Apply for New Car Finance and Drive Away Tomorrow
New Car Finance
If you are looking to finance the purchase of your new car, then you have come to the right place. Our experts at Braid Finance will help you find the right car finance that will suit you and your needs as it is important for our customers to get the best offer available.
We are familiar with the market and can recommend the best new can loan providers that offer low interest rates, low fees and flexible repayment options which will have you driving your new car sooner than you expect.
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New Car Finance Overview
When comparing your options, be on the lookout for the following.
- Interest rates. The interest rate charged on your loan determines how much you will end up paying at the end of the loan term. Always be aware of the rate you are being offered.
- Loan term. Car loan terms can be set for short periods of time such as 6 months to a year or longer periods such as 5 years and above. Going for a shorter term means your interest rate will be lower but monthly repayments will be higher whereas for longer terms, your interest rate will be more but less monthly repayments.
- Minimum repayments. It is important for you to be aware of what your minimum repayments are for your loan and whether it fits well with your income and budget.
- Fees you will be charged. There are lenders who charge a monthly account fee on top of your loan or early repayment fee. Make sure you are aware of any fees that are applicable to avoid having to pay more money than you had expected.
You can purchase a car on finance of your choice:
● It makes buying a new car possible even when you don’t have the funds
● The process is hassle free and the paperwork required is minimal
● Interest rates are more friendly
● It spreads the cost over several years
● New cars are easier to finance so you can easily find a lender without much trouble
Make sure you have all the necessary documents with you such as driver’s licence, expenses and bills, details of employer and employment history, bank statements, information about other
loans you may have and details of assets.
If you have already found your new ideal car, you can start filling the application online. The team at Braid Finance will procide you with one on one support from start to finish to ensure the best success for your finance application whilst also minimising the affects on your credit score.
How do New Car Loans Work?
New car loans are mostly secured loans where a financier has the right to possess the vehicle in case you don’t repay the loan. On the other hand, this means you get a low interest rate. When we talk about a new car, it doesn’t mean you have to buy a car straight from a dealership as some lenders will accept a vehicle up to two years old either from a second hand car dealer or a private sale.
Remember that you and your car will have to pass the eligibility criteria first before you secure the loan. In the case where you have a bad credit history and fear that you may not be able to secure this loan, consider a bad credit secured car loan as this may help you get the car of your dreams. Note that these loans come with a higher interest rate due to the increased risk factor. When it comes to putting down a deposit, some car loan brokers can let you do so as long as you can afford it.
This way you will have to borrow less. What about interest rates? There are a few options. Variable interest rates and fixed interest rates. Variable rates mean that interest rates will fluctuate whereas fixed interest rates remain the same for the length of the loan term. Fixed rates might be a bit high but at the back of your mind you are sure that they will remain the same. Variable interest rates fluctuate with the market interest rates meaning that your repayments might increase when they go up. With that being said, ensure that you compare the rates so as to see how competitive a loan is. Check things like application fees, yearly/monthly charges, legal fees and car evaluation cost.