Every year in the UK over 7 million used cars are purchased, with many of these cars being purchased privately direct from the owner. Whilst this can often be the route to achieving the best bargains it can also become very expensive in cases when it emerges that the car has a number of problems or a previously unknown history. In order to reduce the likelihood of being caught out we've put together the top tips when buying a car privately:
? The first step is to do some research about your desired car. Check classified ads and trade guides to get a good idea of prices. Parkers.co.uk is an excellent site and contains a free used car valuation tool and thousands of reviews and ratings.
? Once you've decided on which car you'd like to buy and have found a possible seller always go and take a look at the car in daylight.
? Take a friend along with you. If problems occur in the future it's very useful to have a witness available to validate what was said.
? Check that the car has not been clocked. The average mileage is 12,000 miles a year. Have a look at the tyres to see whether this looks right or if the car has new tyres ask the owner for details of its servicing history.
? Always go for a test drive. However, make sure that you are insured to do so and if the seller says that he has cover ask to see his policy.
? Carefully check the log book, officially known as the V5 or registration document. In particular look for the chassis number, known as the vehicle identification number (VIN). This will usually be located on a small plate on the driver's door or in the engine bay. The absence of a VIN number strongly suggests that the car has assumed the identity of someone else, probably because it has been stolen at some point in its past.
? You could also consider purchasing an AA Car Data Check. Importantly this will include a full description of the car, including engine size and date of first registration, so you can be sure of what you are buying. It will also tell you whether the car has a finance agreement recorded against it, if the car has been written off, and whether the car has had any number plate or colour changes.
? The chances are that at some point you'll enter into negotiations over the price. Have a highest price and target price in mind before entering into negotiations. If your two offers are some way apart you try not to say anything. Car salesmen use this tactic all the time as people find silence uncomfortable. Try this and the seller will often suggest meeting half way, at which point you can propose meeting half way between your offer and the new offer, getting yourself a better deal.
? Finally, if interested in the car consider having it independently checked by a reputable garage. Reputable sellers will understand this so be wary if the owner of the car is against having it checked.
Thanks to car loan, purchasing a car of one’s own has become quite easy. What was out of reach only a few years back has become easily affordable now. While some people prefer to go for the new, classy cars, others keep them satisfied with the used or old cars. Whatever type of car may be the choice of a person; he can finance it with a car loan. Depending on his requirement, he can take out an amount and return it in small parts.
Those who are fascinated by the splendour and comfort of swanky cars may need to borrow big amount to buy one. It is recommendable for them to go for secured car loan. It is taken by offering collateral. Any property of significant value can work as collateral. However, no other property gets as easy acceptance as a home with sound equity in it. Collateralisation of the loan will bring in some handy facilities for the borrower.
Low interest rate, big loan amount, long repayment term, small repayment instalments are chief among them. However, the risk of property repossession is the loophole of this loan. Unlike the secured one, risk of losing the collateral is not there in unsecured car loan. In fact, it requires no collateral and gets approval quickly. Less documentation and instant money lending are its main benefits. It also saves you the amount of money spent in collateral assessment.
The automobile industry is witnessing the supply of cars at short intervals. Brits are also crazy about updating cars constantly. Not all of them are fortunate enough to buy a trendy car in cash. Obviously, many of them turn to car loan to finance their car. Lenders are also responding equally by making various deals available on this loan. This, in turn, provides the borrower with the opportunity to go for the most suitable package through comparisons.
Both Charles Cridland & Joanne Clive are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Charles Cridland has sinced written about articles on various topics from Used Car, Motorola Cell Phone. Charles Cridland founded , where you can earn money through renting your private. Charles Cridland's top article generates over 1300 views. to your Favourites.
Joanne Clive has sinced written about articles on various topics from Debts Loans, Adverse Credit and Car Loans. About The Author: The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in business administration and is currently assisting ecar-loans a. Joanne Clive's top article generates over 27100 views. to your Favourites.