Cheap car finance for new and used cars
Cheap car finance
We often hear about people buying a new car and taking the dealers offer of finance or some other scheme that seems attractive, but may cost a lot more in the long run. So as well as providing loan quotes for car finance we also have included a car buying advice guide, which will hopefully make your car purchase efficient and affordable.
We have also included a large and comprehensive guide to loans and the principles of lending which should help to clear up any queries you may have.
We have a good collection of news articles about cheap car finance deals that you may find to be interesting too
If you find that your questions are not suitably answered by the content of this web site then you can contact us by email or by phone during normal office hours.
Do you want to buy a new or used car? Are you looking around for cheap car finance? You have probably already contacted your bank about cheap car finance, but maybe you are disappointed by their interest rates or repayment periods. Our secured loan interest rates for cheap car finance are lower than most high street banks and can be set up to fit your personal requirements. Homeowners can borrow any amount from £3,000 upwards depending on the amount of equity in your property!
Todays best deals for cheap car finance:cheap car finance secured loans for homeowners
- Special offer - no repayments for 3 months!
- Plans for self employed with no proof of income
- Facilities to settle the loan early with no penalty
- We can still help if you have little or no equity
- CCJ's? Mortgage arrears? Defaults? No problem!
cheap car finance unsecured loans for non-homeowners
providing cheap car finance in the form of an unsecured loan is no problem either, you can borrow up to £25,000.
Car finance guide
Hire purchase
Often arranged through a dealer, but you can contact finance companies directly if you want to.
- At the end of the term, the car is yours
- Rates are usually low, but initial deposits can be hefty, generally 10% and up
- The total amount of interest paid is low compared to other options
Personal loan
Many people believe that the attraction of these is that you can get a good deal by offering ‘cash. Unfortunately car dealers and other car sellers make commissions when they arrange finance for you, so they actually have more incentive to give you a good deal if you don’t offer them cash. Having said this it is always worth asking for special discounts when buying a new car. This isn't the case with private sales.
- easy to arrange
- rates can be very competitive
- the loan is not secured on the car, so you can sell the car whenever you like without having to repay the loan.
Extending your mortgage
This can offer you a very low monthly payment, but you’ll be paying for the car for 15 or 20 years – probably much longer than the car will last. The rate may be low, but because it takes so long to repay, you’ll pay more credit charges overall.
- low rates
- low monthly payment
PCPs
Personal Contract Plans are often branded by the car manufacturers with names like Ford Options, Peugeot Passport etc, but they all work the same way:-
- You pay an upfront deposit
- Then you pay low monthly payments
After 2 or 3 years you have three options:
- Pay a balloon payment and keep the car
- Return the car (you must keep within mileage limits and have the car in good condition if you want to do this)
- If the car is worth more than the balloon, (usually it is - but this isn't guaranteed) you can use the difference as all or part of your deposit on your next car.
These schemes are for people who like to change their car frequently and need a low monthly payment.
How to bargain
Go to a number of car dealers, and tell them upfront what you can afford to spend, and what your requirements are from your car. Tell them you're looking for a good deal and you don't care what the car is. Then, you can compare the packages that they come up with, and pick the one that appeals to you the most.