You may be looking to buy a car for the first time. You are setting out on your career after studying for many years and finally you have the income that may just allow you to have a car which would certainly help you get to work. It would knock half an hour off your travelling time morning and evening; that would be very welcome.
Your case
It is a matter of making out your case to a lender and although your parents and grandparents may have always looked to their local bank for help there is no doubt that the right route to take in today’s world is via the Internet. The financial sector is particularly strong on the World Wide Web and you can research the subject easily by asking the search engines such as Google for more information.
You should be looking for a company that has a proven track record, perhaps one that has testimonials from previously satisfied customers. It needs to be licensed and subject to the Financial Conduct Authority. It is evidence that you are dealing with a company that values its reputation.
Get an idea of cost
You can do your sums using the interactive calculator to get an idea of the monthly repayment costs of a particular sum of money. If you feel comfortable with that figure you need to persuade the lender to take the same view.
Your case is based upon your bank statements that will show your recent income and expenditure. The question is very much whether the addition expenditure to repay the loan will still leave you in credit each month. You may no longer have some other transport costs but of course there is insurance, maintenance and fuel to take into account.
Good value from lender and dealer
A good lender is one that adds no hidden extras. There should be no arrangement fees or anything like that. You will need no deposit to reach an agreement and effectively become a cash buyer on approval. At that point you can actually go and find a car, new or used. The lender should have no conditions about buying from any particular dealer and you are therefore welcome to go anywhere you choose to buy.
There are excellent prices to be had in the UK car market. That is one of the reasons why recovery has been happening far quicker than expected and certainly far quicker than on the Continent. Your lender will provide the money direct to the car dealer as soon as you have chosen your car and it is available for collection. Isn’t it an exciting time?
In finance cars are one of the important things that you need to get help to buy. That help is there online if you find a good company that demonstrates its willingness to listen.
Car loans are available online whatever your credit history as long as you can provide the information on employment and income that demonstrates your ability to repay the borrowings. No other factor is remotely close in importance.
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