If you have taken showroom finance for purchasing a car, it can make a big hole in your pocket. Several studies show that showroom finance is expensive than other loans available in the market. Although car showroom loan deals look tempting but motorists that sign up to car showroom deals may end up wasting an average of ?1,200.
So, you should not rush and grab the first deal that is offered to you by your car dealer. The average interest rate for a car showroom finance deal is around 10 percent APR, which is almost 4 per cent APR higher than the best loan rates available in the market.
Personal loans offer you a better alternative for purchasing a car. A car is viewed as a necessity these days. It is no longer a symbol of status unless you are having a rare machine that zips past at the speed of 250-300 mph. A mere loan is not enough for many car buyers - rather they need a cheap loan. Fast personal loans can make this possible.
With an increasing number of lenders as well as borrowers, the UK financial market is growing by the day. The presence of a large number of lenders has made the loan market very competitive. You can very well expect fast personal loans that can be credited in your account within a few days. The loan process does not take more than 2-3 days.
If you are willing to provide collateral to the lender, your chances of getting a loan on easy terms and conditions increase manifold. Very often, personal loans are unsecured loans. However, you can also opt for secured personal loans wherein you are required to provide some property of significant value as collateral to the lender. This collateralisation of loan provides you many benefits like low interest rate, longer repayment period and a big loan amount to finance high-end cars.
