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Tips on how to get a cheap car loan...
A recent finding revealed that secured loans are best way to purchase cars. However, there are other viable ways to go
/24-7PressRelease/ - LONDON, UK, March 09, 2007 - According to a recent study, a secured deal is the best way to get
a cheap car loan. The APR of such deals is low, and they offer extended payback terms that makes the EMI's (Equal
Monthly Instalments) less taxing for the borrowers.
Highlighting the disadvantages of unsecured deals, the report suggests that people should avoid them, as their no collateral
attribute is turning out to be very expensive. The APR of such deals is high with non-negotiable payback terms.
The report also states other ways by which one may get a cheap car loan like considering small lenders. Community banks,
credit unions and other smaller financial institutions offer quite competitive rates, as their overheads are usually less.
The study also alleges that people should avoid taking dealer finance. Though many car dealers offer car loans, their offers
are usually more costly and restrictive than those offered by a bank or a credit company.
One of the prominent finance providers claims that people should avoid filling out loan requests with multiple lenders. Doing
so may make them look desperate and it may back fire.
Their advice to loan seekers is that they should cross-check their the account statements for errors, as incorrect application
can be costly, and stay focused on the goal of getting the cheapest possible deal.
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