Tailored breakdown cover to suit your needs
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Thinking of buying a new car?
There are many reasons for buying a new car. If you are replacing an unreliable model you may want to be doubly secure that you won't be left stranded should it break down with breakdown cover tailored to your needs.
Financing your purchase
The right finance option can make a big difference. A car dealership can be an intimidating place, so it is important to understand your options before you enter into negotiations. If your old car is over ten years old, you can receive £2,000 towards the cost of a new one through the Government's car scrappage scheme – which runs until March 2010.
Even if your car is less than ten years old, many dealerships will take your old car as part-exchange for a new one.
Paying with cash is without doubt the cheapest way to buy a new car as you won't have to pay any interest. But if you don't have the cash upfront, one option is a hire purchase agreement. With this option you pay an initial deposit and then pay off the balance in monthly installments. The downside of this option is that your loan is effectively secured against the car, so if you fail to keep up the repayments the car can be repossessed.
It is also worth remembering that it is not necessarily in the dealer's interest to get you the best deal as they earn commission from the lender, so be prepared to shop around for a better interest rate.
Another option is a straightforward personal loan, which can be cheaper than car finance from your dealer, especially if you have a good credit history.
Personal contract plan
Another option is to take out a personal contract plan. After paying a deposit and agreeing on annual mileage, you make monthly payments as with hire purchase.
Monthly payments will often be lower than hire purchase, but you will be charged around 10p for every mile above the annual mileage estimate, and the car has to be in good working order if you decide to return or upgrade it at any point, otherwise any damage will be charged to you.
Whatever option you choose, a new car is less likely to break down and so upgrading your old one can save you on breakdown and recovery costs.
However, no car is infallible and it is still wise to take out breakdown cover. To find out how much you can save with Green Flag get an online quote today.
