Financing a car – what are the best options for you?
So you’ve found the car of your dreams and want to drive it away as soon as you can. Before then, however, is the seemingly daunting task of working out how to pay for it.
With a variety of options – from cash payment to personal loans or a hire purchase – we run through the advantages of opting for a finance plan.
Finance plans can be matched to the needs of an individual driver. Most agreements can last anything from two to five years, giving those with a more limited budget the option to extend the plan and pay a smaller amount each month.
A deposit payment is similarly flexible. For those with less funds up-front, they can put down a smaller deposit of just a few hundred pounds, for example.
Modern cars, lower costs
Used cars have many of the safety and comfort features present in brand new vehicles. This is, understandably, an attractive option for prospective buyers, but they may be reluctant to stomach a hefty price, paid up-front, to cover it. With finance deals, drivers have access to cars they may otherwise struggle to save for.
One of the most common forms of finance is Hire Purchase (HP). With HP, you pay a set fee each month and, at the end of the contract, you own the vehicle outright. It’s a manageable way to control your finance’s and own the vehicle at the end of the term.
Before you make that final decision, it is important to consider questions such as how long you’d like to keep the car, how much you want to borrow and how much you can afford to pay back each month to get the best car finance deal. If this doesn’t cover everything you need to know, get in contact with the people that do at CanCan car finance.