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New or used – check out finance deals that suits you

PUBLISHED: 10:56 01 October 2014 | UPDATED: 11:06 01 October 2014

Simon Gray, managing director of Credo Asset Finance.

Simon Gray, managing director of Credo Asset Finance.

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Simon Gray, of Credo Asset Finance, says the right finance on a used car could save thousands.

Buying a new car or a used one? What is the best option when it comes to finance?

New car registrations have risen in the UK each month for two and a half years, as the recovery gathers pace and manufacturers offer enticing deals. Registrations for the first eight months of the year were 10.1% ahead of the same period of 2013 and we wait to hear whether the new 64 registration plate, which came into force in September, has increased this further.

So it is easy to understand why many feel that buying a new car, rather than used, is better for them. Low savings rates could also be a factor, as some people will be looking at what they are getting on their savings and deciding it is worth doing something else with the money. It could also be fantastic dealer finance offers on new cars, along with long warranties and cashback – deals that ‘lure’ us to part with our money!

Whatever the reason, it is good for the car market and it gives consumers more opportunity to buy a newer car.

But let’s go back to that question of whether to buy new or used. The new car deal, together with the finance package, may be attractive but, with any new car, the depreciation as soon as you drive off the forecourt has an impact and has to be considered.

Why not consider a nearly-new car, registered by the dealer to increase sales but often 25% cheaper than a new one? The dealer may not be able to offer the brand new car finance deal but we can and, with a discounted car and a competitive rate, you could save thousands of pounds against a new equivalent.

With many finance options available to consumers, there is always the right deal to suit an individual’s needs. It is always worth speaking to a good independent finance broker like Credo for advice on what finance deal is best for you and suits your circumstances. Then you have all the knowledge to go out there and finance the car of your dreams!

Credo Asset Finance is at 85 Yarmouth Road, Norwich, NR7 0HF. Telephone 01603 703180, email sales@credoassetfinance.com, log on to the website at www.credoassetfinance.com

Twitter: @CredoFinance

Facebook: www.facebook.com/CredoAssetFinance

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