Car Finance Explained
Here at Trusted Car Credit, we understand that everyone’s circumstances are different therefore we work closely with our customers to find the most suitable car finance packages possible. No matter what your circumstances are, we will do our best to advise and inform you about all the options available. Buying a new car can be an extremely challenging and stressful task. If you haven’t done it before, you are probably rather confused and overwhelmed by all the information you are being bombarded with.
Hire Purchase (HP) is one of the most popular forms of car finance. It involves you getting your chosen vehicle and paying for it on a regular, often monthly, basis over a set period. Once you pay off the balance, you get to keep the vehicle. It’s rather simple and straightforward, which is why many people choose this option.
Typically you are required to pay a deposit however here at Trusted Car Credit no deposits are required.
When it comes to Hire Purchase, the loan is taken out on the car itself therefore if you don’t make regular payments the vehicle will be repossessed.
If your credit history is impaired, this could be the perfect option for you.
Personal Contract Purchase (PCP) is slightly different because it allows you to return the vehicle at the end of the term. You still have to make regular payments over a set period however if you decide to keep the car you will have to make a large final payment, often referred to as a “balloon” payment.
The final payment is calculated based upon the estimated market value of your vehicle at the end of the term. This is usually provided before you sign your agreement giving you enough time to decide whether you are keeping the vehicle or not.
Buying a vehicle has never been easier. Our hassle-free process is designed to save you time, and money so don’t hesitate – apply now and have your dream car with you in no time.
To get the ball rolling simply fill out our step by step application and one of our team members will get in touch with you shortly.