Are You Getting the Best Car Finance Deal?

Are You Getting the Best Car Finance Deal?

Earlier this year, the results of an RAC Opinion Panel survey about car finance were published. The survey was based on a sample of 400 drivers who bought their latest car on finance and revealed several surprising statistics.

Understanding Your Options

According to the survey, a quarter of drivers do not understand the finance options available to them when they enter into an agreement. Buying on finance is an excellent method of paying for a car but there are various plans available and it is very important that you understand what you are agreeing to and that you get the right contract for you.

Shopping Around

A whopping 72 per cent of drivers took the first finance product recommended to them by a car dealer, rather than looking at what other lenders offered. We cannot stress the importance of shopping around for the best deal enough! If you don’t do this, you could be losing out on a substantial sum of money.

There is no obligation to accept an offer from your dealer so don’t feel under pressure to! If you don’t know how to look for the best financial rates, Smile is here to do it for you!

You are in Control

The survey data also shows that around a third of respondents did not feel in control of the size of their deposit and monthly repayments. Although it can be tedious, you should do the math yourself and make an accurate estimation of what you will be able to afford. Going through that little bit of extra effort before you enter into a finance contract could save you a lot of stress at a later stage if you end up struggling to keep up with your repayments.

As a significant financial commitment, it is important that you go into a finance agreement knowing all the necessary information and prepared to challenge a bad offer. If you need some help understanding your options or calculating what you can afford, our team of experts at Smile Car Finance can help you.