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Used Cars On Finance For £200 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 used car for around £200 per month

Driving a new or quality used car doesn't have to come with a sky-high price tag. Car finance offers a convenient and accessible way for UK drivers to get behind the wheel of a car they love without the need for a large upfront payment. If you're working with a budget of £200 per month, there are numerous options available to you. 

Identify the Right Car for Your Needs
With a budget of £200 per month, you have access to a wide range of cars, from sporty coupes to spacious SUVs. Popular choices within this budget include the Audi A3, Mercedes-Benz A-Class, and BMW 1 Series. When selecting a car, consider factors such as running costs, insurance premiums, fuel efficiency, and maintenance costs to ensure that it aligns with your overall budget.

Understand Your Finance Options
There are several finance options available to car buyers, including Personal Contract Purchase (PCP), Hire Purchase (HP), and Personal Contract Hire (PCH). Take the time to understand the features of each finance option, including deposit requirements, monthly payments, interest rates, and end-of-term options. This will help you make an informed decision that best suits your budget and requirements.

Shop Around for the Best Deal
When it comes to car finance, it pays to shop around. Take the time to compare finance offers from various providers, including banks, credit unions, and online lenders. Many car dealerships also offer in-house financing, which may provide competitive rates and flexible terms. Use online comparison tools to quickly identify the best deals based on your budget and preferences.

Maximise Your Deposit
The size of your deposit will significantly influence your monthly payments. A larger deposit will reduce the amount you need to finance, resulting in lower monthly payments and potentially lower interest rates. If possible, save up for a more substantial deposit to maximise your budget and reduce your monthly payments.

Consider the Term of Your Finance Agreement
The length of your finance term will impact your monthly payments. A shorter finance term will result in higher monthly payments but may save you money on interest in the long run. Conversely, a longer finance term will reduce your monthly payments but may result in higher overall interest costs. With a budget of £200 per month, you can opt for a shorter finance term to maximise your savings.

With careful planning and research, finding a car finance deal for £200 per month is entirely achievable. By selecting the right car, understanding your finance options, shopping around for the best deal, and considering your deposit and 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 and convenience of driving a quality car without the high upfront cost.

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