Business, Car Credit Crunch
Most adults nowadays use cars as their primary mode of transport and with some families having multiple vehicles in their driveway there is always a demand for new models. Whether it's the commute to work, going on holiday or simply driving for pleasure, cars have had a significant role in shaping modern life. For many, buying a car is often the second most expensive investment - after accommodation - that they will ever make.
Much like the housing market, car prices go through peaks and troughs. Obviously, getting a car at a lower price is the most desirable option but sometimes the need for a new vehicle is urgent and waiting for prices to drop is not practical. Ordinarily during price fluctuations, it is the cars at the top end of the range that see the least variation in price, which is good news for the movers and shakers of society but for those looking for a modest upgrade or perhaps a first car, a credit crunch can have severe ramifications on their plans.
During a credit crunch it is harder to secure funding and many people find themselves putting off a desired purchase or upgrade because they think they can't get enough money. Whilst trading in an old car in part-exchange may be an option to cut down on expenses, this is not possible for everyone.
For many teenagers, buying their first car is a life defining moment as it gives them a new sense of independence. They no longer have to depend on the taxi service that their parents have provided so far in their life and this freedom often leads to a more vibrant social life. However, if their entire savings have been spent on buying that dream car, there will not be much money left over to keep the car running or to spend on little luxuries.
Buying a car can severely stretch the finances of the majority of people so applying for car credit is seen to be a viable alternative to dipping in to life savings or asking for a bank loan. There are many specialised companies who cater for just this market and although you may not be sure if you are eligible to apply, their terms and conditions will clearly state who is suitable. Even if your credit record is not perfect you may be considered.
Many loans are secured on an item you normally own. However, car credit is often secured against the car you are buying, meaning that if for some reason you weren't able to keep up payments it would be the car itself that you lost. But if you work out your budget before you sign any contracts, as long as you stick to your plan then you should soon be driving your own brand new car.
As a fan of article content and as a professional working for a digital marketing agency, Isla Campbell hopes you enjoyed her article but urges you to treat it as corporate content with business interests.
Related Tags: loans, driving, buy a new car, car credit, credit crunch, car finance providers
Your Article Search Directory : Find in Articles
Recent articles in this category:
- The Secrets to Getting Low Down Payment Car Insurance
Upon purchase of a new car, there is almost always a requirement to buy an auto insurance policy as - The Wisdom Behind Auto Insurance Comparison Quotes
No one in his right mind would not go for a good deal. In fact, everyone is out on their feet and ru - The Benefits of Auto Insurance Comparisons Florida
Insurance can be expensive. This is something everyone knows about especially in the sunny state of - Auto Insurance Florida: The No-Fault Policy
There are different kinds of car insurance offered by a wide range of providers today. Different sta - Finding the Cheapest Auto Insurance Companies
Everyone is asking and searching for the cheapest auto insurance companies available today. Consider - How do You Compare Private Health Insurance Cover in Australia?
Deciding what is the best and most affordable private health insurance cover can be easy if you take - How Payment Protection Insurance Was Mis-Sold
For over six years the issue of Payment Protection Insurance (PPI) and how it was mis-sold to custom - Finding Quotes For Auto Insurance Online
One of the many concerns when you are shopping for auto insurance is being able to get access to quo - How You Can Find the Best Auto Insurance Online
When it comes to renewing your car insurance you are going to quickly discover that there are a numb - Guidelines For Searching For Auto Insurance Online
The internet can be a great source of discounts and values related to auto insurance. However, many
Most viewed articles in this category:
- Trading Forex With Pivot Points
Forex Pivot Point Trading are used today by Forex Traders and are calculated on the previous days mo - Where To Search For Free Grants
Where do you look for free grants? The search must be thorough or it could be an exercise in futilit - The Connection Between High Blood Pressure and Salt
We are a society of Salt Addicts. It cannot be denied. When you look at the things we do and the pla - Tips For Avoiding HYIP Scams
Before knowing about HYIP Scams, refer to the functioning of HYIP or "High Yield Investment Programs - Getting Credit After Bankruptcy
Consumers do not have to live sans credit following a bankruptcy. By following certain steps consume - Tips For Choosing A Credit Card
Are you looking for that perfect credit card? If so, you may be confused about what exactly to look - Cheap Car Insurance For Teens Online
Many elements determine a car insurance policy. Car insurance companies look at the person's age, hi - What Exactly Is Free Grant Money?
You can apply for free grant money from various government agencies. But where exactly does this mon - Small Business Owners Marketing and Customer Service
Marketing can be time-consuming, but it doesn't have to be hugely expensive now, thanks to the Inter - Apply Online For A Credit Card - How To Choose A Card?
The best type of credit card for you will be dependant on how you intend to use the credit card. Are