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Car Sales with Finance

Whether you’re looking to buy a new or used car, there are some very important factors to take into consideration if you’re considering a financial solution. Not everyone has loads of cash lying around, enabling them to head out and buy a used or new car outright. In many instances car buyers are completely unaware that certain car sales can come with finance, enabling them to buy a newer model, a good quality car and pay off the vehicle over an agreed period of time.

The first thing you have probably taken into consideration is your credit history. Many lenders don’t want to take the risk of you have a poor or bad credit history, possibly no credit history at all. Ideally the better your credit history, the higher chance you have of being approved for the new vehicle of your dreams. There are financial solutions for those who have experienced financial troubles in the past, but have kept a good record for some time.

Ensure when you’re thinking of financing a vehicle that you haven’t had any credit checks done in the past couple of months. You are allowed a certain number of checks each month, the more you have the lower your score. If you are looking at car sales, wait a couple of months after a credit check, enabling your score to increase and enabling you to stand a higher chance of getting the financing you need.

The next step is to identify your employment. Most financial companies will want to ensure you are employed with a stable income, enabling you to meet the monthly repayments. Depending on the company, you may have to show three months of salary advice slips. If you don’t have these or don’t know where you have put them, ask your company for copies. Having these before looking at the car sales options and financial solutions can speed up the process dramatically.

Your age is going to play a role in whether you can get financing. Most lenders require that a car buyer be at least eighteen years of age and have the financial means to make the repayments on time each and every month. If you are younger than eighteen, you may have to get a parent to handle the financial side of the car sales process.

Identify the length of the financial proposal. Each lender will provide you with an amount they are willing to give you, this can be the amount you need to purchase the car and if they are unhappy with that, they may offer you a lower amount. Whatever amount they offer, you will want to know how long you will be paying for. This is important so you can work out your budget and plan in advance, ensuring you can keep that amount aside each month to cover your payments.

The next thing you will have to identify is the APR. APR is the annual interest which is added to the amount you are borrowing. You can’t expect to borrow thousands for free. The interest will also determine how much you have to pay and what the final amount is that you pay for the vehicle.

When it comes to car sales with financing you will want to look at the repayment amounts and ensure that you can easily budge that amount into your expenditure each month. The instalment is based on how much you need to borrow to buy your used vehicle.

The final thing you need to consider is the best way to apply for finance. Some car sales specialists provide the convenience of you applying for your finance online or over the phone, enabling you to know if you have the funds before visiting their shop and going through the vehicles available. This can save you a considerable amount of time, frustration and energy.