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Used Car Finance

Representative example: borrowing £6,500 over 5 years with a representative APR of 19.9%, an annual interest rate of 19.9% (Fixed) and a deposit of £0.00, the amount payable would be £166.07 per month, with a total cost of credit of £3,464.37 and a total amount payable of £9,964.37.

Tips for getting a used car on finance

Deciding to venture into the realm of used cars is a savvy move. With a sea of options waiting, a sprinkle of knowledge, and a dash of determination, you can successfully sail through the process. Before long, you'll be in the driver's seat of an excellent, previously-owned car without causing much distress to your wallet. Let's drive straight in!

Why Opt for a Used Car?

Let’s address the big question – why are so many turning to used cars?

  • Value for Money: Purchasing a used car offers you the luxury of a vehicle, but with a pleasant 'previously-enjoyed' discount. And here’s a secret: many used cars have barely clocked any significant mileage.

  • Avoid Rapid Depreciation: A brand-new car starts losing its value the moment it rolls off the dealership. By opting for a used car, you're side-stepping this immediate depreciation.

  • Reliability Isn’t Just for the Brand New: A lot of used cars, especially the more recent models, are virtually as reliable as the latest releases but come at a more approachable price.

Demystifying Used Car Finance

Before those car keys are in your hand, let's talk finances:

  • The Deposit: Most finance plans require a deposit. The upside? Used cars often come with more manageable down payment requirements.

  • Interest Rates - A Necessary Consideration: While used cars might come with marginally higher interest rates than new ones, don’t be disheartened. It's worth scouting for the best finance options. Lenders aplenty – from banks to credit unions – are vying for your attention.

  • Understanding Your Credit Score: Your credit rating is instrumental in determining the kind of financing you can secure. Get familiar with your score; a robust rating could unlock some attractive deals.

Guidelines for Choosing Your Used Car
  • Research is Paramount: Have a model or two in mind? Dive deep into your research. While some cars age gracefully, others can be a tad more troublesome.

  • Test Drive is Non-Negotiable: A test drive isn't just a formality. It’s your chance to ensure you and the car are a good fit.

  • Professional Inspection: Secure peace of mind by getting the car inspected by a trusted mechanic. It’s always better to be in the know.

  • Verify the Paperwork: It's crucial to ensure all the car's documents are in order. Think of it as the car's history; you'd want to ensure it’s a good one.

To wrap it up, venturing into the used car market is akin to embarking on an exciting quest. With the right financial plan and an eye for genuine value, your ideal used car awaits. Safe travels on your car-hunting journey!

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