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Which Car Finance Deal would you Prefer?

Car finance deals are always available from all of the UK’s top car providers if you are looking for a great money-saving offer. Most people want to shop around when it comes to buying a car and aim to get the car they want within a budget and so helping you get the best deal on your car finance is our number one priority.

Not everyone has the budget to get the car they have always dreamed of but if you shop around and see what is on offer quite often your dream can be fulfilled. That’s why using our quick service has been a great help to all of your customers and they have been able to find the car finance deals that suits their requirements.

Endless searching and fruitless visiting of car show rooms can often prove to be tiresome and not without issues and many car buyers are put off having to trawl though lots of different finance deals to get the one that suits them best and sometimes this can lead to having to settle for second best. Don’t let that happen to you, be prepared, know what you want from the offset and get that car finance deal that really takes into account what you can actually afford.

Cars don’t come cheap and getting the right deal will save you money in the long run. We can get you started on that journey, rest assured that our simple and easy application form will get you where you want to be, at the driving seat of your new car!

Don’t delay, get the best car finance deal and don’t settle for less than you deserve!

Financing your new car

There are lots of different options available to anyone who wants to buy a new car but who doesn’t have the money to pay for it up front. We believe in giving our customer an informed choice and so feel it’s important that everyone is aware of the options that their finance provider might offer to them. This way whatever finance option you take, you’ll be sure that you have covered all the possible bases first and are 100% which is the right method for you.

Below is an outline as to the most likely methods of financing your new car and offers a brief insight what these methods mean. Your finance provider will be able to tell you more and provide advice as to which is the best deal for you however it is always a good idea to have some basic information about these possible option first. There are a number of options that the dealer themselves may be able to offer to you, which are Hire Purchase also known as HP, Personal contract purchase also known as PCP, Personal leasing also known as Contract hire and finally 0% Deals.

Dealer finance

Hire purchase – Your loan will be secured against the car that you purchase and so you do not own your new car until you have covered the total amount you are required to pay back. You may be required to pay a small deposit and be offered the opportunity to pay the remainder in instalments. These instalments may have interest added to them. Once you have covered these costs you will then own your new car completely and will have no further financial obligation. However with this method of finance you will need to be aware that should you miss a payment or fail to payback your loan amount then you could face losing your new car.

Personal Contract Purchase (PCP) – For this method you will be required to pay a deposit on your new car followed by an agreed monthly payment to your finance provider.  This option is based on the minimum guaranteed future value of the car and includes the opportunity to purchase your car. You also have the option to pay back a larger amount towards the end of your repayment schedule known as a Balloon payment which will mean that you can at that point sell your car or purchase it outright. This gives you the option to be more flexible if you are someone who likes to update or change your car regularly instead of keeping the car for a long time. You need to be aware of the fact that you will not be the owner of the car until your payments have all been received at the end of your schedule or until you have made the final balloon payment and so need to keep to any mileage restrictions. You are in effect hiring your car and so must ensure that you look after it for the time that you are using it to reduce the chance of any financial penalties.

Personal leasing (Contract hire) – Similar to PCP above, this option requires a deposit and monthly instalments. You are hiring your new car rather than becoming the owner of it and do not have the opportunity to purchase your car at any point during the plan as you would with PCP. You would be required to hire the car for an agreed minimum amount of time and may have restriction when it comes to the mileage. You may also be required to pay for a set period of time up front as part of your agreement with your finance provider.

0% Deals – These offers usually require a larger deposit amount, however, no interest is charged on your monthly repayment amounts. Quite often this method requires a deposit of around 35% and you need to be aware of the fact that you may not be given any further opportunities for reductions.

As well as the finance options offered by car dealers there are also other finance options available to you could also choose to look at independent finance in order to make a one-off payment to your car dealer, these methods include Personal loans, Credit cards or using your mortgage.

Independent finance

Mortgage – Many people take advantage of their mortgage and use this as a method for buying their new car especially if their interest rate is relatively low. However, you are then at risk of losing your home if you miss any payments or are unable to repay the amount that you have borrowed so need to discuss how this extra purchase affects you in the long run should you run into any future financial difficulties.

Personal loans – Many people look at the option of taking out a personal loan which can be done through their own bank or through other financial providers. This does mean that you can make agreed monthly repayments to suit your budget and won’t have to find a deposit first, however, you will need to make sure that you are aware of the APR that you agreeing to. You will be the owner of your new car as soon as you purchase it from the dealer with this method.

Credit card – Some people are able to purchase their car suing their credit card and again as with the loan you own your new car as soon as you purchase your car from your dealer, however, you do to make sure that you have not exceeded your accredit limit and may need to look at your APR.

Whatever option you choose, you must always make sure that you read the small print and be fully aware of what you are obligated to pay. It will be your responsibility to make sure that you have the budget to be able to make your repayments according to your agreed schedule. Your fiancé provider will be able to answer questions that you may have on each of the options available to you.apply now

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