How to buy a used car using car finance

The UK market for used cars is thriving. According to the Society of Motor Manufacturers and Traders, 2016 was a bumper year for the used car industry and set a record for sales. 8.2 million used cars were sold last year, which represents a 7.3% increase on the year before. So, the market is booming – and for many people the simplest and fastest way to secure the right second hand car is with car finance. But what are the options if you’re looking for used car finance and are there any risks in doing so? Used car finance – the market If you’re looking for a cost effective car purchase then the chances are you have considered a second hand vehicle. The market for used cars is very different today to 20 years ago. Back then, if you were looking for a used car, then you were most likely going to be buying from an individual or a dealership handling genuinely second hand cars that had seen relatively intense road usage. Today, it’s a different story. When it comes to buying bran
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How to protect yourself from being ripped off by car hire companies

The car hire industry in Europe and the UK is going through a pretty tough time right now. Consumer confidence is at an all time low, with a 30% rise in complaints about car hire practices in the past 12 months. Plus, one of Europe’s major rental companies is now the subject of an investigation into systemic over charging of customers. Of course, not all rental operations are the same – but if you’re looking to hire a car then you need to make sure you protect yourself from being ripped off. What’s going on in the industry? Problems in the car hire industry have got to a critical point. The Spanish Tourist Board has even said that the issues with hire cars and hidden fees, for example, are damaging the reputation of the country. Consumers have less confidence in car hire companies than ever before and it’s not helped by the fact that some of the biggest names are currently in the dock for bad practices. Europcar, for example, is under investigation by Trading Standards for s
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Is it finally time to buy an electric car and join the party?

There used to be a time when an electric car was a serious novelty. The idea of being able to plug in a car and charge it up like a mobile phone was a bit of a conceptual leap for some. Today, however, that’s no longer the case. By the end of June 2017 new registrations for plug in cars had reached 105,000 – up from just 3,500 in 2013. Many major manufacturers now offer electric vehicles as part of their range and more and more drivers are switching on to the benefits of leaving petrol behind. So, is now the time to buy an electric car? The cost of buying an electric car In the early days the cost of manufacturing electric vehicles meant that the sale price was pretty high. Motorists would pay a premium to buy but then make savings later, such as the cost of fuel and avoiding the Congestion Charge in London. Now, however, electric car costs are dropping fast. A 2017 forecast by the investment bank UBS predicted that electric cars would soon be on a level, price-wise, with your sta
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Will self-drive cars ever become reality?

The self-drive car has been in the headlines a lot recently. For all the backseat drivers out there – or anyone with control issues – it seems like a terrible idea. And for the rest, it’s still something most of us feel that we’re more likely to have seen in a 1960s vision of the future than actually on our streets. But the relentless quest for shinier, better, more efficient tech is driving all the resources in the self-drive direction. So, whether you like it or not, questions such as whether a self-drive car is safe (and maybe even, can you car finance it?) are likely to become inescapable. The self-drive car Experts tell us that by 2030, self drive vehicles could make up as much as 60 percent of US auto sales. As the UK often follows where the US drives us (haha) the same stats are likely to apply here too, sooner or later. These vehicles are being developed, not to have human responses, but to be able to drive safely using a range of sensors. It’s probable they will be
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Crunch – Are Car Loans the next subprime crisis?

A massive boom in new car registrations fuelled by new financing methods are storing up trouble for British consumers already stretched by rising fuel and food prices, according to economic analysts. Households in the UK are increasingly choosing personal contract hire (PCH) and personal contract purchase (PCP) schemes to finance new cars. Recent figures showed that a record £31.6 billion was borrowed by households last year to finance brand new cars. The figures represented a 12% increase on 2015, according to the Finance and Leasing Association. How are people financing new cars? The largest growth in car finance has been with PCPs with 90% of all new car sales now financed through this method. It involves putting down a small deposit and then making monthly payments over the following two, three, four or five years before making a final payment covering the residual value of the car or handing it back. Another rapidly growing area is PCH where a motorist makes a deposit on a new c
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The best way to buy and finance a car in 2017

If your car is old, always breaking down or simply becoming a bit of an embarrassment, you’re probably thinking about replacing it. But buying a new or used car can seem like a daunting prospect: do you ask the bank for a loan, go with one of the finance companies’ options or sign up to a lease deal? What will cost you the least money each month, saving your budget for all your other expenses, or are you more concerned about what the deal will cost you in total over the long term? New car or preloved car? While buying a spanking new motor might seem like the best option – lower running costs, fewer breakdowns and the cachet of driving the latest model – it’s worth remembering that the average new car will lose almost 50 per cent of its sale value over the first three years that you drive it. That’s just the average depreciation; many cars lose their value much faster than that with makes like Peugeot, Citroen and Fiat losing up to two thirds of their value over those three
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The pros and cons of multi car insurance

Multi car insurance is a great option for families and groups. Rather than covering a single car, the multi policy can cover numerous cars. Most multi policies will cover between two and five cars. Multi policies normally offer all of the same benefits as a regular policy but extend it to multiple cars. The only condition most insurers apply to the insured vehicles is that they must all be registered at the same address. However, although this seems like a great deal, multi car insurance policies don’t always have the best reputation. So, what are the pros and cons of multi car insurance? The pros of multi car insurance A discount. One of the major reasons to invest in multi car insurance is the discount that it offers on the premium. You can save several hundred pounds by insuring numerous cars under one policy. If you don’t get the deal you were hoping for when you enquire about a multi insurance policy then haggle. Most insurers will be willing to increase the discount if you a
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