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Finding the Cheapest Car Loans - Lowest Rate Loans for Buying a Used Car - Cheaper Loans for New Cars

Car Loans - Finding a Cheap Car Loan
In order to get the best and cheapest car loan, it is very important to shop around. There are many different car loans available from loan companies, some specialise in car loans whilst others simply offer car loans as a product within a wider spectrum of financial products, this is normally the case with the larger loan companies.

There are several different types of car loans available to you – there is the standard car loan which is often supplied by a major lender or a well-known bank. This will be a straight repayment car loan over an agreed period of years. The loan money for the car is normally deposited into your agreed bank account and then it is just up to you to buy the car you want with the money supplied by the car loan provider. The car loan company does not have any security or title over the car you are buying when it is done this way. You are simply liable for the money the loan company has lent to you and you agree to pay it back to them normally in monthly instalments until the debt is settled and loan repaid in full. This type of car loan is often one of the cheapest car loans because you need no deposit upfront and there isn’t a balloon payment at the end of the loan in order to settle it in full.

Another type of car loan is a hire purchase or lease purchase, where you normally put a minimum of 10% deposit down and then the rest is funded by the car loan company which you pay back over an agreed number of years. In this instance, the car loan company normally pays the funds direct to the car dealer you are buying the car from, so you don’t actually see the money, you just get confirmation from the car loan company and the car dealer that the money has been transferred and the car can then be legally released to you.

Very often there may also be a balloon payment at the end of the loan – the purpose of a balloon payment is to help bring down the monthly payments, and is particularly popular with more expensive cars. At the end of the agreed period you normally either make the final balloon payment and take ownership of the car, or sell the car and use some of the funds to pay off the balloon. Some car loan companies may offer to simply allow you to return the car to them and not make the final payment, or sell the car on your behalf and split the remaining proceeds. Remember in these instances, you are not the legal owner of the car, it is owned by the finance house or car loan company until the final payment has been made, at which point the car will legally become yours. If you intend to sell the car to pay off the loan, you should consult the car loan company to discuss the best way of doing this.

Check out the leading car loan providers listed above and request a free quote for your current car loan requirements. Remember to shop around or use the comparison services offered by some of these providers to ensure you secure the very best car loan deal for your requirements.

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