Buying a car is the second most expensive thing you will buy in your life after the purchase a house so it is very important to understand car financing. When buying the car there are multiple factors which you need to consider including how will you pay for the car purchase and then how will you cover the running costs. The two main financing options that you have are direct lending or dealership financing when purchasing a car. Consider to shop around before you make a decision about whether you will buy or lease a car. Look for offers from banks, finance companies, credit unions and dealerships and compare them to see which one suits you the best.
Two main areas are considered when your loan application is considered by a lender. If the two boxes of your financial record and you are satisfactory for the lender then you can get a loan at a good rate. Most applications go through a broker so it is important for you to make sure that you find yourself the best secured loan broker that you can find. Work with him and go through all your available income and get him to explain how the lender is going to work out your available income calculation. Paperwork can be a pain but it is extremely important to get a better rate from a lender so you need to cooperate with your broker.