Money for something different

bulram | March 15, 2013

The motor industry has found trading conditions fairly difficult in recent years. Uncertainty in national economies has dented the confidence of the consumer and that has resulted in people delaying major expenditure. Cars are as major as it gets other than property. The result has been that there have been some excellent deals to be had for anyone wanting to buy a car, especially with no trade in.

Opportunities exist

While things have begun to recover it is still a buyer’s market across the range; from the small, the economic to the sporty and up to the luxury, there is a good deal to be had. It may well be the time to act because loans are available for those that can afford them.

While ecommerce has increased year on year against the trend of reduced demand, many retail outlets have found difficulty in attracting customers. Some products have an advantage over others; those that people want to touch and test. Car dealerships are still ultimately the place where people will buy their vehicles.

In contrast they are likely to look online for the best means of buying. When it comes to car finance a little time spent on the Internet is likely to reveal the ideal company. There are some basic things that everyone should look for from an online finance providing company.

What are those basics?

A good auto loan company marketing its services on the World Wide Web should ideally offer the following:

A simple online means of application
Personal contact when requested
A competitive APR
A quick decision and funds transferred accordingly; sufficient time to allow a customer to find a suitable vehicle
Customer credit protection
Freedom to select a car from any dealership
No hidden fees or charges

The approval of a loan will obviously be dependent upon credit history. That is not to say that someone with a poor history will automatically be rejected. It may simply mean that there will be a higher APR. Many people have had financial problems recently but if someone has secure employment and determination to improve their credit history they may not be seen as a bad risk currently.

Sources of finance

Many lenders are more interested in the present and future and will base their decisions accordingly. There are many sources for money and a company that understands the market and has access to these sources is likely to be able to get a competitive quotation for everyone.

An online calculator can provide a typical example of monthly instalments for varying terms and at different APRs. It means that even before an application goes in, an applicant can get a rough idea of the potential commitment and proceed if that is affordable. A company that can demonstrate that it has helped a number of clients in the past is one that can almost certainly do that currently and in the future. The banks may have closed their eyes; others have not.