Top Car Finance Options in the UK

Financing a car has never been easier thanks to the many options consumers can choose from. If you don’t have the money to purchase a car outright in cash, a finance agreement helps you spread the costs. So, what are the best options to consider? Depending on your circumstances, you should be able to find the right type of car finance lender that can help match your situation, whether you have a low budget or poor credit history. To help, here is our quick guide to finding the top car finance options in the UK to match your needs.

Bad Credit Applicants

Many people will not have a perfect credit rating, instead varying between excellent credit and bad. Due to this, the number of lenders available for those with poor credit can seem reduced, but this doesn’t mean there are no options. If you are a bad credit applicant, finding specialist lenders to help will improve your chances of approval. No matter where you are in the UK, you’ll find specialist car finance in Manchester, London, Birmingham, and many other great locations. This means you won’t have to travel far and will quickly find vehicles and affordable finance near you that will consider affordability over your credit history. Many of these car finance lenders have an online service too, so you can browse your options, get approval fast and even have the vehicle delivered if it’s not local.

Trade-In Options

You may have a vehicle already that you want to replace, but this can mean having to privately sell which can take time. Many companies consider this and can offer trade-in options to help make this process easy. Rather than having to worry about selling the vehicle yourself, you’ll be able to get a value for your current car and sell it to the dealer or lender directly. The agreed value can then be used against a new vehicle purchase, helping you save money on the overall finance. This can be especially helpful if you want to move your current vehicle on quickly, as well as keeping the cost of ownership as low as possible.

Flexible Finance

For any type of car finance, you want this to be flexible so that you can choose the best deal for you. Rather than agreeing to a set price and fixed payments, finding options that work around your affordability can be even better. This way you can ensure the repayments are maintained and you will not overextend yourself if you have current essential outgoings to maintain too. Being flexible means the lender will provide a range of options to choose including the term length, the repayment amount, and other options. For example, some car finance agreements allow you to repay some of the value and give back the car at the end of the term, such as a Personal Contract Purchase (PCP). This means you can get a value towards another vehicle at the end of the term or purchase the car outright with a balloon payment if you want to keep it. This is ideal for those who like to change cars regularly.

Remember, whichever finance options you choose, you need to ensure it is affordable and that you understand the terms clearly before proceeding. This way, your car buying experience should be a pleasant one that will bring many years of happy ownership.