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What is car finance?
30 March 2021

What is car finance?

If you are considering buying a car and wondering whether car finance is right for you, here is everything you need to know so you can make a decision. Let’s dive in.

So, what is car finance? It is the process where you can spread the cost of your car over a number of months, instead of paying for it in one go before you drive away. It is a great way to make buying cars more accessible and there are loads of options out there depending on your budget, your lifestyle and your circumstances.

With any agreement, you will typically pay a deposit that has been negotiated and agreed, then the remainder of the balance will be spread across a set amount of months. It will have all been detailed out for you before you agree to anything, as well as you being able to read through the terms of the agreement.

There are certain things to look at in there, like the annual mileage which is agreed on the vehicle and what will happen at the end of the term. With some types of car finance, there will be options such as giving the car back or using it as a downpayment on your next car, and others will end in you owning the car outright, so it is worth thinking about what you would like to do at the end of the agreement b before you sign up to one.

Car finance isn’t right for everyone and it is important that you think about the monthly repayments. If you think it might be for you, or you would like to chat to an expert and find out more, we would welcome you to get in touch.

If you’re at the stage where you’re ready to apply, you can do so here and someone will be in touch with a decision and to take things further with you.