How to Get a Competitive Car Finance Deal

The UK Treasury has recorded an increase in consumer debt in recent times, despite the continued uncertainty and volatility created by Brexit.

Interestingly, this has been fuelled by creditworthy borrowers, who have strived to capitalise on competitive car finance deals and interest-free credit card offers. This is in stark contrast to the heavy borrowing the preceded the Great Recession, as this was driven by reckless borrowers who undertook loans at a rate that could not be repaid.

Among other things, this suggests that now may be the ideal time to strike a competitive car finance deal with lenders. However, what other steps can you take to achieve this aim?

1. Determine how Much you can Borrow and at What Rate

The evolution of the World Wide Web has directly benefited consumers, who can now leverage a host of finance calculators and real-time, price comparison tools to inform their decisions across an array of markets.

This applies to the car finance market, with brand such as the AA enabling customers to calculate the potential cost of buying a new or used car. This will relate directly to your credit history and the precise amount that you borrow, with the website generating instant and personalised quotations along with rapid-fire decisions.

As calculators of this type are non-obligational, you can also compare the market at your leisure to seek out the best possible deal and the most competitive terms.

2. Delve Beyond Comparison Sites

If our first point underlines the importance of checking in with individual, branded websites, there are other advantages of undertaking this endeavour.

More specifically, a growing number of prominent finance and insurance brands are removing their details from such websites, as they tailor their markets to drive traffic directly to their product pages.

So, while we'd definitely recommend visiting objective price comparison resources, it's also worth checking in with selected, branded websites to gain a full overview of the marketplace.

3. Use Existing Deals as Leverage

While it may be tempting to reference, research and ultimately source your financing online, you not should not ignore more traditional channels when pursuing a potential deal.

More specifically, do not be afraid to contact service providers by phone and negotiate directly with  their stakeholders, preferably by using existing deals or online quotations to drive more competitive borrowing rates.

Although this may seem like an outdated approach, it enables you to achieve significant savings ans achieve the very best deal in any given economic climate.