Buying a car no longer has to be a struggle. Whereas, in the past you were forced to pay with cash or go directly to your bank to request a loan, only to get rejected, now there are numerous services out there that make buying a car on finance much easier.
If you’re in the market for a new car, you have probably considered all the option. If you haven’t got the money to pay in cash, you’re likely already familiar with the different options available for you.
It can be quite difficult to wrap your head around all the terminologies and the different factors that purchasing a new car on finance involves. If you have any doubts, read on and learn more about the whole process.
How to buy a car on finance
There are no shortcuts when it comes to buying your car on finance. Some steps, you simply have to take in order to ensure that you are getting the best deal possible.
A good place to start is by setting your budget, and looking into the cars you are interested in. Are you going to be able to afford the monthly payments on the vehicle you want? It’s important that you figure those things out before applying anywhere. This will increase your chances of getting approved on your first try. If you go into the process unprepared, you are likely going to end up getting rejected.
Once you figured out all the basics, it’s time to find the service you are most comfortable with.
At Trusted Car Credit we offer our customers extremely competitive rates; therefore, you can rest assured knowing you are getting the best deals possible. When applying for finance, you will likely be asked to provide information about your budget, your credit score and the vehicle you want to purchase. This will allow the finance provider to better understand your situation, giving them the opportunity to discuss with you the best possible options. Once you’ve applied, you will be contacted once your application is checked by the provider. They will likely call you to discuss all the options you have, after which they will send it an application on your behalf.
Types of car finance
There are many different forms of car finance, two of the most popular being Hire Purchase (HP) and Personal Contact Purchase (PCP). Both offer different things; therefore, depending on your circumstances, it’s crucial that you pick the right one for you. Although, you will likely be advised about which option is best suited for you, it’s always good to read up on them before sending in an application.
Hire Purchase, for example, might be better for people with poor credit, as it involves you getting the vehicle and paying for it on a monthly basis. The loan itself is taken out on the car, so if you don’t make your payments, it will simply be reposed.
Personal Contact Purchase, on the other hand, is a little more complicated. You still get the vehicle of your choosing and pay for it on a regular basis; however, at the end of your term you get to decide whether you want to keep it or return it. Should you choose to keep it, you will be required to pay a large final sum, agreed up before you sign the contact. Both options are great, it just depends on your personal circumstances.
Your credit score, for example, plays a huge role in the car buying process. If your score is poor, you can still purchase a car on finance however, your options will be limited. There are steps you can take to improve your score, some of which are listed on our website.
Why Trusted Car Credit?
At Trusted Car Credit we offer our customers competitive rates, regardless of the vehicle you’re buying. Whether it’s the latest model on the market, or something slightly older and less upscale, we work hard to ensure that all our customers feel like they’re getting the most for their money.
All you’re required to do in order to start the process with us, is enter your details on our website, and fill out our quick and easy online application.
One of our team will get in touch with you shortly thereafter, to discuss your options and guide you towards the best deal available for you. The process is quite straightforward and simple; meaning, you could be getting your new car in no time. Instead of stressing yourself out, trying to complete endless forms, only to get rejected, give Trusted Car Credit a try and let us do all the hard work for you. Fill out our online application form today, and come one step closer to owning your dream car.