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Car Finance Explained

car finance

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Interested in getting yourself a car on finance, but not sure where to begin? We’ve broken it down into some simple steps, so you can better understand cars on finance, and get into your choice of vehicle quickly and stress-free.

What is car finance?
Car finance is a simple way for people to get into the car of their choice, hassle-free. After paying a deposit (or no deposit, if you choose not to), you can make a fixed monthly payment over an agreed amount of time. We have hundreds of vehicles in stock, which have all been prepped to the highest standard, in our state-of-the-art service centre.

How does it work?
The process of car finance can be broken down into 4 simple steps:
1. Apply for finance, either online or over the phone. We’ll take some key details from you, including employment, address and a few other details.
2. We’ll work closely with you and keep you up to date on any decisions from lenders.
3. Once you’ve been accepted, our team will help you choose your perfect car. We have a huge stock list to choose from, so we’re sure we can find a car that matches your budget and needs.
4. After the documents have been signed, you can receive your car! You can either come direct to the store to pick it up, or we can have it delivered straight to your door.

What plans are there?
There are two plans you can choose from when getting a car on finance, Hire Purchase (HP) or Personal Contract Purchase (PCP).
With HP, you spread the car payments out over a period of time, and when you have paid the final instalment, you own the car.
With PCP, the payments are lower, and at the end of the time period you can pay a balloon payment to own the car, or simply hand the car back to the store.

What are the benefits of car finance?
There are loads of benefits to getting your car on finance. For example:
– You don’t have to make a huge dent in your bank balance.
– You can afford to get yourself into a better car than you would have previously been able to afford.
– You can spread the cost over a period of time suitable to you.
– Monthly payments are easier to plan for.
– You won’t have to save up money beforehand to buy a new or used car outright.
– Car finance is a lot simpler to apply for than a regular bank loan. Even if you have problems with your credit, bad credit car finance is still an option available to you.

What car options do I have?
It all depends on your budget and what needs you have from your car. If you’re looking for a small and cheap city car, you might want to go for a Skoda Citigo. Or if you’re looking for a more luxurious option, you might enjoy an Audi A3. We have hundreds of cars in store, so we’re sure our team can help you find your perfect car.

Representative Example of Credit

We expect more than 51% of our customers to achieve this rate.

Loan AmountTotal Cost of CreditRepresentative APR48 Monthly PaymentsDeposit AmountLoan TermTotal Amount Payable
£7,500£3019.1619.1% APR£219.77£048 Months£10,519.16

We are a broker not a lender and our registered office is Trident Park, Trident Way, Blackburn BB1 3NU. Our contact number is 01254 919000

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