Car Buyers ‘Should Take Time’ When Purchasing
Keywords: low, rate, personal, loans, secured, finance, credit, car
Those considering buying one of the new 57 registration cars are being advised to consider their purchase with care.
According to Sue Robinson, director of the RMI National Franchised Dealers Association (NFDA) - part of the Retail Motor Industry Federation - the launch of the licence plates this month means that now is an ideal time for Britons to visit a showroom. She said: “This is an excellent time to buy a new car.”
However, motorists have been advised to exercise any forays into the car buying market with caution as otherwise they could well end up finding themselves with a vehicle which is unsuitable for their needs. Also if they are not careful, consumers could end up paying for the car through an uncompetitive finance option, which could affect their ability to service other demands on their day-to-day spending such as mortgages, utility bills and loans.
As a result Ms Robinson claimed that prospective buyers should spend time considering what sort of car they want and how their life circumstances - for instance whether or not have children or plan on often making long journeys - can affect what sort of vehicle they purchase. She added that is “extremely important” consumers go to a reputable dealer. In addition, she also motorists to decide how they are going to pay for a car whether through a showroom finance deal, a personal contract purchase or taking out a competitively-priced loan before visiting a car showroom.
She also claimed that consumers should take their time when looking for a vehicle due to the high level of expense involved in making such a purchase. “When exploring the market for your new car, remember the financial outlay is high, so make sure you ask for a test drive - many people don’t. If you’re not a car expert, take a knowledgeable friend along with you. Some manufacturers now let you test drive a car over 48 hours, or sometimes even longer,” the NFDA director asserted.
Upon receiving their car, motorists were advised to make sure it is in perfect working condition and that all tax and insurance documentation are in order. In addition, checking the terms of warranty agreements - to make themselves aware of any restrictions - was also recommended as otherwise drivers could find themselves under heavy financial pressure should they later discover that something is wrong with their vehicle and forced to meet expenses for repairs themselves.
Earlier this year, Lloyd East, director of personal loans for the AA, advised those considering buying a car to take the time to consider financing of such a purchase. He claimed that by opting for forecourt finance deals ahead of a low-rate loan, due to sheer convenience, Britons could be losing out on millions of pounds every year. Research from the financial services firm also showed a rise in the number of Britons looking for a motor vehicle which is “cheap to run, insure and maintain”, with a competitively-priced loan a possible option for those looking to keep the costs of having a car down.
Mark Dawson writes for the Loan Arrangers. Where visitors can compare cheap loans online, and apply for debt consolidation loans. To read more articles from Mark go to news.loan-arrangers.co.uk
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