*Initial check is a soft search. Should you progress, some lenders may perform a hard search on your credit file.
Car finance is a way to spread the cost of buying a car over a period of time through monthly payments, rather than paying the full amount upfront
Personal Contract Purchase (PCP): Low monthly payments with an optional final balloon payment to own the car
Hire Purchase (HP): Higher monthly payments, and you own the car at the end.
Personal Loan: A loan from a bank or lender to buy the car outright
Lenders will check your credit score, income, employment status, and other financial factors to determine eligibility.
No, you can put down as little or much as you wish, obviously the higher the deposit then the lower your monthly payments will be but its entirely up to you the amount
APR (Annual Percentage Rate) includes the interest rate and other fees, showing the total cost of borrowing over a year.
Yes, You will however need to check your agreement for terms.
Missing payments can harm your credit score and may lead to repossession of the vehicle, depending on the terms.
With HP: Yes, once all payments are made.
With PCP: Only if you pay the optional final balloon payment.
Modifications are often restricted, especially with PCP and PCH agreements. Check with your lender.
You may face excess mileage charges if you exceed the agreed limit on PCP agreements but there are no mileage limitations on Hire Purchase
Yes, but your options may be limited, and the interest rates may be higher. Some lenders specialize in bad credit finance.
Regular, on-time payments can improve your credit score, while missed payments can harm it.
Pay the balloon payment to keep the car.
Return the car with no further payments (subject to condition and mileage).
Trade it in for a new car.
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