So, you are looking for a car loan?
Well, that is a legit thing to do before you drive your vehicle home.
With that being said, it is important to know that a car loan is not just ONE LOAN. It comes in a variety of forms. It helps you with diverse interest rates and repayment options. And above all, it can literally be of good use for the facilitations your direct lender adds to them.
Now, buying a new car can be your dream project. It can be an important investment as well if it is that important for you. Sometimes, a new car can be the deal you don’t want to miss for seasonal or other offers provided by the manufacturer.
And Ben can tell you more about this fact. We helped him with a car loan a few months ago. It proved right for him and now he wants to share his experiences.
This is what he gave us:
“Buying your first car is one of the most unique experiences of a lifetime. Apart from that, I have identified genuine sentiments of people associated with a particular vehicle. And this means that your car gets to be both a material asset and an aspiring object in the sphere of your life. All of these facts can explain why I have been fascinated and maybe obsessed with the BMW model that came out with a seasonal offer at our nearest showroom.“
“Keeping in mind the material truth that a car is just a vehicle, I could not ignore the fact that my dream of having a personal vehicle longed for that car. And the reality is both you and me or anyone else can get the car if only we take one, little progressive step to apply for lending facilities. Besides, a lending practice gets relevant only when you can access ready money in cash, right?”
Ben told us a lot about the preparations he took himself before reaching us.
We would like to share them in this post!
Things that Come before Taking a Car Loan
Getting an option of car finance in Ireland with a bad credit score (if you are suffering from bad credit), is a matter of minutes. Direct Lenders will approve these loans in a very short time and you will receive the money pretty soon.
It is the analysis and advanced determination of one’s own budget and income that take a bit of time before you finalise the loan deal.
That is why we, as direct lenders, will always advise you to follow these steps and to take the time in doing so. They will always end up giving you the best car finance deal you need according to your income and loan needs.
- A Test Drive
- Knowing More about the Vehicle’s Pricing
- A Credit Score Check
- A Loan Affordability Check
- Last but the Not the Least: The Car Loan Check
Now, it is time for us to learn more about these topics.
1. A Test Drive
The car you want may not be the car you need.
No, we are not trying to discourage you from not buying or owning your dream car. But, you need to find out if you are comfortable with driving and other features of the car in the real sense.
Driving is the most important part.
Apart from that, do not forget to check the car interior, the boot and other components.
When you are content with the car, you can look for a car loan online. If you are not, then wait for a few days for the next car or try searching for alternatives.
2. Knowing More about the Vehicle’s Pricing
There are things that you should know:
- Is the car’s actual price different from the amount displayed in the advertisement?
- Is there a better car you can afford at the same price or a significantly higher price point that you can afford?
- Does your car have add-ons, which you didn’t yet know?
Ask your manufacturer. Talk to your car dealer. And come up with a fixed price. Only then you can go for the following points.
3. A Credit Score Check
Are you having a good credit score?
Based on different standards in the UK, you need to check your credit score and talk to your direct lender about getting a bad credit loan.
If you have a good credit score, you can get almost any car finance deal you want.
There is always the option of car finance in Ireland for bad credit scores in particular. In this case, we lenders simply check the stability of your income to check if you can pay off the instalments set by us. With this cleared, your bad credit score won’t be a problem for you to get a car loan.
You can talk to us anytime if you have problems with your credit score. Find us at https://www.myloansboat.com/contact-us.html
4. A Loan Affordability Check
You can make a loan affordability check anytime by doing two things.
- Analysing your income
- Setting a budget
Reflecting on the previous point, you need to know how much you earn and whether or not that earning is enough to allow you to pay the instalments comfortably. It is because you have other bills to pay too, right?
5. Last but the Not the Least : The Car Loan Check
Now that you know the price of the car and what you can pay, you need to find a direct lender.
And yes, you need to explore.
Rather than hurrying to get just any car loan, take some time to compare options. Even if you have found a direct lender, ask the lender for packages; check their rates; compare their affordability to find a suitable package for you.
You can also ask your direct lender to help you out if you feel a bit complex about these processes.
And do not forget to look for freebies or extra facilities coming with car loans.
We are direct lenders and we can give you any sort of online or cash loan within 1 hour in Ireland.
You just need to tell us what you need.
If you want to talk, then you can use this link: https://www.myloansboat.com/contact-us.html
Or use the comment box here to let us know what you are planning about car finance options. We can surely help you…either by money or by advice.
Hudson is a graduate of banking and finance and works as a financial consultant at MyLoansBoat. He has a professional qualification to counsel people about money management. At MyLoansBoat, his key duties include shortlisting applications of borrowers and counseling them about credit score improvement, building an emergency cushion, retirement funds, and getting rid of debt. He is an ardent reader of finance books and uses the gained knowledge to help people with their finances. He also writes for the company’s blog on various topics like budgeting, investing, saving, debt management, joint finances, and the like. His aim is to dedicate his life to helping people have a debt-free life.