Financing Tips For Your Next Ford

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Whether your credit is great or if lay-offs or bad financial decisions you made in the past have left you holding a poor credit score, there’s a smarter way to finance your next car. When you’re shopping for a deal on a vehicle, too many shoppers just look at the price alone. Financing too plays a major role in determining how much you’re going to spend on a new automobile in the long run, so it pays to know your options. A smarter car loan will keep you ahead of the game and satisfied with your new set of wheels down the line, so follow these smart tips for getting a better deal.

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A Bit About Car Loans

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The majority of people wanting a new or used car decide to take out a loan. Taking out a loan means that the lender buys the car for you, and then you have a certain number of years to pay them back the money they spent on the car. Many people have anywhere from 36-72 months to pay back their loan, and depending on how much money you can pay back each month you can choose a shorter or longer loan term.

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The success of car finance plans

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Long gone are the days when people save up to a buy a new car. Just this September £2.64 billion worth of new cars were bought on finance schemes when the new 65 plate registration came out.

With finance and leasing schemes offering great deals on the newest makes and models, more people than ever are choosing not to spend their savings on owning a car anymore.

Buying a new car on finance is more popular than ever. Figures from the Finance and Leasing Association suggest that around 8 in 10 cars are now bought on finance. With big dealers offering amazing payment plans and corporate employees like the NHS offering leasing schemes it’s easy to see why.

Saving up to buy a new car outright is expensive and often can limit your options as the newest cars are hugely expensive. With a leasing scheme you can put down around £2000 and set up monthly payments of £200-£300 and be driving around in a brand new top of the range car.

This year sales for cars on finance schemes are up 10 per cent with so many attractive finance options around that it can be hard to choose. There are a few different finance options. Whether you go for a hire purchase finance plan or PCP scheme is up to you as both have their benefits.

Hire Purchase

Hire purchase is where a loan is secured against the car so you don’t own the whole vehicle until the final payment is paid. The monthly payments are set over a certain period which can be from 12-60 months and you have to put down around a 10% deposit.

PCP

A PCP is really popular at the moment and often has lower monthly payments. It works out that you agree to pay the difference between the car’s sale price and the price at the value at the end to sell it back to the dealer. You can take out a car on a PCP for a shorter term from 24-36 months and at the end of a plan you can either hand the car back, get a new deal on a different car or pay the existing money left over and own the car.

Car finance plans have really gone from strength to strength and offer those not in a position to buy a car many more flexible and affordable options.

  

4 Tips For Getting A Car Loan

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When it comes to applying for a car loan, regardless of whether it’s through a bank, dealer finance or other institution, the criteria are designed to ensure you’re a risk worth taking. Ideally, you will have a solid track record, but even if you’ve never had a loan before, have a bad credit history or limited funds in your account, here are four tips for getting finance.

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Appraising a New Approach to Finance Leasing

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While it may sound like yet another generic, business term, asset financing is something that holds genuine value in the world of entrepreneurship and business start-ups. It essentially refers to capital that is released to start-ups by lenders, for the purpose of investing in assets that will help them to execute their business plan. Whether this is a new computer or a commercial fleet, it is a necessary investment that enables your business to accumulate wealth and generate revenue.

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