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20 February 2008

Car finance tips

Follow these tips to get the best deal when financing your vehicle.

Beware of adding too many extras to the amount to be financed, especially if the car is second-hand. The bank may refuse to finance the vehicle, and if it has to be sold early on in the contract the cost of the extras cannot be recouped.

Anything that does not add value to the vehicle should be paid for in cash, especially insurance and warranties, remember that you pay interest on these items. As with all purchases cash is king, it is the cheapest way to buy an item. If you can't pay it cash, put down the largest deposit you can afford and keep the term as short as possible.

If the car is more than three years old the bank will be reluctant to finance it for the maximum period, so make sure that you can afford to finance the vehicle over 24 or 36 months.

Always check your invoice and contract, sometimes things may have been added that you did not agree to. If the car is purchased from a private party, take it for an AA evaluation before you buy it. This may cost a few hundred bucks but better that than thousands for repairs the following month.

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Previously published in True Love, Subscribe now and save