Buy a New Car... Intelligently

By Amanda Pane

Today, cars are a necessity and not a mere item of luxury or status symbol. As a result, more and more people are buying cars everyday. Owning a car is not a dream today. With numerous private money lenders and government organizations in the loan market, you have ample opportunities to fulfill the dream of owning a brand-new shining car. New car loans are available that will enable you to own a shining new car without making a hole in the pocket.

However, you need to be careful while going for new car loans. One gets so tempted by the thought of owning a new car that there I hardly any patience to look for and weigh the various available alternatives. This may put a lot of financial burden on you. You need to follow a few guidelines while applying for new car loans that will help you save significant amount of money.

Firstly, you should spend some time doing research on the various new car loans quotes available in the market. This will enable you to select the best deal in terms of interest rates so that you fulfill your dream without upsetting your daily budget.

Secondly, you should try to avoid making low down payment while going for new car loans. You should opt for a low down payment only when the loan amount is significantly less than the appraised value of the new car. If the loan amount is not considerably less than the appraised value of the new car, you will need to pay a higher interest rate on a low down payment. Higher interest rate is charged in this case owing to the higher risk perceived by the lender. A higher interest rate will cost you a lot over the entire term of the loan.

Finally, buy a warranty for the new car while applying for new car loans. No one would like to spend money on frequent auto repairs..and that too on a new car. So, play a safe game by investing in car warranty. This will definitely help you save money in the long term.

So, wake up and don’t just dream……..of a shining new car standing outside your home. Apply for new car loans adhering to the above guidelines and go zooooooooooom with your new car!

About The Author

The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in Business Administration and is currently assisting Ecar-Loans as a finance specialist.

For more information please visit =>http://www.ecar-loans.co.uk