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Financing a car is a popular choice with drivers in the UK due to its affordability and flexibility. It involves borrowing money to buy a car, and incrementally paying back the loan every month over a period of time (usually one to five years).
Car financing could be a practical option for people who can’t afford or don’t want to part with the thousands of pounds needed to buy a car outright.
If you want to explore possible car finance options, you’re already in the right place. Consumer Experts could help you find what you’re looking for.
Borrowing £6,000 with a £1,000 deposit over 48 months with a representative APR of 21.6%, an annual interest rate of 22.1% (Fixed), the monthly payment would be £152.51, with a total cost of credit of £2,320.44 and a total amount payable of £7,320.44.Â
Rates from 9.9%: The exact rate you will be offered will be based on your circumstances, subject to status.
Car finance with a monthly repayment of £120.00 could be achieved with one of our car finance credit brokers. £120.00 a month is based on a loan value of £4800 over 5 years with a fair credit score. All finance applications are subject to your individual financial circumstances and the financial provider’s criteria.
Please note: Consumer Experts acts as a credit broker, not a lender.
Personal Contract Purchase (PCP) car finance is a flexible way of financing a car without buying it outright and unlike a personal loan, you’re not forced to pay off the full value. There is an option at the end of your agreed repayment window to pay a balloon payment which will cover the remaining value and allow you to own the car.
Your two other options are not to purchase the vehicle and get a new car on PCP finance, or just hand the car back and walk away from PCP car finance altogether.
Hire purchase car finance is a way of financing a car without having to buy it outright. Unlike PCP car finance, HP means you own the car at the end of your repayment window without having to pay a large balloon payment. You may however have to pay a fee to do so.Â
HP allows you to get a new or used car, it’s an effective way of getting your hands on cars that would otherwise be out of your price range.
Essentially a long-term rental, this arrangement allows you to lease a car for a set period (typically 2 to 5 years) by paying fixed monthly instalments. Once the contract ends, you simply return the vehicle.Â
It’s ideal if you don’t plan to purchase or switch the car at the end of the contract, a Personal Contract Hire (PCH) could be a suitable option.
We are Consumer Experts and we are dedicated to helping people across the UK compare and save on a range of essential services. We do this by working with industry leaders to provide you with quotes tailored to you and your unique needs.
By using your personal details, we’re able to ensure that the offer you get suits you. Your own needs are different to those of someone else, and we believe in getting you not just a deal, but one that meets your needs.
Many people want to secure a car finance deal but worry if they’ll be given the option by lenders.
Because financing a car involves borrowing money, a bad credit score often harms people’s ability to get car finance. However, it is still possible to get car finance if you have poor credit, and many people do succeed in finding a deal that suits them.
It’s important to assess your circumstances and the cost of financing a car before you proceed with your application, as failing to keep up with the payments on your car can lead to further damage to your credit score.Â
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