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Used Cars On Finance For £150 per month

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.

Getting a car for around £150 per month on finance

Getting behind the wheel of a new car doesn't have to break the bank. In the UK, used car finance has become an increasingly popular option for individuals looking to drive a quality car without the hefty upfront cost. If you're considering a budget of around £150 per month, you're in for some exciting options. 

Select the Ideal Car for Your Needs
Your choice of car will significantly impact your monthly payments. With a budget of £150 per month, you can explore a broader range of vehicles, including larger family cars, SUVs, and even some luxury models. Popular options include the Nissan Qashqai, Volkswagen Golf, and Ford Focus. Remember to consider running costs like insurance, road tax, and fuel consumption when choosing a car.

Understand the Different Finance Options
There are several car finance options available, including Personal Contract Purchase (PCP), Hire Purchase (HP), and Personal Contract Hire (PCH). Each option comes with its benefits and considerations. For instance, PCP allows for lower monthly payments and the option to purchase the car at the end of the term, while PCH is a leasing option where you return the car at the end of the contract.

Shop Around for Competitive Deals
Don't settle for the first finance offer you come across. Take the time to shop around and compare deals from various finance providers, including banks, credit unions, and online lenders. Make use of online comparison tools to quickly identify the most competitive offers. This will help you find a finance deal that aligns with your budget and offers favourable terms.

Save Up for a Larger Deposit
The more you can put down as a deposit, the lower your monthly payments will be. By saving up for a more substantial deposit, you'll reduce the amount you need to finance and decrease your monthly payments. A larger deposit can also improve your chances of being approved for finance and may help you secure a lower interest rate.

Consider the Length of the Finance Term
The length of your finance term will directly impact your monthly payments. A shorter term means higher monthly payments but less interest paid over the contract. On the other hand, a longer term results in lower monthly payments but more interest paid over the duration. With a budget of £150 per month, you can consider a shorter term to save on interest.

Securing a car finance deal for around £150 per month is possible with some research and planning. By selecting the right car, understanding finance options, shopping around for the best deal, saving for a deposit, and considering your finance term, you can drive away in a car that suits your needs and budget. Take the time to explore your options and enjoy the freedom that comes with driving a quality vehicle.

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