How it Works
You will be given an indicative car finance quote on the screen and can proceed with the provider best suited to your requirements. Once you confirm the loan requirements and have been approved by the car loans provider, you can simply transfer the finance to the dealership to purchase your new car. Simple.
Most customers are able to get approved for car finance on the same day of applying and are often up and running in their new jam jar in less than a week.
Personal Contract Hire
Personal Contract Hire or PCP, is the most common form of car finance in the UK and includes:
- Minimum deposit of 10%
- Monthly payments
- Balloon payments
Whilst the minimum deposit is 10%, the more you agree to deposit initially, the more of the car you will own and therefore this will reduce your monthly payments.
Similarly, the shorter your loan term, the higher the payments will be, but the more you will be repaying overall since the loan is open for longer.
After a certain period of time, you will be able to make a final ‘balloon payment’ which will allow you to purchase the car outright and then you will own it 100%.
Hire Purchase
Hire purchase (HP) is another very popular form of car loan, whereby you essentially ‘rent’ the vehicle through monthly payments. There is no balloon payment, but by the end of the loan term, you would have paid off the loan and will own the vehicle outright.
Car Finance No Deposit
If you are interested in car finance without making a deposit, you can apply for an unsecured loan, which is a basic loan, repaid in equal instalments every month. The monthly rates may be a little higher because there is no deposit to be made and there is no security for the lender. Hence, your eligibility will be based on your credit score, income and affordability.
Car Finance for Used Cars
If you are looking to purchase a used car, we can help find the best deal for you. Note that the rates charged may be a little higher than for a new vehicle, since used cars tend to be worth a little less.
