Caronomics - Dealing With The Loan Issue

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<h1>Caronomics - Dealing With The Loan Issue</h1><strong> Author: <a href='http://www.articleseen.com/profile_Julie Cheung.aspx'>Julie Cheung</a></strong><br /><p>Before you go visiting a showroom to buy a car, a bit of homework regarding car loans will help you negotiate matters with the loan executive there. You will be able to cut out a deal which suits your interests. You won't willingly buy a pack of apples at prices 15% or 20% higher than the normal, will you? It is really surprising that most of us buy car loans at rates a notch up than the rate you could actually grab. You walk into the showroom and sign the papers presented by the loan executive without bothering about the rates offered by other companies. It is perplexing to watch how people behave when buying a car. They will spend months choosing the model and gathering information about its running costs, expected depreciation etc. They will have long talks about the features on newly launched car models. The caveat is, just a tiny fraction of the discussion will be spared for the loan, which is in fact as important as any other thing. With a bit of care, you can save on hundreds of pounds. You will serve your own interest if you do a market survey on the prevalent car loan rates before you decide to visit a showroom. A bit of homework will enable you to compare the rate offered by the executive with the options. You will also be better prepared to discuss other loan related things with him/her, and take a decision which suits you the best. Check your credit rating before applying for a loan. A higher rating will help you get the best deal – maximum loan amount possible with the least interest rate. If your credit rating is not that good, work on improving it. Your first step should be to find out why you have a poor credit rating. So tips for improving your rating are – * Build up your credit history, * Get on the electoral roll, * Pay bills on time and never miss payments, * Never give false details on applications. * Don’t exceed any credit limits you have. * Check your credit file regularly. * Get errors on your file corrected. * Limit credit inquiries. A bad credit rating won't turn to good overnight. So if you expect taking a car loan, begin building your credit rating months in advance. Even the issues which seem small can mar your chances of getting a loan. People's loan applications have been rejected for issues as small as not informing the loan company after an address change even though they were paying their instalments. So you better be careful in this regard. Visit the websites of various companies providing cheap car loans and flip through the details. As an alternative, you can visit the website of a broker and apply online for the car loan. Their team of loan experts will review the application and come up with a decision at the earliest. Once your loan is approved, you can get your car across the country from approved dealers. You will receive your loan amount via cheque or it will be directly deposited with the dealer, you purchase your car from. Brokers dealing in the loan can also help you with the tasks such as arranging car insurance, mechanical breakdown insurance, GAP insurance and other car related products, giving you peace of mind. So while moving in your loan application, you can factor in these issues as well. </p><strong>About the Author:</strong><br />The author of this article is associated with Car Loan 4U, which helps UK residents get cheap <A HREF="http://www.carloan4u.co.uk/">car loans</A>. With them, you can car loan deals at appropriate rates.<p> Article Source: <a href='http://www.articleseen.com/Article_Caronomics-Dealing-With-The-Loan-Issue_124859.aspx'> http://www.articleseen.com/Article_Caronomics - Dealing With The Loan Issue_124859.aspx</a></p>

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Keywords : cheap car loans, car loans,

Category : Finance : Finance