Buying my Dream Car and Avoiding a Financial Nightmare
I felt quite nervous when I decided to take the plunge and finally buy my first car. The options available to finance it seemed a bit bewildering at first. As money is tight, I wanted to make sure I found the most cost effective solution whilst getting the best advice.
Car for hire?
I considered a hire purchase agreement because I had saved hard for a deposit and I thought it might be a stress-free way to pay for the car. The drawback, though, was that the car is not yours until the payments are all complete and I really wanted to be able to call my car, my own! I also researched schemes where you hire a car for a fixed period, but this didn’t seem right for me as I knew exactly what car I wanted and didn’t want to be chopping and changing every so often. If you need some tips on what sort of car would suit your needs, try looking online for some expert advice.
I did have a chat with my bank about the possibility of taking out an unsecured personal loan, but I really didn’t feel comfortable with the fact that if I lost my job and couldn’t make my payments, the bank would have the right to seize my assets. That just sounded too stressful! I had saved enough for a deposit and it seemed a good idea to put that money to good use, so I decided to look into different ways of financing the purchase.
It seemed to me that it would be good to get some expert guidance from an established company specialising in car finance. So many people have recommended various car finance sites to me, so I decided to research each one and see what they had to offer. Everything seemed pretty straightforward and it’s very easy to shop around for a good deal. Most of the big names have easy to use websites where you can get an instant quote. If you are buying from a dealer and they offer you finance, it could be tempting to take it, but I found that spending a bit of time looking at what was available saved me time, money and more importantly, stress! If you meet the criteria, a car financing package can be available to you at the click of a mouse; it really was that simple. As a bonus, I discovered that once I had made my decision, my finance could be arranged almost immediately.
I took advice and was very strict with myself about checking the details of the plans I looked at, making sure that there were no hidden costs or other negative factors that could impact on me down the line. My advice to others would be to thoroughly research all your options and if, like me, you decide to go with a car finance package, shop around to find the best deal. Getting finance for my fab new dream car turned out to be a really positive experience, so no nightmares for me!