Smart ideas by Bank of Scotland

Smart ideas by Bank of Scotland

For many of us, owning a car – a reliable motor not prone to breaking down or in need of regular and invariably costly repairs – is an absolute necessity, not an extravagant luxury. The greener option of cycling is a great move for urbanites looking to make fuel savings but for those who have young children to transport, commute long distances to work or simply live in more rural areas, four wheels are still better than two.

So, when finances are tight, what’s the best way to buy the right car? And if you’re selling your existing car to buy a new one, how do you get the best price?

Budget wise

It goes without saying that you must have a clear idea of the maximum amount you can afford – and stick to it. If your savings won’t cover it, check out the range of unsecured loans currently available. Get the right deal and you could be on the road sooner than you think.

Part-exchange deals

If you’re buying a new car, the most cost effective way to upgrade is to do a part-exchange deal, trading in your old one to make the costs more affordable. While you’ll probably get a better price via a private sale than at your local car showroom or garage, remember to factor in the cost of advertising and your time as well as the hassle this can involve.

Selling tips

Make the small investment of a professional car wash and valeting service to ensure your car looks its very best. Presentation is key – as is making sure that you have all the necessary paperwork to show prospective buyers, including the V5C registration document and up to date MOT certificate.

Buying new wheels

When choosing a new car, also factor in its fuel efficiency and how much it will cost you in road tax and insurance. If you want to save the most money, opt for a small family car and forego the bells and whistles of optional extras. Also shop around for the best deals on people carriers and larger hatchback models if you have a large brood to transport.

Second-hand savvy

When buying a used car you must keep your wits about you, and if you’re not experienced in knowing what to look out for and the recommended essential vehicle checks, take someone with you who knows the ropes and will do more than just kick the tyres. Always view a car in daylight at the seller’s home and take it out for a test drive to ensure brakes and steering are in good working order before negotiating a deal. Tread carefully, and there’s no reason why you can’t get a very decent car at an affordable price.

Whether you’re buying your first car or upgrading to something more reliable and fuel efficient, a car loan from Bank of Scotland could help you on the road. If you need access to funds, personal loans are available from £1000 up to £25,000 – and you’ll get an instant decision online. Bank of Scotland offers varying rates depending on your circumstances.

At Bank of Scotland we can help you with all your bank account and personal investment needs. Whether you're looking for savings accounts, personal loans, a mortgage or a credit card we're here to help. We can even provide home insurance and travel insurance cover too.

As security for your loan, we have a right of set-off. Halifax is a division of Bank of Scotland plc. Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ