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Advice For Securing A Loan
by Peter Trenton

Most of us need a loan when we buy our new car and with
all the choice that there is around you need a clear idea
of what you want and expect.

First rule, if you're selling your car you must pay the
old loan off and not trust the dealer to do so. All too
often people allow themselves to enter into a new agreement
without previously making sure that the old loan had been
finished and then they have a demand from the company
because the dealer had completely ignored the old
agreement. You will be responsible for the repayments of
the loan because it's under your name. If you therefore
need a new loan, get the dealer to put it in writing that
they will pay off your previous loan within ten days.

If you're offered a deal or rebate through the
manufacturer then it's possible to take advantage of this
and then refinance the loan through a company that will
offer you a better rate of interest.

If you're concerned you can discover your credit rating
yourself and then you will know if you're eligible for the
best rates of interest (only about 7% of the population are
often able to claim the advertised rates that some
companies advertise. There are always companies who will
take you on, but beware of the interest rate; sometimes it
can be exorbitant and you must weigh up the need for the
car (or whatever).

Sometimes you will be asked to fill in a credit
application even if you're paying cash and some dealers
quote the Patriot Act and make it sound very convincing. In
reality this is simply a way that a company can find out a
lot of information about you. Remember that it's almost
always a buyer's market and the chances are that the dealer
will back down if you threaten to walk away.

Know and understand everything about the model that you're
buying. Don't be hoodwinked into believing that standard
benefits have been added specifically on this car. Know the
specification of the model, the cost as new and what
similar cars are achieving in magazines and papers locally.

If you do apply for credit with the dealer and need to put
down a deposit while you wait to hear if you've been
successful, don't use cash. If you use a credit card you'll
be able to dispute the payment and stand a chance of
retrieving your money whereas the dealer can simply refuse
to pay back the cash.

Don't forget the length of the loan. Sometimes the offer a
dealer may put before you can look very encouraging but it
may be over a far longer period than another company. Look
carefully; this can sometimes mean twice as much in
repayments over the period.

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