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Benefits of having your car on finance

An increasingly popular way to purchase a new car, finance is allowing consumers across the UK to buy cars that would be out of their price range if they were solely relying on savings. So what are the benefits of purchasing a car on finance?

Spread the cost

The main advantage of car finance is the ability to spread the cost of the finance package across the length of the agreement. By dividing the total cost of the vehicle and finance repayments over a 24, 36 or 48 month term, you can break it down into affordable monthly payments. This means you will know exactly how much you have to pay meaning you can budget accordingly.

Credit check

Your finance agreement will be assessed based on your credit history. The interest rate will be set based on your credit rating (from bad to excellent), and will be explained to you at the start of your agreement. This means that if you have been careful with your finances, not fell behind on any payments, and have no outstanding CCJs on your file, you can get a great deal.

Better vehicles

One of the problems of saving up to buy a car is you are limited by the money you have saved. This can limit the options you have when it comes to the car you buy. By spreading the cost, you can choose a much better vehicle, meaning that you can have a safer car, with more efficient engines, and better overall quality.

Different products

Car finance doesn’t just come in one variety. There are several different options available when you apply, each with their own perks and benefits. Depending on your credit rating, you can choose from products such as Personal Contract Purchase, Hire Purchase, and Lease Purchase. Not every product is right for everyone, so make sure you check the details of the agreement carefully before finalising the deal.

published: 02/06/2017 10:08:04

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