Buying a car is a dream most of us have had ever since we were little kids. Those that are able to save or earn enough money can buy their cars through a onetime payment, and those that are unable to muster up the finances to buy a car can turn to car finance options. There are several different car finance options available in the market such as car loans, credit payments to buy a car, Logbook loans and personal loans. One of the newest entrants into the car financing options market are Personal Contract Purchase.
Despite its rising popularity, few people are actually aware of how to get the best PCP deals in the UK. This article outlines the ways to get the best deals to finance your dream car.
• Using the Internet
The rise of the internet has meant that more and more services and financial products are being offered online. Buyers and potential borrowers are more comfortable taking a look at the options they have available online, rather than visiting the offices of such institutions. There are several compare sites on the internet that you can use to compare PCP loans instead of having to look at each deal in detail by yourself.
• Contact Finance Brokers Online
Instead of simply using online search engines to find the best deals on your own, a potential car buyer can also go online and contact a handful of the online brokers in the UK market. These brokers are well placed to deal with and supply up to date information to you regarding the ideal car to choose, and the best PCP deal on offer in the market. Sometimes buyers may have damaged credit history, in such cases, online brokers are best placed to find a PCP based car finance solution for such people.
However, relying on and online broker too much isn’t the wisest thing to do. When you are asking them for suggestions and quotes make sure you know the kind of credit search they will put you through. In terms of a hard credit search, your credit information will be exposed and visible to other lenders even if you are no longer looking to take out the loan.
• Using Dealer Finance
Car dealers who are looking to sell of their cars realize that not everyone is able to make payments for their car up front. To cater to a wider range of customers, they offer a wide variety of car finance options, one of which is PCP. Their financial arm is typically responsible for the details of the plan they are offering, but as a dealership that is looking to sell of their cars before they become a liability, these deals can be better than some being offered by full fledge financial institutions.
These are some of the ways that you can take get the best PCP deals to finance the car that you are looking for.
It is very simple to give way to your desires in order to have more in the highly consumerist society that we live in. We are constantly bombarded with ads telling us how problematic our lives are and how we need to purchase the latest product or service to resolve them. However, the biggest impact of this is on your finances. If you are not careful, you could land yourself in serious debt.
The following are some of the many bad spending habits that can cost you a substantial amount of money.
Spending without a budget
Some confuse budget as a limitation on their ability to spend on anything that is of value to them in the hope of collecting enough money for their retirement fund. However, this does not necessarily have to be the case. Although the main objective of the budget is for you to ensure you save money by the end of the month, it should also cover some expenses that can help you with instant gratification.
You do not necessarily have to buy out an entire furniture set; however, you could consider eating out at a restaurant if it is once a month. Those who do not make any budget considerations can easily fall into the trap of their temptations.
Using a credit card instead of cash
Carrying a credit card is undoubtedly convenient. But, the fact of the matter is that if you are using your credit card to pay for groceries every week, it could be costing you too much without realizing. The benefit of using credit now and pay later can grow into debts that have to be paid along with interest. As a result, you will end up paying more than the initial amount.
A credit card may be good for one-off purchases, but if you are using it regularly, it can be very easy to lose track of your payments.
Do you find yourself going to the market to buy for an item and later find that you have bought multiple bags of clothing and electronic items? Impulse buying can perhaps be the single most destructive habit that can drain your wealth. It is important that you are aware of your emotions when you go shopping so that you don’t get swayed by the bright red point of sale item labels on discounts.
Remind yourself that you are only going to buy what you need and not what you want. This can help you avoid overspending on trivial things.
Not getting your financial statements
Not many of us have the habit of reviewing their bank statements every month. Failure to keep track of our spending means that there could be a significant amount of money leaving our accounts every month in the form of standing orders and direct debits. Perhaps you have made a direct debit for a period of 12 or more months and have forgotten to leave enough money in your account.
This can be a grave mistake to make considering that such payments are taken out of your bank without any reminders and failure to have enough in the account means that you could be required to pay a penalty.