Many individuals buy used cars and there are many bargains out there. While some used vehicles cost just a couple of hundred pounds, others can be a great deal more. If you buying a high end used car you will have to consider used car finance options. You may also have to decide where you were going to buy your vehicle. You could decide to buy privately, choose a used car dealer or even search for your used car online with a specialist website.
What are the finance options for buying a used car?
The options available to you may depend on where you were buying your vehicle and your credit status. If you are buying from a private seller, you may have to find a loan yourself and then have the opportunity to walk into the deal with cash. If you are buying from a dealer then you may want to walk into the deal with cash or you could see what the hire purchase the dealer offered was. Should your credit rating be in excellent order then you could be looking at obtaining attractive interest rates on your loan. However if you are suffering from a poor credit rating then this may reflect on how much interest you may have to pay.
Hire purchase vs. personal loan
Hire purchase - if you want to take the hire purchase deal that the dealer offers you when you go to buy your used car, take into account that your vehicle may not be yours until you had paid the final instalment of the loan. You may also not be allowed to sell the vehicle until you had paid off the loan in full.
Personal used car finance - if you opt to take out personal finance you could search for your loan with a specialist website that may be able to find you the most suitable rates of interest based on your circumstances. This means that even if you have bad credit you could get finance. You could also take this option if you wish to buy from a dealer or buy from a private seller.
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