By Louis Rix
If you have found the car of your dreams then usually you will be faced with the problem of where to get the money to pay for it. As not many of us have the luxury of paying outright for it, the majority of us instead turn to a car loan or car finance. And when it comes to getting the cheapest motor loans then an online broker could help you to save money and time.
While there are many options when it comes to financing your new car taking out a motor loan does have many advantages. Perhaps the biggest is that if you go with a broker online, they will endeavour to secure you the cheapest motor loan and the interest rate on this will be a lot less than if you take out finance through a car dealership. Taking out a loan means that you will have the money in your hand when you go to buy your car and this gives you a lot more bargaining power. If you pay cash, then many dealers will knock a little off the asking price on the car.
Also, by choosing to take a loan independently of buying a car, you will have the option of looking around for the car yourself. This means that you can go privately for your car and the internet is a huge market place when it comes to buying a second hand car. There are many free-ads sites where private buyers will list their cars and if you know what you are looking for then you can get a great bargain.
Another big advantage when it comes to taking out a cheap motor loan is that as you are paying cash for the car then it is yours from the outset, their is no chance of the dealer being able to repossess the car if you default on the finance agreement.
Finally, if you ask the broker to go for a fixed rate interest loan then you will know exactly what you are paying out each month when it comes to the repayments. This means there are no nasty surprises if the interest rates should go up. By far the best way to get the cheapest loan is by going online with a broker, a broker knows where to look for the best deal for you which in the long run saves you a great deal of time and money.
Louis Rix is a Director of NetCars, one of the UK's leading motoring websites. First established in January 2000, it provides a used car search NetCars also provide finance, loans and insurance.