Buying a Car on Finance

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We all want a new car some more than others and for many this means finance with many of us paying too much for the finance as we did not shop about before we purchased the car so here is some useful information to help you save money on your car finance payments.

Before you go and look for a new car set your budget and go window shopping as it is called but never commit to buy at this stage.

Find between 4-6 cars that you like and would purchase if you had the money within budget of course. Also remember that there are millions of cars to choose from so do not be pressured into a sale at this point.

Find out the trade in value being offered for your existing vehicle from the garages you have selected the 4-6 cars from and then check what they are offering against what you can from a website such as we buy any car and compare the difference you may find you will get more from the website than what the garage is offering you which will save you even more money as your deposit will become bigger.

Next look online for the amount you need to borrow as using comparison websites can generally save you money on what the garage will offer you and what your bank will offer you. The difference can be substantial over the term of the loan so it is important to check these things.

Next you need to decide what insurances you need with your new car and these can include

GAP insurance
 
Generally this will cover any difference in the outstanding finance to the car value in the event the car is written off

Car Insurance
 
Always get insurance quotes using comparison websites as this can save you a lot of money each year

Protection Insurance
 
Sometimes called payment protection insurance which will make your finance payments in case you become ill have an accident and can’t work or are made redundant but always check the small print of these types of policies and shop about online if you decide you need this cover.

By following the above you could save hundreds if not thousands of pounds on your new car purchase so it is well worth doing and may be the difference between you changing your new car every 3 years instead of every 5 years because your payments and the amount you are paying back is far less.

Good luck with your new car hunting and happy motoring I hope this has been of some help to you.