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Car loan comparisonThere are plenty of finance options which are covered on this site but nothing beats the unsecured car loan for flexibility. You can do as you please with your car; off road it, add go faster stripes or even use it as a bumper car if you so desire! Whatever you choose to do it won’t affect your monthly payments and there will be no comeback at the termination of the contract.
Of course, a car loan is also useful if you have some money to put down but are looking for a top-up. And if you want to pay the balance off early there is unlikely to be more than a nominal charge. So if you have a good credit history and can afford the repayments, happy days!
For the rest of us mere mortals with slightly sketchier credit histories there is the secured loan or HP. The principal is the same but failure to pay your monthly premium could have the bailiff knocking on your door. Many finance companies now offer the option of using a guarantor (usually parents or grandparents) if you have not had the chance to build up a credit history of your own. Remember though, if you fail to meet your obligations the bailiffs may be knocking on your parents’ door (and wisercarbuyer.com accept no responsibility!)
Car loans and HP are suited to the second hand market which is often not covered by PCPs and leases but remember with second hand cars you will need to factor in the cost of maintenance particularly if the car is out of warranty.
For peace of mind you may wish to consider an after-market warranty which may help you with budgeting and protect you from potentially expensive disasters.