Do you find car finance confusing? At We Finance Any Car, we are here to demystify it for you, and help you make decisions around car finance more confidently.
Here, we will chat about three main types of finance and how they differ, but if you have any questions, we would welcome you to get in touch.
First up is personal contract purchase. Otherwise known as PCP, this is a really common type of car finance. Typically, you will pay a deposit at the start of the agreement and then the payments will be split over an agreed period of months. At the end of the agreement, you will usually have a few options such as; paying a balloon payment to own the car, handing the car back, or using it as a deposit against your next vehicle. The benefit of this is that in the end, you have choices and can choose not to keep the car if you do not want it.
Hire purchase is next on our list, often shortened to HP. Hire purchase is similar to personal contract purchase, in the sense that you pay a deposit and the payments are split, however, at the end of the agreement, you typically pay a sum to own the car. This is great if you want a car that you will keep at the end of your agreement.
Last on our list for this round-up is bad credit car finance. This is a type of car finance that is available to those with bad or poor credit. There are a number of reasons you can have bad credit and we look at each application individually. It means car finance can be more accessible to more people, from different walks of life.
If you have questions around car finance, of you would like to find out more and apply, speak to a member of the team at We Finance Any Car, and we will be happy to help.