Shop Carefully Before finalizing car loan or finding right lender, get quotes from different banks, from dealer and other lenders. If you have a saving account in a bank then your credit rating is good, then banker will offer you for a car loan. Only people of age 18 or above are eligible for applying for car loans. We all live in credit-based economy. For that reason our financial and credit worthiness becomes more and more important. If you have good credit reports then it will be easy to buy new car. Over years, credit reporting agencies like trans union, experian and Equifax have developed a system of predicting your credit-worthiness based on your past payment history. Based on score they give you, these agencies will recommend whether to give you credit or not to buy that car or home or to make you that loan. How timely you make your payments, pay your dues, Phone bills, electricity bills etc. tell your credit worthiness and you get final score by these credit reporting agencies. Once you apply for car loans, lender or banker will go to one of these agencies for your score.

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Internet banking is also increasing in significance. There are now over 10.3 million consumers managing their bank accounts online, a result of increased confidence for consumer and simplification of front-end technology by financial organisations and providers.

Despite positive news, finance companies could go further in encouraging consumers to take up internet as a tool to manage their finances. NOP World has additionally reported that many online accounts remain dormant stating that problem affects all banks “even specialist online providers, with dormancy rates ranging from as low at 10% to as high as 80%”. Moneynet.co.uk, Moneyextra and Moneyfacts.co.uk, online comparison and information websites, specialising in personal finance, have already tried to resolve issue of consumer apathy and financial lethargy by introducing product guides to explain complex terminology.

For further information: http://www.nopworld.com/ http://www.moneynet.co.uk/

Rachel writes for the personal finance blog Cashzilla:

http://www.cashzilla.co.uk/