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If you're looking for guaranteed car financing, you've come to the right place. On this website, you will be presented with guaranteed financing options by some of the best companies in the UK. You will save a lot of time by having all of the best options displayed in one place. This is especially important if you have less-than-perfect credit. If your credit isn't impeccable, you may have trouble buying a car. Even if your money woes happened a long time ago, they can still show up on your credit history and prevent you from getting the financing you need. Buying a car with bad credit is easier when you are aware of all the options, and you can learn all about them here.
Before applying for car finance, you should determine whether you will qualify for one or not. To find the right guaranteed car finance, you need to show lenders that you will be able to repay the loan easily. You will be asked to present the following things:
Employment History - You'll have an easier time getting guaranteed car finance when you are gainfully employed. Lenders want to see that you have held down a job for at least six months. They will also look at your employment history to see how long you remain at various jobs. This will give them an idea of whether you will continue to be employed in the future or not.
Bank Statements - A quick and easy way for a lender to determine how careful you are with your money is by looking at your bank statements. You will probably be asked to provide at least six months of bank statements. If your statements show that you go overdrawn regularly or that you pay a lot of fees, the lender may decide that you aren't financially stable enough for a loan. The lender will also check to see how long money stays in your account after you are paid.
Deposits - One way to increase your odds of getting a car loan is by providing a sizable deposit. This is especially wise if you have bad credit. If you're going to do this, try to provide a deposit that's equal to about 15 percent of the price of the vehicle.
There are several options for buying a car in the UK. You can always pay for a car with cash, but that means that you have to save up for it first. After saving up all of that money, it may be difficult to spend it all at one time. A more flexible idea is to finance your new vehicle. Some of the most popular car finance options in the UK are highlighted below.
Personal Loan - If your credit is good, this is the best option. Personal loans offer the most flexible terms, and people who have good credit can take advantage of low interest rates. It's easy to get a low monthly payment too, which makes it easier to manage your personal finances. Always shop around for a personal loan when buying a car. There are many options available. With a personal loan, you can sell your car at any time and use the money to pay off the rest of the loan.
Hire Purchase Agreement - Like many people in the UK, you may decide to use a hire purchase agreement, or HP agreement, to buy a car. In this case, you won't own the car until you make your last payment, so you can't sell it until it's been fully paid. You're basically hiring the car until the loan is paid in full. You have to pay a deposit in the beginning. When you've paid it, you can then choose to buy the car. If you agree to pay a lump sum at the end of the term, you may be eligible for lower payments.
Personal Contract Plan - The primary difference between a personal contract plan, or PCP, and an HP agreement is that the dealer lets you know how much you will have to pay to buy the car when the term expires. When the time arrives, you can sell the car to pay off the remaining balance, keep it by paying the difference between what it's worth and how much you've paid or return it to the dealer. To have all of these options, you must keep the mileage restrictions in mind.
Lease Agreement - With low monthly payments and no initial deposit, a lease agreement is a flexible option for people who don't actually want to buy cars outright. You may even be able to get a lease agreement that includes servicing. As with PCPs, mileage restrictions apply. You can trade it in for a new lease at the end of the term.
Zero-Percent Financing - With a large deposit of approximately 40 percent and a shorter term, you may qualify for zero-percent financing in some instances.
Now that you're aware of the main options for buying a car in the UK, you should have an easier time finding the best car finance. Just take your time to ensure that you get financing that's right for you.
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