lop £5000 off the price of a Galaxy Edge. Volkswagen have taken over £4000 off all Passats, Citroen are being highly competitive with nearly £8000 off Xsara Picassos and Volvo aren’t far behind that figure with close to £7000 off the XC90 SUV. Mitsubishi have come up with a unique offer; they’re offering a standard Scrappage deal on all cars up to five years old.

So, if buying a car means borrowing money to do so, it’s easier to get a loan at good rate, even if you have bad credit, when the amount you’re borrowing is less. Or, it means you can buy a better car; safer, more efficient or bigger – whatever your idea of better is!

With the end of March fast approaching, every vehicle manufacturer is going all out to capitalise on the Scrappage scheme, buyers are being offered even more in a bid to boost the flaccid car market. It might be all doom and gloom in the news, but for buyers, it’s looking rosy for another few weeks still with money off coming from the government and manufacturers.

Find out more about car loans.

Ways That You Can Obtain Car Financing

admin — Fri, 04 Dec 2009 00:15:29 +0000

There are many ways that you can obtain car financing. Most of us think about the traditional financing with a bank. In other words the person goes to the bank for a car loan; has the bank check out their credit history, and then either approve or turn down the loan. This is what is termed as direct financing for a car loan. You have actually spoken with the bank representative. There is a method called online car financing. Rather than going to the bank you will actually go online and search for car loans. This type of loan can be through a bank or through an intermediary. The thing to note about online car financing with an intermediary is that they are going to want to get their money from you as well. This can raise the interest rates or the loan amount a little higher than you are willing to go.

When you are searching for online car financing you need to research the company thoroughly. For instance why does this company promise you lower interest rates than your favorite bank? Why can this company give you a loan when no one else would for a car? You also have to consider the amount of the loan you need. You may find that simple failure to accept a loan application for car financing through a bank is that you have gone above the actual income that you make. In other words if you can’t afford the car you are trying to get financed for the bank or lender is going to turn down the application.

Online car financing has helped many individuals find the right loan for them. What you have to keep in mind is that not everyone on the internet is trustworthy. This means there are scams and you may not always find the best deal, even with the advertisement. You just have to be careful. When you do find a company that you can deal with then you can start the process. If you go with online car finance you should also realize that you are going to have to close the car loan before you actually approach the dealer. Most often a person with a loan not through the dealership must come with the check in hand. Sometimes the dealership will wait until the bank has passed the check, but it will be determined by the place you are going.

You should always check the facts and the paperwork that you are sent from the company before you sign the papers and send them back. They are legal documents and if something isn’t the way you discussed it you need to make sure you have brought that up and gotten a revision, especially with online car financing where you never see the person you are dealing with. There are many ways to obtain financing and it is up to you to be responsible and make the wisest decisions regarding your financial situation.

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Scrappage scheme extension is good news for car loans

Ways That You Can Obtain Car Financing