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Used cars on credit

If you are looking to purchase a car then there a range of credit options available. The following article gives some buying advice for those people who are looking to buy a used car on credit.

Although it would be good to be able to buy a car outright with cash, this isn’t always an option for people, nor is it always the best thing to do even if someone has the cash available. There are a number of things to consider before buying a car on credit. These included knowing which finance options are available to you. You could consider a personal loan, peer loan, secured loan or specific car finance package. You may even be able to get an interest free loan if you have a sizeable deposit.

All of these credit options are dependent on your credit score. The higher the credit score, the better the car credit finance you will be offered. The best bit of buying advice I can offer is to ensure you have the best credit score possible before buying your car on credit. This is not to say that people with a less than perfect credit score are precluded from car credit, it is just that they might not get a good deal and may be turned down by several money lenders before finding the right deal.

A further bit of buying advice would be to shop around for the best deal. There are a number of price comparison websites available to find the best offer possible for you.  Of course, the deal you see may change once you speak to the money lender, but it will at least give you a rough idea of what is available.

The difference between the varying types of car credit is important.  You should know exactly what the terms and conditions are of the loan before taking it out.  For example make sure that you know the APR vs Flat rate for a loan, be careful if you are securing your loan against your car or property as this is a huge risk. You must also understand if the car will belong to you at the end of the repayment period or if there is a lump sum to pay out. Again, an essential piece of buying advice would be to make sure you can make the repayments because the consequences of not repaying your loan.