Used Car Loans
Get a better deal on your banger
It's not just banks who offer used car loans. More and more car dealers offer their own finance deals, and some of them are very good value. However, it's important to shop around not just for the right car, but for the right way to pay for it.
Used car loans are now offered not just by banks, but by some car dealers – either through their own finance companies or, in the case of smaller dealers, through an independent finance firm. It's important that you pay as much attention to the finance deal as you do to the state of the car itself.
The best used car loans are the 0% finance deals offered by bigger dealers, but you'll find that there's little haggling room on the price of the car or on your trade-in value – the dealer has to make a profit somewhere. If the used car loans aren't 0% but are offered by the dealer rather than an independent finance firm, it's worth haggling over interest rates: as What Car? magazine has discovered, dealers do have some "wiggle room" on the rates they charge.
It's definitely worth doing your homework: some dealer finance deals have much higher interest rates than used car loans from mainstream lenders, and of course if you've got the finance arranged and can buy the car there and then, you can often haggle with the dealer to get money off the car price or a better value for your trade-in.
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