Purchasing a used car should not be difficult. That's why we've changed the game; with us, you can get your vehicle financing arranged first and then confidently choose a car.
The best part is that we'll also handle all of the heavy liftings. We'll search our panel of lenders for the best price for you and link you with a dedicated account manager who will walk you through the process and handle all the paperwork.
What type of finance is available for a used car?
There are two main finance types those are Hire Purchase (HP) and Personal Contract Purchase (PCP).
Hire Purchase (HP)
You'll essentially be renting the car from the lender during your agreement, and you won't own it fully until you've made all of your payments (including the Option to Purchase fee).
Monthly payments may be greater than with other alternatives because you will own the vehicle at the end of your agreement, but there are normally no mileage restrictions and you can choose to pay a deposit upfront, which may reduce the amount you pay each month.
Personal Contract Purchase (PCP)
It differs from an HP agreement in that it provides you with options. You have the option of returning the car at the end of your PCP arrangement, using any positive equity as a deposit on a new term, or purchasing the car by paying the balloon payment.
You, like HP, may be subject to limitations. You'll need to agree on a set mileage, and if you go over that limit or cause any bumps or scrapes on the car, you could incur additional penalties.
Can I get car finance without a deposit?
Yes, you can receive a car loan with no money down.
You don't need to dive into your money or wait until you've built up a good nest egg to buy a used car if you've found the car of your dreams – or if yours has simply given up the ghost.
We realize it seems too good to be true, but we deal with lenders who can provide used car loans with no down payment.
You may be asked to pay a reservation fee at some dealerships, but you may select a car and drive it away without paying anything upfront!
What factors affect the cost of your car finance?
The following are the two criteria that affect the number you'll have to pay back on your car finance:
Interest: Based on your credit score, an interest rate, or APR, is applied to your loan amount. When you buy a car on credit, you must pay both the principal and interest on the loan. If you have debt problems, you will be charged a higher interest rate. This could drive up the price of the vehicle even further.
Loan term: Another important element that affects the cost of a car loan is the loan term or length—the longer your loan term, the lower your monthly payments will be. Furthermore, you will wind up paying higher interest for a longer length of times
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