Buying a new car can be very exciting, but it’s very important to be realistic about what you can afford. Car finance is the process of paying for a vehicle over a set period, instead of buying it outright with a cash payment. This is a good option for individuals that don’t have the money at hand to buy the vehicle they want. In this article we will explain the four types of car finance Manchester agreements.
A hire purchase agreement is when you hire a car from a lender until you’ve paid the amount in full. Meaning that you will not fully own the car until the final payment has been made. Hire purchase is one of the most common forms of car finance.
A guarantor loan involves a third party (relative, friend etc.) acting as a guarantor. The guarantor will pay back the money on your behalf if you fail to keep up with the payments. This is a popular choice for those with a poor credit score.
A PCP agreement is like a hire purchase agreement. You have the option to pay a deposit and pay monthly repayments over a set period (usually 24 to 48 months). At the end of the fixed term, you have the option to either:
Personal loans allow you to borrow an amount of money over a fixed period. Choosing to take out a personal loan means you will own the car as soon as the dealer receives the money for it.
If you've been mis sold car finance Manchester, we can help you get your money back. Our team of experts will fight for the compensation you deserve. Find out if you have been mis-sold your car finance deal now and see if you are eligible to claim.
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