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Car Finance Options

Now is the perfect time to buy new cars because of the recession and weak auto sales. However, before you start looking for your dream vehicle it is a good idea to get car finance rates so you have an idea of how much you will pay for your new vehicle. There are three main car finance options available when it comes to both new car finance and used car finance. Consider each of the options below along with their specific advantages and disadvantages so you can learn how to finance a car while getting the best car finance deals.

Paying in Cash

When it comes to new car finance there are certain benefits that come from paying in case. The biggest advantage of this method for both used car finance and new car finance is that the process is simple and straightforward. With this car finance option you also donít have to worry about getting approved car finance through a lender or paying interest on a substantial amount of money.

Getting a Loan

However, not everyone has the cash available to pay for a car. If you are in this situation then you will need to consider going with car finance companies in order to get a loan. There are many companies will to offer car credit finance including the dealer, banks, credit unions, online banks and even family or friends. Before you decide to get approved car finance loans you want to do a little bit of homework. Before you get a loan you will need to know the steps involved in how to finance a car.

First you will need to get a copy of your credit report. Make sure your credit scores are accurate since mistakes can often bring down your credit score. If you find any errors in your report then you should contact the company that prepared it right away in order to have it corrected. Your credit score determines your car finance rates as well as any special car finance you qualify for. This is why it is important to consider your credit score before going to a car finance calculator.

Next you want to get a car finance quote in order to compare the rates and terms available to you from car finance companies. The best place to get a car finance quote is online. Many online sites provide you with a car finance calculator that allows you to instantly get rates from all the top car finance companies so you can compare the offers side by side and see which are offering you the best overall deal. These websites can also provide you with valuable tips on how to finance a car. In addition to using a car finance quote site you should also go to local banks that arenít listed in the car finance calculator in order to see if you can get better car credit finance. If you have poor credit you can also look into alternative options such as car finance lease which may be cheaper there either new or used car finance.


The last option available is car finance lease. Basically this is the process of renting the car for a specific period of time which the option to buy the cars on finance at the lease end for a specific price. However, car finance lease often comes with some specific restrictions that you should consider before choosing this option. These restrictions often involve how many miles you can place on the car without having additional fees. When you lease a car you will have place a security deposit on the car at the beginning to get approved car finance. Depending on the condition of the car you may get this deposit back when you return the car. The condition of the car will also determine the cars on finance deal you get if you decide to purchase the vehicle.
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