Car Finance Questions

1. How Does Car Finance Work? When you get car financing, you will have the opportunity to buy the car that you want without having to use up all your savings on one purchase. Instead, you will be paying the car finance company a fixed amount every month for a set number of years. Car finance is a type of credit agreement between you as the borrower and the car finance company as the lender. Car Finance Questions What are the Different Car Finance Deals? There are various car finance deals available to car buyers in the UK, including car leasing and personal loans. However, two of the most common car finance deals are Personal Contract Purchase and Hire Purchase. These two car finance arrangements involve monthly payments. You have the option to pay a deposit so that you can reduce the fixed amount you have to pay every month.

2. With the PCP arrangement, you will be given a number of options once your contract ends. You may buy the car by paying a balloon payment or you may return the vehicle to the lender. Who Can Get Car Financing? If you are at least 18 years old and a UK resident, you can apply for car finance. However, take note that there will be numerous factors that can affect your application. Your employment status, credit history and credit score will play a huge part in determining whether you can get car finance at a good rate. If you are a young driver who wants to buy a car, you can strengthen your application by getting a guarantor who can back you up. Having a guarantor to vouch for you will help increase your chances of getting approved by the car finance company. Address:- Argyle House, 29-31 Euston Road, Kings Cross, London, NW1 2SD Visit us :- https://www.carmoola.co.uk/blog/car- finance-hub/