Business and Finance Times

Acquiring a car is most people’s second biggest investment decision after their home. But rarely is enough thought or preparation given to ensuring that the purchase is right for the family needs.

Getting the best means taking some time and resisting impulses and urges. Time is on your side and the sellers will still be there so there is no need to panic.

So here a few tips to help make the finding and financing of a new car for the family that bit easier and more successful.

1) Set a budget. Know how much you can afford and stick to it. There is nothing to be gained by spending more than you can comfortably afford so work out the monthly budget and see what you want to pay each month.

2) Get on the internet or read some motor magazines and articles. Doing some basic research on the types of car that are currently available and comparing their performance or fuel economy can help you select whether you want new or second hand, diesel or petrol, town runabout of family people carrier.

3) Talk to family and friends. They will have been through the loop to so see what you can gain from their experience. They may recommend lenders or dealers or specific models – all is valuable input to help you decide.

4) With car finance 247 availability online, shop around and see who is offering the best loan deals and at what rates. You can be a cash buyer in the eyes of the dealer if you already have your finances in place. If the rates and terms suit your budget then get one or two approvals in principle – getting more could inadvertently damage your credit history.

5) Look at manufacturer financing deals. Even though you may have a car loan organised through a lender some manufacturers run promotions on models from time to time that represent good value. Compare their finance deal and purchase price with the deal you could do with additional discount for cash sale and your lender loan.

6) Make sure you have a test drive. It could look great on paper but the driving position may be bad for you or the performance and handling lacking.

7) If buying second hand then check the warranty being offered. Most are limited in some way as to either time or parts coverage. See if you can get a more comprehensive warranty by haggling.

8 ) Get a written quote. Then go away and think it all over without the pressure of a salesperson keen to get you to sign for the sale. This will enable you to check the financing terms and make sure the car is right for you.

9) Think hard as to whether payment protection insurance is right for you. Whilst many policies have been badly sold, the basic insurance can be of genuine value. However, arranging this independently could be better than taking it from your lender or car dealer.

10) When you have the keys put one set away somewhere safe. Modern remote control keys cost a considerable sum to replace if lost so always keep one set where you know they will be safe.