Archive for the ‘Car Finance’ Category
While ‘to be or not to be’ may be an important question it’s not the only one. A more common question that that faces most British households is ‘to buy or not to buy’. Cars are one of the larger expenses we face in life and increasing numbers of households are choosing to ditch their trusty steeds in the face of job losses and cut backs. For anyone facing this dilemma, the thought of buying on finance may be out of the question. However, there are reasons why car finance can be a sensible option for those in this situation.
The road to recovery
Buying on finance is still the most common method that the majority of car purchasers use. Despite the recession 50% of cars are bought using dealerships finance arrangements, while nearly all of the rest are bought using some form of credit. The car finance industry is one that has fared well, despite the economic downturn and has been one area of the economy that has even seen some growth. For those finding themselves at the sharp end of the recession car finance may seem out of the question – but it may have more to offer than you think.
The advantages of mobility
If job insecurity is on your mind buying a car has probably moved from the ‘to do’ list to the ‘wish list’. This is not as practical as it might seem at first glance. The more mobile you are in the current job market the better. If you are made redundant the first obvious thing is to find a new job, unfortunately they are thin on the ground and they may be further from home than you would like. Having your own car may even open new job opportunities and allow you to make a fast getaway from the benefits statistics.
The benefits of finance
Purchasing a new car – or newer car – can have a number of benefits. The most obvious are fuel efficiency and reliability. An expensive car to run is not going to help you much, nor is one that goes from A to B on the back of a tow truck via the local garage. Using car finance that suits your budget and circumstances can help you to buy a car that’s relatively cheap to run and also less likely to leave you out of pocket with frequent repair bills. Balanced against the cost of buying on credit these factors can make a car loan the most sensible credit purchase you’re likely to make.