If you have your eye on a new 63-plate car then a car loan could be suitable for you

24 September 2013 - Which Way To Pay

    



Tempted to upgrade to a 63-plate car? A car loan could be the answer

To mark the introduction of the new 63-plate registration, we have investigated a number of ways in which you could get your hands on one and chosen to look into a viable option – a car loan. A new car can be a costly purchase, even with one of the finance plans or a personal loan offered by car dealers (who sometimes are known to offer extortionate rates!) However, paying for your new 63-plate registration car with a cheap loan couldn’t be easier.

Car Loan versus Personal Loan

What types of loan can be used to purchase a new car? A standard personal loan can in fact be used to purchase a car. With a personal loan you simply borrow funds from a bank or lender and use the money borrowed to buy a car. If the loan is secured on your home, you might be able to get a lower interest rate or borrow more. Remember though, if you default on your payment you run the risk of losing your home. Do not take out a personal loan of this nature unless you are certain you can keep up the repayments.

With a specialist car loan, the loan is secured against the car rather than your house. If you are not able to keep up with these repayments then your lender could repossess your car to cover the investment.

Are there any restrictions with a car loan?

Some providers specify that you are only eligible for specific rates or terms if you agree to purchase a car from a particular store and/or borrow a specific value. If you are in any doubt then you should seek independent financial advice.

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