How To Get Used Car Finance?
While you might think buying a used car is an easy decision to make, it isn’t really that simple. Yes, of course when you are buying a used car, it will be cheaper than buying a brand new car. But getting a used car can also cost you a good sum of money and it can sometimes exceed your budget. So, in such situations you need to get some finance to buy the car that you want. If you are wondering how to get used car finance, don’t worry as there are a number of ways to get the finance.
Here are a few tips that you might consider for buying a used car:
Car loans — The best part about taking car loans is that you can take it separately from personal loans. You can determine how much you want to borrow for buying the car and for how long. The interest rate depends upon the type of used car you are specifically going to purchase. You can get hold of a number of offers on the loan which will lower the rate of interest.
Bank deals — Banks are always giving out super deals on buying used cars. To get the best car finance on the used cars, compare the deals given by various banks and make the best pick. Once you have tallied the deals well, go for the best deal that can help you save good amount of money on the purchase.
Selling mutual funds — Using up all your mutual funds saving is one of the ideal options to pay the maximum part of the down payment. In this way, you can save up on the interest rates which you otherwise had to give if you would have opted for car loans. So, instead of holding the cash back in your mutual funds, invest it in buying used cars as this is also an asset.
Car brokers — There are trusted Brisbane car brokers who can negotiate the best deal for you on the used car that you would like to buy. They would compare the prices of the car in the market and help you buy the best deal. Though they will not directly help in funding, but they will assist you in cracking a deal that is within your budget.
Credit card purchase — Banks keep giving out different types of lucrative offers on credit card purchases, especially for buying used cars, you will be able to get hold of offers coming with interest-free periods. So, you can consider making used car purchase with your credit card as that will help you save some money.
Hire purchase — You can simply pay a deposit amount, approximately around 10% in cash. Gradually, you will have to pay the balance amount along with the interest over a certain period of time. To resolve the funding issues, watch out for the online car finance hire purchase options for buying used cars.
Personal contract purchases — If you keep changing cars in every few years, then this is the right option for you. You can pay 10% deposit at the beginning, pay in monthly installments and at the end of the contract, you can hand over the car in good condition. You can also sell it privately to pay outstanding balance or simply pay the amount and keep the car.
Getting used car finance can be hassle-free if you know how to go for it. You can look out for a car broker who can guide you through the process of getting fund for buying the car. So, when are you getting a used car?