Buying a car might be quite a daunting prospect. Whether it is new or used, it is likely to involve the payment of a considerable sum. Since you are also likely to need some form of car finance to find those funds, you are going to be entering a relatively long-term financial arrangement.
Independent car finance brokers
There is a wide range of different financing options available, they each work in different ways, the cost of borrowing is likely to vary quite widely between different options and the finance package is likely to be offered by a number of different providers.
You might have your work cut out deciding on the appropriate type of finance to suit your individual purposes and may be overwhelmed by the choices available.
To help you choose – and to help you identify the competitively finance packages – you might want to take advantage of the services offered by an independent car finance broker. Such a broker has expert knowledge and experience of the car finance market and is able to identify those deals likely to suit your needs and to find those offered at a competitive rate.
This gives you access to your own, independent source of car finance, freeing you to choose the car you want from whatever dealer – or indeed any other seller – is offering the vehicle you want at an attractive price.
Your own, independent finance package stands you in good stead if you are intending to buy a new car.
You are not tied to any of the finance deals invariably offered either by the car manufacturer or by the dealer, so you are able to shop around until you find the car you want. Having found it, you are also in a strong position to negotiate the most favourable price.
If you are buying a new car, of course, you may rely on it being in perfect working condition and supplied with a full warranty. Depending on the supplier, you might also qualify for free servicing for a given period of time and any other extras or inducements frequently used to encourage sakes.
Second hand cars
Somewhat greater caution, of course, needs to be exercised when buying a used car – whether from a dealer, but especially from a private individual. Although you may be legally entitled to a number of remedies if the used car you bought breaks down (free repair, payment of the cost of repairs, or your money back), it might prove difficult securing that satisfaction.
The Citizens’ Advice Bureau suggests some of the steps you might want to go through before buying a used car, including:
- check the trustworthiness of any dealer from whom you are buying;
- check the car’s history – to ensure that the details correspond with those registered by the Driver and Vehicle Licensing Agency (DVLA) and to ensure that the person from whom you are buying has the right to sell the vehicle, on which there is no outstanding finance;
- check the MOT;
- inspect the vehicle before taking it for a test drive; and
- if necessary, consider getting an independent report on the car’s condition.
Whether you are planning to buy a new or used car, there are a number of steps you might take to ensure that the vehicle suits your needs, that you have appropriate car finance in place and that the price is right.