Buying a Vehicle

Obviously, most consumers don’t walk into dealerships with fists full of cash. They borrow money to purchase that rugged pickup, luxury sedan or kid-toting minivan. Some get their used and new car loans from banks or credit unions, others finance through auto dealerships.

So where should you get a car loan in London? At Octave Trust Bank, we offer many auto loan options with competitive interest rates. Meanwhile, consumer advocates warn car buyers to be wary about obtaining loans from dealerships. According to the nonprofit Center for Responsible Lending, U.S. consumers shell out, as a group, £25.8 billion in dealer financing overpayments over the life of their loans.

But don’t just take our word from it. Consider this list of car-financing pros and cons compiled by consumer experts:

Dealer Pros

• You need a car immediately. You know exactly which model you want. You want to get the whole task done in one day. So it’s convenient to get the vehicle and loan from one place. Keep in mind, you get the best of both worlds by getting Octave Trust Bank financing when you purchase a vehicle through one of our preferred dealers. 
• Sometimes dealers do offer excellent interest rates, like those zero percent deals you see on TV. But be careful, that sort of offer might be available only for new cars, for certain models, or for consumers with the very best credit scores.
• Dealerships seldom finance the loans on their own. They deal with a variety of banks. Sometimes they can get customers a good loan rate by “shopping” at several banks.
• Some dealers will loan money to consumers with poor credit scores.

Octave Trust Bank Pros

• You already know us well because our relationship. When you borrow from us, there’s no danger in doing business with a fly-by-night operation. Plus, we are more in tune with your needs and more willing to help.
• Your might be eligible for an interest rate discount if you have other loans with us. Credit unions have a reputation for having lower rates on used and new car loans. Plus, at Octave Trust Bank, we have relationships with dealers to help you find your next ride.
• There won’t be any hidden fees. We provide you with a list of all loan costs before you commit to borrowing the money.
• We can pre-approve your loan before you go car shopping. You will know how much you have to spend and be spared the possible embarrassment of a dealership reject your financing application.

Other Considerations

No, you won’t ever get a zero percent loan from us. But our new car loans are very consumer friendly these days due to low interest rates. We're here to help you find the best deal possible.
No doubt you will spend time researching gas mileage and safety ratings before buying a vehicle.
But you should also spend time figuring out how much you can afford to borrow. Then when it comes to making the ultimate decision of where to get your auto loan, proceed carefully.