Lenders like to see that an applicant is being realistic and that their loan request makes some sort of sense when viewed against their income and existing financial commitments. Losing you heart to (e.g.) a Lamborghini may be fine but not if it means you end up trying to convince a finance company that you can pay them 1000 pounds per month back when you only have 750 pounds per month coming in, with 600 pounds of it already going out to other things.
Car loan deals are readily available and this can offer you just the boost you need to your finances. Getting a tips on saving money car on finance is straightforward, is subject to status, and there are plenty of options available.
But by applying a few set criteria you can actually shop around and reduce the risk of going with a company that isn't what you are looking for in a car finance company. But what criteria should you be using?
Many people start by finding out how much they could borrow and then looking at cars. Buying cars on finance this way can mean you take on a much higher loan than you really need. This can put a strain on your finances and could leave you struggling to meet the repayments.
In this four-part series, written by veteran auto finance manager Nick James, you will learn the F&I man's tricks and how to avoid them. When you're done, you'll be ready to safely navigate this crucial part of the car buying process, and the F&I man will never work his "magic" on you again.
Make sure that your decision to go for car finance is solid and that you are sure that the loan will be paid off. Most deals you may find will go through brokers who will be finding these deals for you. As a consumer, make sure that you can fulfill your end of the bargain.
To get a better idea on where your finance is, you can always use a car finance calculator to make sure you get the numbers right. The calculation on monthly payment and add the deposit is very hard. Therefore, car finance calculator is easier to work out exactly how much you have to pay back each month.