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Car Finance Offers

Rarely is it a reality that you save up for a new car and pay for it all in cash.  A large percentage of cars are purchased using some sort of finance.  There are also a number of financing options available to you from leasing companies, banks and car brokers.  Check out our useful links below and shop around – visit comparison websites and banking websites to get the best deals.


how to finance your car

Tip: Always look at the APR interest rate as a comparison.  If you have trouble understanding the figures, always ask “what's the total I'll repay including all charges?”.  Then make sure you can afford the repayments without overstretching yourself.  To keep finance costs down, borrow as little as possible, using any savings to minimise the amount, and repay as quickly as feasible.



The most popular form of finance options are usually those offered by the dealer.  Dealers do offer some good finance deal out there but generally you can expect to pay a higher rate than if you arrange your own loan.  Use the dealer's 0% finance deal if possible, but be aware it's possible the vehicle price will be higher if you get 0% finance deal, so check the price without it elsewhere.


Personal Loans

A personal loan allows you to borrow a set amount over a set period of time.  Repayment is made in fixed monthly instalments over your desired period.  Personal loans are a simple and cost effective way to borrow.  Shop around as there are lots of lenders and loans on the market, and you can save a fortune by choosing the right one.


Credit Cards

Use a 0% credit card if available to you.  Ensure you can repay the credit card or transfer the balance as required when the rates increase.  Ensure you do make repayments so that you are not left with a large loan outstanding on your card while your car continues to depreciate.  It should be noted that most dealers would charge between 1.25% and 2.5% for using a credit card but this can still work out a cheap way to pay.


PCP (Personal Contract Plan)

Personal Contract Plans allow you to purchase a new vehicle without having to pay for it all.  Pay a small deposit and the remainder over 12-48 months.  A pre determined future value of the vehicle will be given.  At the end of the term, you can buy the vehicle or hand it back.


Contract Hire & Lease Hire

To be eligible for Contract Hire you need to be a business that has been trading for 3 years.  Simply choose the duration of the hire and your annual mileage.  There is usually an initial payment equivalent to 3 months hire.  At the end of the duration simply hand the vehicle back.


Personal Contract Hire

Personal Contract Hire is similar to Contract hire above except available to private individuals.  You just need to add the VAT sum to your monthly payments.


Useful Links

  • - Compare Contract Hire is the UK’s first contract hire price comparison site (launched in June 2008) allowing both SME’s and consumers the ability to quote online and deal direct with contract hire companies.  You can search by exact model, by £ rental, by CO2 and by MPG.

  • - Beat That Quote is a major finance comparison site, and winner of numerous awards.

  • - Offers a range of products at competitive prices.

  • -  Loans & Credit Cards

  • - Compare loans, Car leasing Plans, Loans and Credit Cards

Other Tips

  • Watch for Payment Protection Insurance.  These costs are not included in the interest rate displayed, and many cheap loans are only profitable due to their expensive insurance.
  • Many dealers make money by selling finance packages therefore the cash price may not always be their best price.  On the other hand, a cash deal usually proceeds quickly and hassle free with no chance of the finance falling through so if your happy to move quickly, the dealer may be happy to do the deal to clinch the sale.
  • If interest rates are low then you will be able to get a better car for your budget than you will if interest rates are high.
  • Whichever option you decide to go for, it is imperative that you check any finance contract or loan agreement for all the conditions and terms that will apply to you if you sign the document.
  • Look at exit clauses for ending the contract early.  These can often be very expensive.

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