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Hidden Charges
Question: How long should I take finance out for?
Answer: The longer the period, the greater the total cost (except for 0% finance) However, opting for a four of five year deal may mean being able to buy a more expensive car, simply because the monthly payments are more manageable.
Question: What other charges should I look out for?
Answer: Ask about the following:
- The size of any final payment
- Are there any extra charges at the end of the agreement?
- Early settlement charges
- Added extras like Gap insurance or payment protection insurance
- Remember to make sure the rate you're being quoted is the APR, not a flat rate
Question: How do I get a competitive finance deal?
Answer: Although most people only think of their bank or the dealer for finance, shopping around for a number of quotes for other finance providers can save you money. The AA recommends you compare three different options to secure a good deal in perhaps the same way you would for car or home insurance.
Question: What if I settle early?
Answer: Three quarters of all loans are paid off early, but remember that you may be charged a penalty for early payment.
Information is supplied by the AA, http://www.theaa.com/