Compare car loans
Car loans currently come in almost as many shapes and sizes as cars themselves do. While a car dealer is may be keen to point you in the direction of a financial services product the dealership or manufacturer makes available to help you fund your car purchase, it's sometimes a good idea to be able to assess a car and negotiate independently of any specific financial offer or inducement. Not to mention that not every one of us would necessarily be eligible for those attractive looking 0% offers that car dealers sometimes advertise.
Like so many financial products, your credit report could be critical (and on in three people in the UK have late payments on their credit report) and in the event you are not accepted for the headline 0% interest offer, you could be pointed at an more expensive financial product that you feel compelled to sign up to so you can avoid leaving the showroom empty handed. LowerMyBills could help you avoid being in that position!
What's the difference between a normal loan and a car loan?
If you have a good credit history and can get a normal unsecured or secured loan you could find that you have access to enough funds to buy a great car with at a low rate. However, if your credit score shows late payments you may need to go to a lender who will effectively secure a loan against the car you're buying. Interest rates vary depending on your credit history. It's a good idea to check what's on your credit report in advance of any car loan application and you're in the right place to do this, as LowerMyBills UK is run by Experian® the company behind CreditExpert, which provides a great way for you to see what's in your credit report before you make a car loan application and before it is checked by potential lenders*.
Bills that remain unpaid can result in default notices appearing on your credit report. Lenders want to ensure the products that have the best interest rates, such as those attractive 0% car loans, are made available only to the most creditworthy customers. If you use LowerMyBills to help you find a cheap car loan now, your own money could go further and make it easier to ensure you don’t miss payments and fall into default.
How will a car loan lower my bills?
If you are about to buy a car and have had credit problems recently make sure you're fully aware of your options. You may be more able to lower your bills if you took out a secured loan (secured on your home). However, if that's not an option, you can compare car loans now and find the best car loans available to you and your current circumstances. It's especially important to do this before you venture off to a car dealer where anyone human could be prone to being seduced by the smell of leather, gleaming alloy wheels and where the smooth-talking salesmen could make you forget to be as diligent usual. Ensure you come home with, not just a new car, but with lower bills!
Experian® - the company behind LowerMyBills – also provides CreditExpert, which gives you access to your credit report and score enabling you to see what lenders see about you when they make a decision about which financial products or services are available to you.
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