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How to get the best car finance deals

Whether your credit rating is good or bad, you can still find the best car finance deals. The trick is to shop around and know what you are looking for. The one thing that you should not do is jump straight to the first deal offered; this usually isn’t your best one.

Shopping around and asking different lenders will help you find the best car finance deals available. But you need to start comparing different aspects of each deal. The interest rate is just one factor that you need to think about. You also need to think about the type of car finance that you are being offer – a loan, a hire purchase, etc.

Go to banks and car dealerships to find out what each one can offer – and whether they will offer you something with your credit history. As for quotes and use a car loan calculator to work out which is the best option; you want something that you can comfortably afford but also pay the lowest over the long term.

Avoid putting in lots of different applications at the same time. These do actually affect your credit rating in a bad way. The lenders will leave footprints on your file when they check for your score, which will flash up to other lenders. Too many applications for credit will make it look like you are overstretching your budget and struggling financially – even if you have a good credit score.

If you are struggling to get the best car finance deals available then you will need to improve your credit rating. Take some time and find the best options for you – you will need to clear your debts, look stable in your home and work life and also continue to pay bills on time.

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