While seeking finance for your car, it is important to remember that a longer repayment period is usually costlier and implies repayment at a higher rate for a short period. However, you should be aware of dealer tricks. The dealers generally make much more on financing the vehicle than they make on the resale of the car. A low 'flat interest' rate may in fact not be really cheap, as compared to a lower payment against another loan on higher interest rate and different terms. It all depends on the manner in which the terms are documented. You need to inquire about how much would you actually end up paying when the loan gets liquidated.
Insurance costs are a major part of the total finance. These costs are not included in the interest rates though. So, interest rates that appear low may not be actually so on account of the payment protection insurance that is charged additionally. When being briefed, to make the insurance charge seem low, it would generally be quoted in weekly sums, whereas you pay monthly. Multiply the weekly sum by 4.33 and you would get the monthly figure. Be sure to check for the lowest insurance amounts.
Avoid a hire purchase arrangement with the dealer; even though it may appear attractive, you will find that it is best avoided if you want cheap financing.
Do not stretch your borrowing. Take a loan for the minimum possible amount using savings that you can spare to minimize the amount you need to borrow. Keeping the repayment period short, make quick and timely repayments tailored to an amount that you can comfortably afford to pay each month.
Cheap personal loans can be availed at relatively low interest rates and offer very cost effective and simple ways to borrow. If you require a few thousand dollars, have a good credit score and are financially in a position to pay back quickly, you can benefit from a zero percent loan on a zero percent credit card or use a combination of zero percent credit cards. Many credit cards now offer introductory zero percent deals on purchases for periods up to nine months.
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