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Financing a used car

andy777_2
andy777_2 Posts: 47 Forumite
in Loans
When searching for lenders I noticed that there are a number of companies that claim to specialise in financing cars. Is there a good reason to use them or rather just to look for a personal loan with a lower APR?

Comments

  • Andybez38
    Andybez38 Posts: 1,773 Forumite
    Part of the Furniture Combo Breaker
    When financing my latest used car, i got a personal loan from A+L they proceeded to tell me as this was being used to finance a car purchace it included FREE gap insurance.
    I came into this world with nothing and I'm gonna leave with nothing.
  • tightbarsteward
    tightbarsteward Posts: 312 Forumite
    Whats gap insurance?
  • Andybez38
    Andybez38 Posts: 1,773 Forumite
    Part of the Furniture Combo Breaker
    when you purchace a car for say £7000 pound and it it involved in a write off insurance claim. The insurance company might say it was worth only £6000. The gap insurance will then pay the extra £1000 to make it up to the value you paid originaly for it.
    I came into this world with nothing and I'm gonna leave with nothing.
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